| Fri 23 Feb 2007, 16:49 | | SYA - Siyathenga - Issue of shares for cash |
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SYA
SYA
SYA - Siyathenga - Issue of shares for cash
Siiyathenga Property Fund Limited
(Registration number 2004/005198/06)
Share Code: SYA
ISIN: ZAE000069530
("Siyathenga" or "the company")
ISSUE OF UNITS FOR CASH UNDER A GENERAL AUTHORITY
1. BACKGROUND
6,021,000 new linked units in Siyathenga ("the new linked units") were issued in
terms of a general authority to issue units for cash, the resolution in respect
of which was passed at the Company`s AGM held on 13 October 2006 by the
requisite majority of votes in terms of section 5.52(e) of the Listings
Requirements of JSE Limited ("the Listing Requirements").
Each new linked unit comprises one share of 0.01 cent in the share capital of
the company indivisibly linked to one unsecured variable rate subordinated
debenture having a nominal value of 460 cents, and was issued at a price of 770
cents per linked unit ("the listing"). The linked units have been listed in the
Real Estate sector of the JSE Limited ("JSE"). This price represents a 3%
discount to the 30 day volume weighted average traded price as calculated on 7
February 2007.
The intention of the company is to use the cash raised from the listing to
partially settle outstanding debt obligations.
2. PRO FORMA FINANCIAL EFFECTS
The directors of Siyathenga are responsible for the preparation of the pro forma
financial effects set out below, which have been prepared for illustrative
purposes only, to assist unitholders in assessing the impact of the listing of
the new linked units on the earnings, headline earnings, diluted earnings and
net asset value per linked unit. The material assumptions are set out in the
notes following the table. These pro forma financial effects have been disclosed
in terms of section 11.22(c) of the Listings Requirements and do not constitute
a representation of the future financial position, changes in equity, results of
operations or cash flows of Siyathenga.
Before the issue After the issue % change
(cents) (cents)
Earnings per linked
Unit 75.72 75.67 -0.1%
Headline earnings
per linked unit 44.54 46.10 3.5%
Diluted earnings per
linked unit 75.72 75.67 -0.1%
Net asset value per
linked unit 647 653 1%
Notes:
1. The earnings per linked unit, diluted earnings per linked unit and headline
earnings per linked unit, as set out in the "Before the issue" column of the
table, are based on the unaudited financial results of Siyathenga for the six
months ended 31 December 2006 and 110,725,104 weighted average number of units
in issue.
2. The earnings per linked unit, diluted earnings per linked unit and headline
earnings per linked unit, as set out in the "After the issue" column of the
table, are based on 116,746,704 weighted average number of units in issue and
the assumptions that:
- the issue was effective on 1 July 2006;
- the interest charge incurred on the debt repaid is avoided; and
- the new linked units were issued at an average price of R7.70 per linked
units.
3. The net asset value per linked unit, as set out in the "Before the issues"
column of the table, is based on the unaudited interim balance sheet of
Siyathenga at 31 December 2006 and 110,725,104 linked units in issue.
4. The net asset value per linked unit, as set out in the "After the issues"
column of the table, is based on a total of 116,746,704 linked units in issue
and the assumption that the new units were in issue on 31 December 2006 at an
average issue price of R7.70 per new linked unit.
Johannesburg
23 February 2007
Sponsor
Standard Bank
Date: 23/02/2007 16:49:57 Produced by the JSE SENS Department.
