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APA APB
APA
Apexhi Properties Limited - General Issue Of Apexhi Units For Cash
ApexHi Properties Limited
(Incorporated in the Republic of South Africa)
Registration number 1999/000238/06
JSE share code: APA ISIN: ZAE000033064
APB ISIN: ZAE000033072
("ApexHi")
GENERAL ISSUE OF APEXHI UNITS FOR CASH
Unit holders are advised that ApexHi has, pursuant to a general authority
granted by unit holders at the annual general meeting of the company, issued an
additional 14 545 454 ApexHi A units ("A units") and 14 545 454 ApexHi B units
("B units")(collectively, the "ApexHi units").
The ApexHi units were placed with independent public unit holders between 17
February 2006 and 23 February 2006 at an issue price of R27.50 for one A unit
issued together with one B unit ("ApexHi combined unit").
The issue price represents a 4% discount to the volume weighted average traded
price of ApexHi combined units for the 30 trading day period prior to 17
February 2006, being the date on which the directors of ApexHi determined the
price. The additional ApexHi units will rank pari passu with existing ApexHi
units in issue.
The proceeds of the general issue for cash are to be used to acquire yield
enhancing properties and in the short to medium term, to reduce debt.
PRO FORMA FINANCIAL EFFECTS
The pro forma financial effects of the general issue for cash on earnings,
headline earnings, net asset value and net tangible asset value per ApexHi
combined unit set out below are provided for illustrative purposes only to
illustrate the effects of the general issue for cash on ApexHi"s results and
financial position. Due to the nature of the pro forma financial effects it may
not give a realistic picture of ApexHi"s financial results and position after
the general issue for cash. The pro forma financial effects are the
responsibility of the board of directors of ApexHi:
Pro forma Pro forma Change
before after the
the general
general issue for
issue for cash
cash
(cents) (cents) %
Earnings per ApexHi (36.06) (21.67) 39.9
combined unit
Headline earnings per 131.75 135.55 2.9
ApexHi combined unit
Net asset and tangible 1 568.00 1 635.00 4.3
asset value per ApexHi
combined unit
Notes:
1. The earnings and headline earnings per ApexHi combined unit as set out in the
"pro forma before the general issue for cash" column of the table are based on
ApexHi"s reviewed interim results for the six month period ended 31 December
2005. The net asset value and net tangible asset value per ApexHi combined unit,
as set out in the "pro forma before the general issue for cash" column of the
table are based on ApexHi"s reviewed balance sheet at 31 December 2005.
2. The earnings and headline earnings per ApexHi combined unit, as set out in
the "pro forma after the general issue for cash" column of the table is based on
the assumption that the ApexHi combined units were issued on 1 July 2005, the
cash proceeds were utilised to repay debt of approximately R143 million with a
resultant interest saving of 9.5% p.a and the acquisition of investment
properties amounting to R252,75 million at an average yield of 12.2% p.a. A
weighted average of 224 835 880 ApexHi combined units was assumed to be in issue
for the financial period ended 31 December 2005. An additional adjustment of R5
025 000 has been effected in respect of the amortisation of debenture premium.
3. The net asset value and net tangible asset value per ApexHi combined unit, as
set out in the "pro forma after the general issue for cash" column of the table,
is based on the assumption that the ApexHi combined units were issued on 31
December 2005 and the cash proceeds were utilised to repay debt and acquire
investment properties on that date. Costs amounting to approximately R4.4
million were written off debenture premium. 249 043 813 ApexHi combined units
were assumed to be in issue at 31 December 2005.
Rosebank
28 February 2006
Corporate advisor, legal advisor and sponsor
Java Capital (Proprietary) Limited
Date: 28/02/2006 05:37:12 PM Produced by the JSE SENS Department
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