Resilient Property Income Fund Limited - General Issue Of Linked Units For Cash
Resilient Property Income Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/016851/06
Share code: RES ISIN: ZAE000043642
(`Resilient` or `the company`)
GENERAL ISSUE OF LINKED UNITS FOR CASH
INTRODUCTION
Linked unitholders are advised that Resilient has completed a general issue of
units for cash in terms of the general authority granted by members at the
annual general meeting held on 15 March 2005 (`issue for cash`). In total 6 250
000 Resilient linked units were placed with independent public unitholders on 20
September 2005, at an issue price of R12,00 (R11,78 ex-distribution). Units are
being issued at a 3,6% discount to the 30 day volume weighted average price
calculated on 16 September 2005. This is equivalent to a 5.4% discount to the ex
distribution price. Additional units will rank pari passu with existing units in
issue, including the right to a distribution for the period ending 31 December
2005.
PROCEEDS AND LISTING
In total, R75 million was raised in cash, being R1,4 million in pre-paid
distribution and the balance in capital. The issue increases linked units in
issue from 124 603 384 to 130 853 384. Resilient has applied to the JSE Limited
for listing of the additional units with effect from Friday, 23 September 2005.
The proceeds from the issue for cash will be used to reduce debt.
FINANCIAL EFFECTS
The issue for cash had no material effect on headline earnings, distribution or
net asset value per linked unit and has not been disclosed. Earnings per linked
unit (`EPLU`), on a pro forma basis, reduces by 4,8% from 80,82 cents per linked
unit to 76,94 cents per linked unit.
The unaudited pro forma financial effects (`pro forma financial effects`) of the
issue for cash were based on the published reviewed consolidated results of
Resilient for the 6 months ended 30 June 2005 and on the basis that the units
were issued with effect from 1 January 2005, with proceeds from the issue for
cash being used to reduce debt and the cost of debt for that period.
The pro forma financial effects on EPLU have been presented for illustrative
purposes only and, because of its nature, may not fairly present the financial
effects of the issue for cash on the income statement of Resilient.
Johannesburg
22 September 2005
Investment bank and sponsor
Nedbank Capital
Date: 22/09/2005 02:28:25 PM
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