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CBS Property Portfolio Limited - Announcement regarding the acquisition of
properties (Amendment)
CBS PROPERTY PORTFOLIO LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/009523/06)
(JSE code: CBS ISIN: ZAE000073995)
("CBS" or "the company")
Announcement regarding the acquisition of properties
AMENDMENT TO MOSLEIN PORTFOLIO ACQUISITION CONSIDERATION
Further to the announcement released on the Stock Exchange News Service on 5
November 2005 regarding the acquisition of various properties by CBS, CBS
shareholders are advised that the acquisition consideration of R18 million
relating to the Moslein Portfolio is not to be fully discharged with cash, but
rather through the issue of 1 632 653 CBS linked units at an issue price of 735
cents, being the trade weighted price for 18 November 2005 which equates to R12
million, with the balance of R6 million to be paid in cash.
PRO FORMA FINANCIAL INFORMATION RELATING TO THE ACQUISITIONS
Detailed below is the amended Pro Forma forecast financial information.
Forecast
Forecast as per Pro forma Pro forma
SENS adjustments for forecast
announcement 1 acquisitions inclusive of
November 2005 (2) acquisitions
12 months 12 months
ending ending
31 October 2006 31 October
2006
R"000 R"000
Forecast profit available (61 870) (1 786) (63 656)
for interest paid -
debenture holders
Linked units in issue (1) 90 690 461 92 051 004
Distribution per linked 68 1 69
unit (cents)
Yield (based on
distribution) per linked 9.34% 9.47%
unit with a linked unit
price of 730 cents as at
close of business 2
December 2005 (%)
Notes
1.The linked units in issue in respect of the 31 October 2006 forecast assumes
that all the linked units relating to the properties acquired from Growthpoint
Properties Limited and the acquisition of the Malvern Centre have been issued,
and the linked units issued in respect of the Moslein Portfolio have been
weighted for a 10 month period.
2. Prior to the use of the cash raised from the private placing for the
acquisitions, a portion of the cash was used to reduce the gearing of CBS and a
portion of the cash was placed on call to fund the Malvern and Growthpoint
acquisitions. The pro forma adjustments reflect the additional return of 1.38%
that the acquisitions yield over and above the reduction in interest expense of
9% on third party debt for a period of 10 months, assuming that the Simonstown
Broadwalk Centre is transferred by 1 January 2006, as well as the reduced
deduction of interest on third party debt that was assumed in the forecast as
per the SENS announcement on 1 November 2005, due to the greater than expected
delay in the transfer of the properties acquired from Growthpoint Properties
Limited and the Malvern Centre. Detailed below is the reconciliation of the
split between the acquisitions of the increase in profit available for
distribution to debenture holders and the reduction of the reduced interest
expense:
Increase in profit available Pro forma adjustment
for distribution:
Toich Group (586)
Moslein Portfolio (1 321)
Simonstown Boardwalk Centre (425)
(Proprietary) Limited
Total (2 332)
Less: Reduced interest income 546
Net Pro Forma adjustment (1 786)
Cape Town
6 December 2005
Transaction Sponsor
Investment Bank
Investec Corporate Finance ?Investec Bank Limited
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Date: 06/12/2005 08:48:59 AM Produced by the JSE SENS Department
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