Diversified Property Fund Limited - General issue of linked units for cash
Diversified Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2005/029685/06
Share code: DIV ISIN: ZAE000072369
("Diversified" or "the company")
GENERAL ISSUE OF LINKED UNITS FOR CASH
INTRODUCTION
Linked unitholders are advised that Diversified has completed a general issue of
units for cash in terms of a general authority granted by members ("issue for
cash"). In total 7 407 500 Diversified linked units were placed with independent
public unitholders on 2 November 2005, at an issue price of R5,40 (R5.35 ex-
distribution). Units are being issued at a 5.3% discount to the volume weighted
average price calculated from the date of listing, to 25 October 2005. This is
equivalent to a 6.1% 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, R40 million was raised in cash, being R0.4 million in pre-paid
distribution and the balance in capital. The issue increases linked units in
issue from 88 559 007 to 95 966 507. Diversified has applied to the JSE Limited
for listing of the additional units with effect from Friday, 4 November 2005.
The cash proceeds from the general issue of units will be used to reduce debt.
FINANCIAL EFFECTS
The unaudited pro forma historical financial effects ("pro forma financial
effects") of the issue for cash were based on the forecast per the published
listings prospectus for the period 1 October 2005 to 30 June 2006 and on the
basis that the units were issued with effect from 1 October 2005, with proceeds
from the issue for cash being used to reduce debt and the cost of debt for that
period.
These pro forma financial effects are presented for illustrative purposes only
and, because of its nature, may not fairly present the financial effects of the
issue for cash on the balance sheet and income statement of Diversified.
The issue for cash had no material pro forma financial effect on earnings,
headline earnings, distribution or net asset value per linked unit.
Johannesburg
3 November 2005
Sponsor
Java Capital (Proprietary) Limited
Date: 03/11/2005 04:47:04 PM Produced by the JSE SENS Department
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