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Paraprop - Financial effects and withdrawal of cautionary announcement
Paramount Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 1945/019928/06)
Share code: PRA
ISIN: ZAE000028577
(`Paraprop`)
DISPOSAL OF PROPERTIES TO PANGBOURNE PROPERTIES LIMITED (`PANGBOURNE`) AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Disposal of properties to Pangbourne
Introduction
Paraprop linked unit holders are referred to the announcement to linked unit
holders dated 31 May 2005, regarding the disposal of various rental enterprises
(`the disposals`) conducted from a portfolio of 15 properties to Pangbourne. The
financial effects that were to be published in due course are set out below.
Financial effects of the disposals
Based on the published audited results of Paraprop for the year ended 31 October
2004, the pro forma financial effects of the disposals on Paraprop`s earnings
per linked unit (`EPLU`), headline earnings per linked unit (`HEPLU`) and net
asset value per linked unit (`NAV`) are set out below. This pro forma financial
information has been prepared for illustrative purposes only and because of its
nature may not give a true picture of Paraprop`s financial position and results
of operations, nor the effect and impact of the disposals on Paraprop going
forward.
Per linked unit Before the After the % Change
(cents) disposals disposals (2)
(1)
EPLU 86.0 96.9 12.6
HEPLU 43.1 43.4 0.7
NAV 427 436 2.1
Linked units in issue 92 076 92 076 92 076
(`000)
Weighted linked units 72 925 72 925 72 925
in issue (`000)
Notes:
Based on the audited results of Paraprop for the year ended 31 October 2004.
Based on the assumption that the disposals took place on 1 November 2003 for
income statement purposes and 31 October 2004 for balance sheet purposes.
The effect of the disposals on Paraprop`s net tangible asset value has not been
disclosed as no intangible assets were reflected on Paraprop`s balance sheet at
31 October 2004.
Withdrawal of cautionary announcement
Further to the cautionary announcement dated 28 April 2005, linked unit holders
are advised that as negotiations regarding the acquisition of significant assets
have been terminated, caution is no longer required to be exercised when dealing
in Paraprop securities.
Cape Town
13 June 2005
Investment bank and sponsor
Nedbank Capital
Property managers
Spire Property Services (Proprietary) Limited
Fund managers
Paraprop Asset Managers (Proprietary) Limited
Date: 13/06/2005 02:45:12 PM
Produced by the JSE SENS Department
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