Sycom - Disposal of Sycom Property Fund Managers L
SYC
SYC
Sycom - Disposal of Sycom Property Fund Managers Limited, the manager of Sycom
Sycom Property Fund
("Sycom")
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, 2002 and managed by Sycom Property Fund Managers
Limited
Registration number (1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
INFORMATION ANNOUNCEMENT REGARDING THE DISPOSAL OF SYCOM PROPERTY FUND MANAGERS
LIMITED ("SPFM"), THE MANAGER OF SYCOM
SPFM is the manager of Sycom in terms of the Collective Investment Schemes
Control Act, 2002. Unitholders of Sycom are advised that Grapnel Property Group
(Pty) Ltd, the ultimate shareholder of SPFM has disposed of its interests in
SPFM to Parkdev (Proprietary) Limited ("Parkdev"), subject to certain conditions
precedent, including the approval of the Registrar of Collective Investment
Schemes.
Parkdev is the asset management company for Attfund Limited, a public unlisted
property fund. Attfund has, together with the recent purchase of the Cape Gate
retail precinct, over 6 billion Rands worth of property assets, which assets are
very similar to those of Sycom. Other assets of Attfund include Clearwater Mall,
Woodlands Boulevard, Garden Route Mall, Atterbury Value Mart, plus a 25%
interest in Centurion Mall as well as a number of office parks located in
Pretoria and the Cape. Moreover, Attfund holds approximately 23% of the Sycom
units in issue. The transaction should be positive for Sycom in that it will
align the interests of the manager of Sycom with those of the Sycom unitholders.
There will be no change in the current strategic thrust of Sycom, which will
continue to develop and expand its existing portfolio.
The directors of SPFM do not believe that the transaction should have any effect
on the headline or distributable earnings or net asset value of Sycom units and
this announcement is therefore published for information purposes only.
By Order of the Board
Johannesburg
17 May 2006
SPONSOR CORPORATE LAW ADVISERS
Nedbank Capital Edward Nathan (Proprietary) Limited
Date: 17/05/2006 08:18:13 AM Produced by the JSE SENS Department
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