| Mon 7 Nov 2005, 9:00 | | Oasis Crescent Property Fund - Abridged Pre-Listin |
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Oasis Crescent Property Fund - Abridged Pre-Listing Statement
Oasis Crescent Property Fund
A property fund created under the Oasis Crescent Property Trust Scheme,
registered in terms of the Collective Investment Schemes Control Act (Act 45 of
2002) ("CISC Act")
JSE code: OAS & ISIN: ZAE000074332
("the Fund")
ABRIDGED PRE-LISTING STATEMENT
Issued in terms of the Listings Requirements of the JSE Limited ("JSE") and the
CISC Act relating to a private placing by way of an offer for subscription of 8
460 000 Participatory Interests in the Fund at R10.00 each ("PIs")
This Pre-Listing Statement is not an invitation to the public to subscribe for
PIs in the Fund, but is issued in compliance with the Listings Requirements of
the JSE for the purposes of providing the public with information regarding the
Fund.
Opening date of the private placing (09h00) Monday, 7 November 2005
Closing date of the private placing (12h00) Thursday, 17 November 2005
Proposed date of listing (09h00) Wednesday, 23 November 2005
The JSE has approved the listing of 20 000 000 PIs on the Alternative Exchange
("ALTx"), under the abbreviated name "Oasis" with effect from Wednesday, 23
November 2005, subject to the spread of PI holders complying with the Listings
Requirements of the JSE and a minimum subscription of R12 million being
received.
The PIs offered in terms of the Pre-Listing Statement will rank pari passu with
the existing PIs in the Fund. After the private placing, the issued capital of
the Fund will total R200 000 000 comprising 20 000 000 PIs of R10 each.
The PIs will only be traded in electronic form and all holders of PIs who elect
to receive their PIs in certificated form will have to dematerialise their PIs
should they wish to trade in them.
Private Placing
The private placing is subject to a minimum subscription of R100 000 per single
addressee acting as principal. PIs grant the holder thereof the right to a
share of the underlying assets of the Fund and the right to participate in
amounts distributed by the Fund in terms of the CISC Act.
Introduction and information relating to the Fund
The Oasis Group is an independent organisation, owned and driven by its founding
shareholders, management and staff. It endeavours to provide unrivalled
financial products and services to its clients. Since inception, the Oasis
Group has experienced success and widespread acclaim for delivering against its
mission, which is to provide SUPERIOR RETURNS AT LOWER THAN MARKET RISKTM.
The objective of the Fund is to provide investors with a source of sustainable
income through a listed and regulated Shari"ah compliant property fund.
Consistent with the tried and tested investment philosophy of the Oasis Group,
the focus of the Fund is on quality, value and capital protection which is
reflected in the property portfolio. Up to 80% of rental income is high quality
national, multi-national or Government tenants and 78% of rental is secured
through long term leases that expire from 2008 onwards. This tenant quality and
certainty of cash flows are the key drivers of capital protection and delivery
of sustainable income to meet the requirements of investors.
The Fund, created under the Oasis Crescent Property Trust Scheme, is a
collective investment scheme in property created in terms of the CISC Act. The
Scheme was registered by the Registrar of Collective Investment Schemes ("the
Registrar") on 2 November 2005. The Fund will be managed by Oasis Crescent
Property Fund Managers Limited ("the Manager"), a manager approved by the
Registrar.
Information relating to the directors of the Manager:
Details of the directors of the Manager, all of whom are South African, are as
follows:
Name Age Occupation Business address
Mohamed Shaheen 51 Executive 20th Floor, Safmarine House, 22
Ebrahim Chairperson Riebeek Street, Cape Town
Nazeem Ebrahim 48 Executive 20th Floor, Safmarine House, 22
director and Riebeek Street, Cape Town
company secretary
Mohamed Kharva 30 Executive 20th Floor, Safmarine House, 22
director Riebeek Street, Cape Town
Michael Swingler 35 Executive Finance 20th Floor, Safmarine House, 22
Director Riebeek Street, Cape Town
Bongani Augustine 53 Independent non- 2 Harris Road, Sandton, Gauteng
Khumalo executive
director
Haroon Jeena 42 Independent non- 25 Johnson Road, Bedfordview,
executive Gauteng
director
Zaheeda Ismail Kara 40 Independent non- 152 Proes Street, Pretoria.
executive
director
Financial information:
A summary of the financial information relating to the Fund is set out below:
Anticipated market capitalisation after the private placing R200 000 000
Forecast distribution per PI for the 12 months ending 31
March 2007 (including non-permissible income) 104.09 cents
Forward yield based on forecast distribution and listing 10.4%
price of R10.00 per PI
Warning:
The listing of the PIs is on ALTx. In terms of the Listings Requirements of the
JSE, potential investors must be advised of the risk of investing in an entity
listed on ALTx. All potential investors should carefully consider the entire
contents of the Pre-Listing Statement before deciding whether or not to purchase
PIs. There may be risks of which the directors of the Manager of the Fund are
not aware. Investors should consider carefully whether investment in the Fund
is suitable for them, in the light of their personal circumstances and the
financial resources available to them.
The JSE does not guarantee the viability or success of any entity listed on
ALTx. In terms of the Listings Requirements of the JSE it is a requirement that
all entities listed on ALTx must appoint and retain a Designated Adviser ("DA")
in terms of a written contract and must ensure that it has a DA at all times.
In the event that a DA is not retained within the stipulated timeframe, an
entity listed on ALTx faces suspension and subsequent termination of its listing
without the prospect of an appropriate offer to minorities.
Copies of the Pre-Listing Statement
Copies of the Pre-Listing Statement, in English, may be obtained during business
hours from:
- the Manager, 20th Floor, Safmarine House, 22 Riebeek Street, Cape Town
- the DAs, Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited, 2nd
Floor, 5 Sturdee Avenue, Rosebank, Johannesburg, Barnard Jacobs Mellet
Private Client Services (Proprietary) Limited, Suite 2, Aspen Park, 98
Armstrong Avenue, La Lucia, Durban and Ernst & Young Sponsors (Proprietary)
Limited, Wanderers Office Park, 52 Corlett Drive, Illovo ; and
- the transfer secretaries, Computershare Investor Services 2004
(Proprietary) Limited, Ground Floor, 70 Marshall Street, Johannesburg.
Cape Town
7 November 2005
CORPORATE ADVISER AND LEAD DESIGNATED ADVISER
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
INDEPENDENT REPORTING ACCOUNTANTS AND AUDITORS
PricewaterhouseCoopers Inc
TRUSTEE
ABSA
JOINT DESIGNATED ADVISER
Ernst & Young Sponsors (Pty) Limited
INDEPENDENT PROPERTY VALUER
Mills Fitchet Magnus Penny (Pty) Limited
Date: 07/11/2005 09:00:15 AM Produced by the JSE SENS Department
