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OAS
OAS
Oasis Crescent Property Fund - Issue of Units in terms of General Authority
Oasis Crescent Property Fund
A property fund created under the Oasis Crescent Property Trust Scheme
registered in terms of the Collective Schemes Control Act (Act 45 of 2002)
Share code: OAS & ISIN: ZAE000074332
("OCPF" or "the fund"))
ISSUE OF UNITS IN TERMS OF GENERAL AUTHORITY
On 4 July 2006 the fund issued 2 975 000 units ("new units") at an issue price
of R11.85 per unit to various investors in terms of a private placement, raising
R35 253 750. The funds raised will be applied to settle a portion of the amount
due to the vendors of The Ridge@Shallcross, a community shopping centre in
Durban, KwaZulu-Natal ("the acquisition"), details of which were announced on
SENS on 25 May 2006.
The new units were issued in terms of the general authority to issue units for
cash granted to the directors of Oasis Crescent Property Fund Managers Limited
("OCPFM") at the general meeting of unitholders of the fund held on Friday, 30
June 2006, and these units were issued at a premium of approximately 1.6% to the
30 day weighted average traded price of OCPF units prior to the date that the
price of the issue was agreed by the directors of OCPFM.
The acquisition (including the issue of the new units) will not have a
significant impact on the net asset value of the fund. Based on an initial yield
of 8.6% the net operating income forecast for the acquisition for the nine-month
period 1 July 2006 to 31 March 2007 is R7.5 million. The acquisition will
enhance the pre-listing statement forecast distribution (including non-
permissible income) of 104.09c for the 12 months to 31 March 2007 but that
impact will not be significant.
Note: The listing of units in the fund is on the AltX. Unitholders are advised
of the risks of investing in an entity listed on the AltX. Unitholders are
advised that the JSE does not guarantee the viability or the success of an
entity listed on the AltX. In terms of the JSE Listings Requirements a
designated advisor has to be retained by the entity. The designated advisor is
required to, inter alia, attend all board meetings held by the entity to ensure
that all JSE Listings Requirements and applicable regulations are complied with,
approve the financial director of the entity and guide the entity in a
competent, professional and impartial manner. If the entity fails to retain the
designated advisor it must make arrangements to appoint a new designated advisor
within 10 business days, failing which the entity faces suspension of trading of
its securities. If a designated advisor is not appointed within 30 days of its
suspension the entity faces the termination of its listing without an offer to
minority unitholders.
Sandton
5 July 2006
Designated Advisor
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
Date: 05/07/2006 10:23:02 AM Produced by the JSE SENS Department
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