Calulo - Disposal and acquisition of property lett
Calulo - Disposal and acquisition of property letting enterprises
Calulo Property Fund Limited
(Formerly Annuity Property Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration no. 1987/006274/06)
Share code CLO ISIN: ZAE000060711
(`Calulo` or `the company`)
DISPOSAL AND ACQUISITION OF PROPERTY LETTING ENTERPRISES
1. Introduction
Calulo combined untiholders are advised that Calulo has:
- In terms of an agreement dated 22 July 2005, sold the property letting
enterprise situated at 253 Albert Road to Wolfsberg Arch Investments 4 Pty
Limited for R8 million payable in cash (`the disposal`), and
- In terms of an agreement dated 8 August 2005, purchased erf 2206, Shoritts
Retreat, Registration Division FT, Pietermaritzburg-Msunduzi Municipality
from Red Chip Investment (Pty) Ltd for R14 250 000 payable in cash (`the
acquisition`) (collectively, `the transactions`).
The property letting business acquired is a warehouse and has a five-year
lease agreement with a single tenant.
In terms of the Listings Requirements of the JSE Limited, each of the
transactions is categorised as a category 3 transaction.
2. Reasons for the transactions
The transactions are in line with Calulo`s intention to balance the lease
expiry periods of its portfolio. The Albert Road property had a lease
expiring in June 2006 which may have been difficult to renew, whereas the
property acquired has a five-year lease in place.
3. Terms of the disposal
The effective date of the disposal was 18 August 2005 on which date all risk
and benefit in the business passed to the purchaser. Cash will be paid on
registration of transfer of the relevant property. In all other respects the
disposal is unconditional.
4. Terms of the acquisition
The effective date of the acquisition was 8 August 2005 on which date all the
risk and benefit in the business passed to the company. Cash will be paid on
registration of transfer of the relevant property. In all other respects the
acquisition was unconditional. The acquisition was funded from the proceeds
of the disposal and from Calulo`s banking facilities.
5 Financial effects
In order to provide a more meaningful comparison, the effect on earnings,
headline earnings and net asset value per Calulo combined unit will, if it is
material, be disclosed when the company announces its financial results for
the financial period ended 30 June 2005.
Cape Town
25 August 2005
Corporate adviser and sponsor
Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 25/08/2005 04:44:05 PM
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