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28-Jun-2018
(Official Notice)
Shareholders are referred to the announcement released on 23 March 2018, wherein they were advised of the conclusion of formal agreements relating to the acquisition by Dipula of a R1.25 billion property portfolio from Setso Holdco (Pty) Ltd. and Rec Group Property Trust (the ?Setso acquisition?).



Shareholders are advised that all outstanding conditions precedent have now been fulfilled and the Setso acquisition was accordingly completed on Tuesday, 26 June 2018.
21-May-2018
(Official Notice)
21-May-2018
(C)
Revenue for the interim period was R537.2 million (2017: R537.4 million). Net property income increased to R354.1 million (2017: R353 million). Net operating profit was higher at R342.6 million (2017: R335.4 million). Total comprehensive income for the period attributable to shareholders of the company grew to R227.2 million (2017: R178.5 million). Furthermore, headline earnings per A-share and B-share increased to 52.41 cents per share (2017: 45.67 cents per share).



Payment of interim dividend

The board has approved and notice was given of the interim dividend (dividend number 14) for the period 1 September 2017 to 28 February 2018 of 52.67488 cents per A-share and 44.07594 cents per B-share.



Company prospects

The board remains cautious on trading conditions in the near term and the focus in the next six months will be on integrating the new acquisitions into the group and extracting maximum value from the existing portfolio.



The board expects growth in dividends of between 4% and 5% for the year ending 31 August 2018.



The reduction in dividend growth compared to previous guidance is due to:

*tougher trading conditions than previously anticipated;

*delays in transfer of earnings enhancing property acquisitions; and

*increased provisions for bad debts.



This dividend growth assumes that macroeconomic conditions do not deteriorate further, no major corporate failures occur and that tenants will be able to absorb rising utility and assessment rates costs. Forecast rental income is based on contractual escalations and market-related renewals. This forecast has not been reviewed or reported on by the group's auditors.
10-Apr-2018
(Official Notice)
Following the closing of its book build announced earlier today, Dipula has raised c. R790 million by the issuance of both Dipula A ordinary shares and Dipula B ordinary shares. Subject to approval by the JSE, listing and trading of the new Dipula A ordinary shares and Dipula B ordinary shares is expected to commence at 09:00 on Tuesday, 17 April 2018.
10-Apr-2018
(Official Notice)
Dipula announced an equity raising of approximately R600 million through the issue of a combination of new Dipula A ordinary shares and Dipula B ordinary shares (the ?equity raise?) subject to pricing acceptable to Dipula. The equity raise will be implemented through an accelerated book build process (the ?book build?). The book build is now open and the company reserves the right to close it at any time and increase the size of the equity raise subject to demand. The new shares will be credited as fully paid and issued and will rank pari passu in all respects with existing shares.
23-Mar-2018
(Official Notice)
07-Feb-2018
(Official Notice)
Shareholders are referred to the announcements released on SENS on 13 October 2017, 10 November 2017 and 22 December 2017 regarding the acquisition of a R1.27 billion property portfolio.



Dipula shareholders are advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made in due course.
01-Feb-2018
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Thursday, 1 February 2018 (in terms of the notice of annual general meeting dispatched to shareholders on 22 December 2017), the resolutions tabled thereat (including ordinary resolution 7 which was modified as detailed in the SENS announcement released on 26 January 2018) were passed by the requisite majority of Dipula shareholders, other than resolution number 9 relating to the remuneration policy and resolution number 10 relating to the approval of the remuneration implementation report. In this regard, the board of directors of Dipula has commenced engagement with shareholders and various stakeholders to deliberate and resolve all matters relating to the Company?s remuneration policy.



Details of the results of voting at the annual general meeting are as follows:

*total number of Dipula shares that could have been voted at the annual general meeting: 448 325 813

*total number of Dipula shares that were present/represented at the annual general meeting: 409 454 414, being 91.33% of the total number of Dipula shares that could have been voted at the annual general meeting.

26-Jan-2018
(Official Notice)
22-Dec-2017
(Official Notice)
Shareholders are advised that Dipula?s integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2017, was dispatched to shareholders on Friday, 22 December 2017 and contains no changes from the reviewed provisional condensed consolidated financial results for the year ended 31 August 2017 which were released on SENS on 15 November 2017. The integrated annual report is also available on the company?s website ? www.dipula.co.za.



The integrated annual report contains a notice of annual general meeting which will be held at Dipula?s offices at Block B Dunkeld Park, 6 North Road, Dunkeld West on Thursday, 1 February 2018 at 12:00.



The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 23 January 2018 and the record date for voting purposes is Friday, 26 January 2018.

22-Dec-2017
(Official Notice)
Shareholders are advised that Mr Saul Gumede will retire as a director of the company effective Friday, 22 December 2017. This is in line with previous communications to shareholders that Saul would retire on successful implementation of the internalisation of the company?s asset management function.



22-Dec-2017
(Official Notice)
Shareholders are referred to the announcements released on SENS on 13 October 2017 and 10 November 2017 regarding the acquisition of a R1.27 billion property portfolio.



Dipula shareholders are advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made in due course.

14-Dec-2017
(Official Notice)
Shareholders are advised that at the general meeting of shareholders held on Thursday, 14 December 2017 (in terms of the notice of general meeting dispatched to shareholders on 15 November 2017), the resolution tabled thereat was passed by the requisite majority of Dipula shareholders.



Details of the results of voting at the general meeting are as follows:

*total number of Dipula shares that could have been voted at the general meeting: 436 981 798.

*total number of Dipula shares that were present/represented at the general meeting: 331 931 956, being 76% of the total number of Dipula shares that could have been voted at the general meeting.

11-Dec-2017
(Official Notice)
Shareholders are referred to Dipula?s notice to shareholders dated 15 November 2017 (the ?notice?) regarding a general meeting of Dipula shareholders to be held on 14 December 2017 (the ?general meeting?).



In line with feedback from major shareholders, the company has amended the agreement pursuant to which it proposes to internalise its management through the acquisition of 100% of the beneficial interest in the Dipula Asset Management Trust (the ?internalisation?) and has entered into further agreement with one of the parties in relation to the internalisation agreement, in order to be able to withdraw Special Resolutions 2 and 3 provided for in the notice to be proposed to shareholders at the general meeting. Accordingly, at the general meeting, shareholders will consider and, if deemed fit, pass with or without modification only Special Resolution 1 regarding a proposed issue of shares to directors or prescribed officers or related parties in terms of the internalisation.



As a result of the withdrawal of Special Resolutions 2 and 3 from the notice, the company will not proceed to issue 792 154 Dipula B shares to Izak Peterson and Ridwaan Asmal in consideration for undertakings in respect of the contracted minimum employment periods and lock-in undertakings referred to in the notice. The relevant party to the internalisation agreement has in terms of such further agreement agreed to procure that these undertakings are provided pursuant to the internalisation rather than as separate steps comprising a composite transaction with the internalisation. Accordingly, the consideration for procuring these undertakings is provided to the relevant party to the internalisation, with the company?s overall obligations unchanged and reflected in an aggregate cost of the internalisation of R150 million.



In all other respects, the internalisation, the notice and resolution to be proposed at the general meeting are unchanged.

11-Dec-2017
(Official Notice)
Shareholders are referred to recent announcements relating to the election being offered to re-invest the cash dividend for the year ended 31 August 2017 of 50.64892 cents per A ordinary share and 53.65841 cents per B ordinary share (the ?cash dividend?) in return for either A or B ordinary shares, as applicable (the ?re-investment option?), the latest of which was released on SENS on 28 November 2017.



The company announced that a total of 706 202 new A ordinary shares and 706 182 new B ordinary shares will be issued pursuant to the re-investment option, resulting in the retention (based on the issue price of R9.82357 per new A ordinary share and R9.86268 per new B ordinary share) of R13 902 271.87 in new equity for Dipula.



Shareholders holding 44.97% of the total issued A ordinary shares and shareholders holding 5.94% of the total issued B ordinary shares elected to participate in the re-investment option. As required in terms of clause 7.4 of the company?s memorandum of incorporation, and in order to ensure that the total number of A ordinary shares in issue following the implementation of the re- investment option does not exceed the total number of B ordinary shares in issue, Dipula has reduced the number of new A ordinary shares to be issued to electing A ordinary shareholders, on a pro rata basis. A ordinary shareholders will receive the balance of their dividend (net of withholding tax) in cash.



The total number of A ordinary shares and B ordinary shares in issue post the re-investment option will be 219 197 046 and 219 197 136 shares respectively.



The CSDP or broker accounts of those shareholders who elected the re-investment option will be credited with new ordinary shares on Wednesday, 13 December 2017. The cash dividend will be credited to shareholders? accounts held at their CSDP or broker on Monday, 11 December 2017.
08-Dec-2017
(Official Notice)
Shareholders are hereby notified that in accordance with the JSE Listings Requirements, Dipula?s annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, has been published and is available on the company?s website ? www.dipula.co.za.
28-Nov-2017
(Official Notice)
21-Nov-2017
(Official Notice)
15-Nov-2017
(Official Notice)
Dipula shareholders are referred to the terms announcement released on SENS on 16 October 2017 (the ?terms announcement?) in terms of which Dipula advised their shareholders that they had concluded a transaction which will, once implemented, effectively internalise the asset management function of Dipula (the ?transaction?).



Dipula shareholders are advised that Dipula has today, 15 November 2017, posted a notice of general meeting to Dipula shareholders (the ?notice?) containing full details of the transaction.



A general meeting of Dipula shareholders will be held at 10:00 on Thursday, 14 December 2017 at the registered office of Dipula (Block B Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg) (the ?general meeting?) for the purposes of considering and, if deemed fit, passing, with or without modification, the resolutions required to be approved by shareholders in order to authorise and implement the transaction.



The notice is available in electronic format on the company?s website at www.dipula.co.za. Unless specified otherwise, terms in this announcement bear the same meaning as in the terms announcement.



Salient dates and times

*Record date for receipt of notice of the general meeting - Friday, 10 November 2017

*Last day to trade in order to be eligible to participate in and vote at the general meeting - Tuesday, 5 December 2017

*Record date for purposes of voting at the general meeting (?voting record date?) - Friday, 8 December 2017

*General meeting held at 10:00 - Thursday, 14 December 2017

*Results of the general meeting announced on SENS - Thursday, 14 December 2017

*Results of the general meeting published in the press - Friday, 15 December 2017
15-Nov-2017
(Official Notice)
15-Nov-2017
(C)
Revenue for the year increased to R1.069 billion (2016:R1.065 billion) and net operating profit grew to R684.3 million (2016: R683.7 million). Total profit and comprehensive income for the year attributable to shareholders of the company dropped to R387.9 million (2016: R666 million). In addition, headline earnings per A-share decreased to 93.33 cents per share (2016: 103.84 cents per share).



Payment of final dividend

The board has approved and notice is hereby given of the final dividend (dividend number 13) for the period 1 March 2017 to 31 August 2017 of 50.64892 cents per A-share and 53.65841 cents per B-share.



Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend of 50.64892 cents per A-share and 53.65841 cents per B-share in return for A-shares or B-shares, as the case may be (the "re-investment option"). By electing to participate in this re-investment option, shareholders will be able to increase their shareholding in Dipula without incurring dealing costs. In turn, Dipula will benefit from an increase in the amount of shareholders' funds available to support continued growth.



Company prospects

The board expects growth in distributions of between 5% and 5.5% for the year ending 31 August 2018. This growth assumes that stable macroeconomic conditions prevail, no major corporate failures will occur and that tenants will be able to absorb rising utility costs and rates recoveries. Forecast rental income is based on contractual escalations and market-related renewals. This forecast has not been reviewed or reported on by the group's auditors.

10-Nov-2017
(Official Notice)
16-Oct-2017
(Official Notice)
13-Oct-2017
(Official Notice)
Shareholders are advised that Dipula has entered into negotiations, which if successfully concluded, may have a material effect on the price of the company?s securities. Accordingly, shareholders are advised to exercise caution when dealing in the company?s securities until a full announcement is made.
28-Sep-2017
(Official Notice)
Shareholders are referred to the announcement released on SENS on 4 July 2017 regarding the proposed internalisation of Dipula?s management (?Internalisation?) and renewal of cautionary relating to the Internalisation released on SENS on 16 August 2017.



Dipula shareholders are advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made in due course.
16-Aug-2017
(Official Notice)
Shareholders are referred to the announcement released on SENS on 7 July 2017 regarding the proposed internalisation of Dipula?s management.



Dipula shareholders are advised to continue to exercise caution when dealing in the company?s securities until a further announcement is made in due course.
04-Jul-2017
(Official Notice)
Shareholders are advised that the board of directors of Dipula and the beneficiaries of The Dipula Asset Management Trust (the ?Asset Manager?) have agreed in principle on the basis on which the management of Dipula will be internalised, subject to certain conditions. The proposed internalisation will be consistent with global best practice and will better align the interests of the company?s management and investors.



If implemented, the proposed internalisation would constitute a small related party transaction in terms of paragraph 10.7 of the JSE Listings Requirements. As such, subject to an opinion being received from an independent expert that the terms are fair to Dipula shareholders, the proposed internalisation does not require the issue of a circular to Dipula shareholders and is not subject to shareholder approval in terms of the JSE Listings Requirements. However, as the proposed internalisation may require an issue of shares to a related party as defined by the Companies Act 71 of 2008, a special resolution of shareholders of Dipula shareholders may ultimately be required in order to implement the proposed internalisation.



The proposed internalisation is subject to the fulfilment of, inter alia, the following conditions precedent:

*conclusion of formal binding agreements between Dipula and the Asset Manager governing the proposed internalisation;

*all resolutions required to implement the proposed internalisation being approved by Dipula shareholders, to the extent required; and

*a fairness opinion being prepared by an independent expert in respect of the proposed internalisation.



Because of the strategic importance of any change in the structure of the management of Dipula, shareholders are advised to exercise caution when dealing in their Dipula shares pending further announcements in this regard. Further details relating to the proposed internalisation will be released in due course.

12-Jun-2017
(Official Notice)
Shareholders are referred to recent announcements relating to the election being offered to re-invest the cash dividend for the six months ended 28 February 2017 of 50.64892 cents per A ordinary share and 41.83993 cents per B ordinary share (the ?cash dividend?) in return for either A or B ordinary shares, as applicable (the ?re-investment option?), the latest of which was released on SENS on 30 May 2017.



The company announced that a total of 1 918 576 new A ordinary shares and 1 918 686 new B ordinary shares will be issued pursuant to the re-investment option, resulting in the retention (based on the issue price of R9.64617 per new A ordinary share and R11.04853 per new B ordinary share) of R 39 705 570.09 in new equity for Dipula.



Shareholders holding 62.15 % of the total issued A ordinary shares and shareholders holding 23.40% of the total issued B ordinary shares elected to participate in the re-investment option. As required in terms of clause 7.4 of the company?s memorandum of incorporation, and in order to ensure that the total number of A ordinary shares to be issued pursuant to the re-investment option does not exceed the total number of B ordinary shares to be issued, Dipula has reduced the number of new A ordinary shares to be issued to electing A ordinary shareholders, on a pro rata basis. A ordinary shareholders will receive the balance of their dividend (net of withholding tax) in cash.



The total number of A ordinary shares and B ordinary shares in issue post the re-investment option will be 218 490 844 and 218 490 954 respectively.



The CSDP or broker accounts of those shareholders who elected the re-investment option will be credited with new ordinary shares on Wednesday, 14 June 2017. The cash dividend will be credited to shareholders? accounts held at their CSDP or broker on Monday, 12 June 2017.
30-May-2017
(Official Notice)
17-May-2017
(Official Notice)
17-May-2017
(Official Notice)
17-May-2017
(C)
Revenue for the interim period increased to R537.4 million (2016: R525.3 million). Net property income was higher at R353.0 million (2016: R349.5 million). Net operating profit was recorded at R335.4 million (2016: R331.8 million). Total comprehensive income for the period dipped to R184.8 million (2016: R191.3 million). Furthermore, headline earnings per A-share and B-share declined to 45.67 cents per share (2016: 53.26 cents per share).



Payment of interim dividend

The board has approved and notice is hereby given of the interim dividend (dividend number 12) for the period 1 September 2016 to 28 February 2017 of 50.64892 cents per A-share and 41.83993 cents per B-share. Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend of 50.64892 cents per A-share and 41.83993 cents per B-share in return for A-shares or B-shares, as the case may be (the "re-investment option").



Company prospects

The current economic environment is one of almost no growth which has a significant impact on the property sector. The ability to lease new space or expand existing tenants is greatly reduced. The board of directors ("the board") expects the current economic conditions to continue in the short to medium term. Management will continue to focus on extracting the maximum value from the portfolio and reducing the vacancy factor.



Reflecting the challenging environment, the board expects growth in distributions of between 5% and 6.5% for the year ending 31 August 2017. This growth assumes that macroeconomic conditions do not deteriorate further, no major corporate failures occur and that tenants will be able to absorb rising utility and assessment rates costs. Forecast rental income is based on contractual escalations and market-related renewals. This forecast has not been reviewed or reported on by the group's auditors.

16-Feb-2017
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Thursday, 16 February 2017 (in terms of the notice of annual general meeting dispatched to shareholders on 23 December 2016), all of the resolutions tabled thereat were passed by the requisite majority of Dipula shareholders.



Details of the results of voting at the annual general meeting are as follows:

*total number of Dipula shares that could have been voted at the annual general meeting: 419 970 746.

*total number of Dipula shares that were present/represented at the annual general meeting: 346 368 570, being 82.47% of the total number of Dipula shares that could have been voted at the annual general meeting.





23-Dec-2016
(Official Notice)
Shareholders are advised that Dipula?s integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2016, was dispatched to shareholders on 23 December 2016 and contains no changes from the reviewed provisional condensed consolidated financial results for the year ended 31 August 2016 which were released on SENS on 9 November 2016.



The integrated annual report contains a notice of annual general meeting which will be held at Dipula?s offices at Block B Dunkeld Park, 6 North Road, Dunkeld West on Thursday, 16 February 2017 at 12:00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 7 February 2017 and the record date for voting purposes is Friday, 10 February 2017. The integrated annual report is also available on the Company?s website ? www.dipula.co.za.
20-Dec-2016
(Official Notice)
With reference to the reviewed provisional condensed consolidated financial results for the year ended 31 August 2016 released on SENS on 9 November 2016, shareholders are advised that the distributable earnings increase of 15.8% is to R384.6 million and not R384.6 billion, as incorrectly disclosed in the highlights to the company?s results announcement.
12-Dec-2016
(Official Notice)
Shareholders are referred to recent announcements relating to the election being offered to re-invest the cash dividend for the year ended 31 August 2016 of 48.23707 cents per A ordinary share and 50.71217 cents per B ordinary share (the ?cash dividend?) in return for either A or B ordinary shares, as applicable (the ?re-investment option?), the latest of which was released on SENS on 29 November 2016.



The company is pleased to announce that a total of 3 132 910 new A ordinary shares and 3 132 910 new B ordinary shares will be issued pursuant to the re-investment option, resulting in the retention (based on the issue price of R10.04714 per new A ordinary share and R8.94791 per new B ordinary share) of R59 509 781 in new equity for Dipula.



Shareholders holding 39.72% of the total issued A ordinary shares elected to participate in the re-investment option, as opposed to shareholders holding 26.72% of the total issued B ordinary shares, such that the issue of A ordinary shareholders? full election of shares would have resulted in more A ordinary shares being issued than B ordinary shares, in contravention of clause 7.4 of the company?s memorandum of incorporation. Dipula has accordingly reduced the number of new A ordinary shares to be issued to electing A ordinary shareholders in terms of the re-investment option, on a pro rata basis. A ordinary shareholders will receive the balance of their dividend (net of withholding tax) in cash.



The total number of both A ordinary shares and B ordinary shares in issue post the re-investment option will be 209 985 373. The CSDP or broker accounts of those shareholders who elected the re-investment option will be credited with new ordinary shares on Wednesday, 14 December 2016. The cash dividend will be credited to shareholders? accounts held at their CSDP or broker on Monday, 12 December 2016.
29-Nov-2016
(Official Notice)
Shareholders are referred to the announcement released on SENS on 20 November 2016 in respect of the election being offered to re-invest the cash dividend for the year ended 31 August 2016 of 48.23707 cents per A ordinary share and 50.71217 cents per B ordinary share (the ?cash dividend?) in return for either A or B ordinary shares, as applicable (the ?re-investment option?) (the ?declaration announcement?).



Shareholders are advised that the share re-investment price is R10.04714 (1004.71412 cents) per A ordinary share and R8.94791 (894.79139 cents) per B ordinary share, representing in each case a 0.5% discount to the five-day volume weighted average traded price (less the cash dividend) of an A or B ordinary share (as applicable) on the JSE as at Monday, 28 November 2016.



The ratio that the cash dividend bears to the share reinvestment price is 0.04801 in respect of A ordinary shares and 0.05667 in respect of B ordinary shares. Accordingly, shareholders electing to participate in the re-investment option will receive 4.80107 A ordinary shares for every 100 A ordinary shares held on the record date, or 5.66749 B ordinary shares for every 100 B ordinary shares held on the record date, as the case may be. Where a shareholder?s entitlement to ordinary shares in terms of the re- investment option gives rise to a fraction of an ordinary share, such fraction will be rounded up to the nearest whole number where the fraction is greater than or equal to 0.5 and rounded down to the nearest whole number where the fraction is less than 0.5.



The salient dates and all other information relating to the cash dividend and share re-investment alternative (including the tax implications), as disclosed in the declaration announcement, remain unchanged. Shareholders are reminded that the last day to trade in order to receive the cash dividend or participate in the re-investment option (?LDT?) is Tuesday, 6 December 2016 and that the last day to elect to participate in the re-investment option is Friday, 9 December 2016 (by 12:00 South African time). No action is required if you wish to receive the cash dividend.
17-Nov-2016
(Official Notice)
09-Nov-2016
(Official Notice)
Shareholders are referred to Dipula?s reviewed provisional condensed consolidated financial results for the year ended 31 August 2016, published on SENS today, 9 November 2016, wherein shareholders were advised of gross final dividend (dividend number 11) of 48.23707 cents per A-share and 50.71217 cents per B-share for the period 1 March 2016 to 31 August 2016 (?the dividends?).



The dividends are payable to Dipula shareholders in accordance with the timetable set out below:

* Last date to trade cum dividend: Tuesday, 6 December

* Shares trade ex dividend: Wednesday, 7 December

* Record date: Friday, 9 December

* Payment date: Monday, 12 December



Share certificates may not be dematerialised or rematerialised between Wednesday, 7 December 2016 and Friday, 9 December 2016, both days inclusive. The dividend will be transferred to dematerialised shareholders? CSDP accounts/broker accounts on Monday, 12 December 2016. Certificated shareholders? dividend payments will be paid to certificated shareholders? bank accounts on or about, Monday, 12 December 2016. Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend of 48.23707 cents per A-share and 50.71217 cents per B-share in return for A-shares or B-shares, as the case may be (?the re-investment option?), further details of which will be set out in a circular to shareholders to be issued on or about 17 November 2016 and an announcement in this regard will be released on SENS.
09-Nov-2016
(C)
Revenue for the year jumped to R1.065 billion (2015: R729.1 million), net operating profit increased to R683.7 million (2015: R453.1 million), income attributable to shareholders of the company soared to R666 million (2015: R390.9 million), while headline earnings per A-share grew to 103.84 cents per share (2015: 87.23 cents per share).



Payment of final dividend

The board has approved and notice is hereby given of the final dividend (dividend number 11) for the period 1 March 2016 to 31 August 2016 of 48.23707 cents per A-share and 50.71217 cents per B-share.



Dipula shareholders will be offered an election, in respect of all or part of their shareholding, to re-invest the cash dividend of 48.23707 cents per A-share and 50.71217 per B-share in return for A-shares or B-shares, as the case may be (the "re-investment option"). By electing to participate in this re-investment option, shareholders will be able to increase their shareholding in Dipula without incurring dealing costs. In turn, Dipula will benefit from an increase in the amount of shareholders' funds available to support continued growth.



Further details regarding the re-investment option, including the manner in which the number of shares to which a participating shareholder is entitled will be determined and the action to be taken by A and B shareholders in order to participate in the re-investment option, will be set out in a circular to shareholders to be issued on or about 17 November 2016, and will also be released on SENS.



Prospects

The board expects challenging economic conditions to continue in the short to medium term. Management will continue to focus on extracting the maximum value from the portfolio and improving the vacancy profile. Reflecting the challenging environment, the board expects growth in distributions of between 6.0% and 7.0% for the year ending 31 August 2017. This growth assumes that stable macro-economic conditions prevail, no major corporate failures will occur and that tenants will be able to absorb rising utility costs and rates recoveries. Forecast rental income is based on contractual escalations and market-related renewals.
07-Jul-2016
(Official Notice)
Shareholders are advised that Dipula, this week seized the rates downcycle opportunity on the swap market to conclude R360 million worth of swaps, for four years at a nominal rate of 7.85%. As a result, Dipula?s total debt hedge increased to 60.5% from 48% at 29 February 2016. CEO Izak Petersen says this strengthening of financial position is attributable to Dipula?s active and ongoing monitoring of debt capital markets for hedging opportunities.



The Fund has further refinanced the R610 million of debt facilities, which are set to mature during the 2016 calendar year, at an average rate of 3 month JIBAR + 1.85%.The majority of debt was refinanced for three years.
01-Jun-2016
(Official Notice)
Dipula is pleased to announce that it has closed its book build announced on 31 May 2016. Dipula has successfully raised R53.6 million, placing 4 673 926 new A shares at a price of R9.50 per A share and 1 045 714 new B shares at a price of R8.75 per B share (collectively, the ?new Dipula shares?). Standard Bank is acting as sole bookrunner and transaction sponsor.
31-May-2016
(Official Notice)
Subject to pricing acceptable to Dipula, the company proposes an equity raise (the ?equity raise?) through the issue of new Dipula A and B ordinary shares (?equity raise?) in order to partly fund recently announced acquisitions.



The equity raise will be implemented through an accelerated book build process (the ?book build?). The book build is now open and the company reserves the right to close it at any time hereafter.



Pricing, allocations and the amount raised will be announced as soon as practicable following the closing of the book build.



Dipula reserves the right to increase the size of the equity raise subject to demand.



Standard Bank is acting as sole bookrunner and transaction sponsor.



11-May-2016
(Official Notice)
11-May-2016
(C)
Revenue for the interim period shot up to R525.3 million (R362.6 million). Net property income jumped to R349.5 million (R242.0 million). Net operating profit grew to R331.8 million (R227.7 million). Total profit and comprehensive income for the period attributable to shareholders turned around to R183.6 million (loss of R5.8 million). Furthermore, headline earnings per A-share and B-share rose to 53.26 cents per share (45.91cents per share).



Payment of interim dividends

The board has approved and notice is hereby given of the interim dividends (dividend number 10) for the period 1 September 2015 to 29 February 2016 of 48.23707 cents per A-share and 38.78144 cents per B-share.



Prospects

The board expects difficult economic conditions to prevail which may have an impact on tenant defaults. In addition, an increasing interest rate environment coupled with higher CPI will also present challenges. Management anticipates an improvement in the vacancy profile and will remain focused on extracting maximum value from the portfolio including further revamps and refurbishments.



The board expects growth in distributions of between 7.0% to 8.0% for the year ending 31 August 2016. This growth is based on an assumption that stable macro-economic conditions prevail, no major corporate failures will occur and that tenants will be able to absorb rising utility costs and rates recoveries. Forecast rental income was based on contractual escalations and market-related renewals.
12-Feb-2016
(Official Notice)
Shareholders are advised that at the annual general meeting of shareholders held on Friday, 12 February 2016 (in terms of the notice of annual general meeting dispatched to shareholders on 22 December 2015), all of the resolutions tabled thereat were passed by the requisite majority of Dipula shareholders.
22-Dec-2015
(Official Notice)
Shareholders are advised that Dipula?s integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2015, was dispatched to shareholders on 22 December 2015 and is available on Dipula website ? www.dipula.co.za and contains no changes from the reviewed provisional condensed consolidated financial results for the year ended 31 August 2015 which were released on SENS on 11 November 2015.



The company?s annual general meeting will be held at Dipula?s offices at Block B Dunkeld Park, 6 North Road, Dunkeld West on Friday, 12 February 2016 at 10:00 The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 29 January 2016 and the record date for voting purposes is Friday, 5 February 2016.
07-Dec-2015
(Official Notice)
Shareholders are referred to recent announcements relating to the election offered to B ordinary shareholders to reinvest the final cash dividend of 44.95016 cents per B ordinary share (?cash dividend?) in return for additional B ordinary shares (the ?share re- investment alternative?), the latest of which was released on SENS on 20 November 2015.



Shareholders holding 57 530 009 B ordinary shares, or 28.29% of the total issued B ordinary shares (prior to the share re- investment alternative) qualifying to receive the cash dividend have elected to receive the share re-investment alternative, resulting in the issue of 2 455 710 new B ordinary shares and a retention (based on the issue price of R10.53049 per new B ordinary share) of R25 859 828 in new equity for Dipula. Accordingly, a total cash dividend of R65 546 789.50 is payable to B ordinary shareholders in respect of 145 821 030 B ordinary shares. The total number of B ordinary shares in issue post the share re-investment alternative will be 205 806 749.



For those shareholders who elected the share re-investment alternative, B ordinary share certificates will be dispatched via registered post to certificated shareholders (at their own risk) on Wednesday, 9 December 2015. Dematerialised shareholders? CSDP or broker accounts will be credited with B ordinary shares on Wednesday, 9 December 2015.



For those shareholders who did not elect the share re-investment alternative, the cash dividend will be paid via electronic transfer into the personal bank accounts of certificated only in the event that the transfer secretaries are already in possession of their banking details. Where the transfer secretaries do not have the banking details of the aforesaid certificated shareholders, dividend cheques will be dispatched (at such shareholders? own risk) to their registered addresses or in accordance with the instructions given to the transfer secretaries, on Monday, 7 December 2015. The cash dividend will be credited to dematerialised shareholders? accounts held at their CSDP or broker on Monday, 7 December 2015.
20-Nov-2015
(Official Notice)
12-Nov-2015
(Official Notice)
11-Nov-2015
(Official Notice)
11-Nov-2015
(C)
Revenue for the year grew to R729.1 million (R598.3 million). Net property income jumped to R478.9 million (R399.2 million). Net operating profit increased to R453.1 million (R380.9 million). Total comprehensive income for the year attributable to equity holders shot up to R390.9 million (R88.1 million). In addition, headline earnings per A-share declined to 87.23 cents per share (92.07 cents per share) and headline earnings per B-share 87.23 cents per share (77.89 cents per share).



Distributable earnings

During the year ended 31 August 2015 ("the year") Dipula achieved an increase in distributable earnings of 33% compared to the prior year, translating into a 7.05% growth in distributions per share over the preceding twelve months and in line with management?s guidance of between 6.5% ? 7.5% announced in the interim results.



The total distribution attributable to the A-share is 91.880 cents per share (87.504 cents per share), comprising the 45.94007 cents per share declared at interims and the 45.94007 cents per share for the second half of the year. This equates to a 5% increase from the previous year and is in line with the distribution policy for A-shareholders.



The total dividend attributable to the B-shares is 80.296 cents per share (73.333 cents per share), which includes 44.95016 cents per share (40.995 cents per share) for the final dividend, equating to an increase of 9.5% on the prior year.



Prospects

Dipula has an acquisitions pipeline of approximately R1.5 billion for 2016. Further value will be unlocked in the existing portfolio through extensions, conversions and revamps.



Entry into the residential sector is being actively pursued, subject to pricing and risk considerations and the establishment of appropriate strategic partnerships.



Assuming that trading conditions and the macroeconomic environment remain stable and no further major tenant or corporate defaults, the board expects growth in distributions of between 7% and 8% for the year ending 31 August 2016.
03-Sep-2015
(Official Notice)
Dipula is pleased to announce that it has closed its book build announced earlier. Dipula has successfully raised in excess of R200 million, placing 9 166 454 new A shares at a price of R11.16 per A share and 10 338 956 new B shares at a price of R10.30 per B share (collectively, the ?new Dipula shares?). Subject to approval by the JSE, listing and trading of the new Dipula shares is expected to commence at 09:00 on Friday, 11 September 2015.
03-Sep-2015
(Official Notice)
Subject to pricing acceptable to Dipula, the company proposes an equity raise (the ?equity raise?) through the issue of new Dipula A and B ordinary shares (?equity raise?) in order to partly fund recently announced acquisitions.



The equity raise will be implemented through an accelerated book build process (the ?book build?). The book build is now open and the company reserves the right to close it at any time hereafter. Pricing, allocations and the amount raised will be announced as soon as practicable following the closing of the book build.



Dipula reserves the right to increase the size of the equity raise subject to demand. Java Capital is acting as sole bookrunner.
21-Aug-2015
(Official Notice)
Shareholders are advised that Ridwaan Asmal has been appointed as Financial Director to the board of directors of Dipula (?the Board?) with effect from 1 September 2015.



Ridwaan Asmal holds a B Comm (Accounting) and has more than 20 years? experience in the listed property fund environment with specific skills in financial reporting and management, acquisitions and disposals as well as treasury and in hotel property development. Ridwaan?s career started at Anglo American Property Services (?Ampros?) in 1994 where he spent 5 years in the financial accounts division. Thereafter, he joined Broll Property Group heading the Financial Management and lease administration department for the Gauteng Region. Ridwaan subsequently joined CORONIB Asset Management where he spent time in both financial and asset management positions during his 5 year tenure. In 2006, he was appointed as the Financial Director of Hospitality Property Fund Ltd. (?HPF?) and was part of the team responsible for listing the Fund and served as a director at HPF for over 9 years. At HPF, Ridwaan was instrumental in setting up the Finance Department, managing relationships with debt service providers, rating agencies and dealing with investors.



Dipula welcomes Ridwaan to the Board and is confident that his experience in the industry will add significant value to the Fund.
18-Aug-2015
(Official Notice)
Shareholders are advised that Dipula group has concluded a transaction that will see it acquire an 80% interest in an R860 million portfolio of retail and industrial assets (?the property portfolio?), held in two joint venture companies currently owned by members of the Moolman group of companies (?the Moolman group?). The remaining 20% interest in the joint venture companies will be retained by members of the Moolman group. The transaction is in line with Dipula?s strategy of acquiring retail and industrial assets in chosen markets. The portfolio has low vacancies (at circa 2.5% of gross income) and is yield enhancing.



In addition, the Moolman group is a respected industry player with assets and expertise focused on the market segment on which Dipula is focused, and it is contemplated that the joint venture relationship may be a source of further opportunities for the respective parties. A company in the Moolman group will continue to manage the property portfolio for a minimum period of three years.



The agreements are subject to the fulfilment or waiver, as the case may be, of the following conditions precedent:

*the board of Dipula approving and ratifying the agreements and all other agreements and transactions contemplated in the agreements;

*including certain portfolio sale agreements and shareholders agreements (all of which are already in substantially agreed form) and such agreements becoming unconditional;

*any consents or approvals required in terms of any applicable debt funding and related agreements being provided;

*any third parties who have leases, rights of occupation, options, rights of first refusal or similar rights in respect of any properties comprising the property portfolio providing such consents or waivers as may be required in connection with the implementation of the transaction;

*Dipula arranging the requisite third party debt funding required to refinance the existing debt attributable to the property portfolio; and

*Dipula notifying the Moolman group that it has raised such debt funding and/or equity capital as it may deem necessary in order to fund its participation in the transaction.
31-Jul-2015
(Official Notice)
Shareholders are advised that Brigitte de Bruyn has resigned as the Financial Director of Dipula with effect from 31 August 2015, in order to pursue new interests. Notwithstanding her resignation, Brigitte will remain available to assist the company in the preparation of the financial results for the year ended 31 August 2015.



The board of directors has embarked upon a process of appointing a suitable replacement and expects to make an announcement in this regard in the near future.
01-Jul-2015
(Official Notice)
26-Jun-2015
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 7 May 2015 wherein the salient dates and times in respect of:

*the conversion of the company?s current ?A? linked capital structure to an ?A? ordinary share structure by way of a substitutive share-for-share transaction as contemplated in section 43 of the Income Tax Act 58 of 1962 (the ?Income Tax Act?), in terms of which Dipula will substitute or exchange 100% of the issued ?A? linked units (being 193 012 083 ?A? linked units) for an equivalent number of issued ?A? ordinary shares, to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 (the ?Companies Act?);

*the conversion of the company?s current ?B? linked capital structure to a ?B? ordinary share structure by way of a substitutive share-for-share transaction as contemplated in section 43 of the Income Tax Act, in terms of which Dipula will substitute or exchange 100% of the issued ?B? linked units (being 193 012 083 ?B? linked units) for an equivalent number of issued ?B? ordinary shares, to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act;

*the cancellation of all authorised but unissued ordinary shares of the company; and

*the creation of two new classes of shares, being ?A? and ?B? ordinary shares, and the adoption of a new Memorandum of Incorporation, (collectively the ?transactions?), were announced.



The requisite special resolutions in respect of the transactions have been filed with the Companies and Intellectual Property Commission (?CIPC?) for registration. However, due to backlogs at the CIPC, registration of the special resolutions has been delayed and the salient dates for the transactions will therefore need to be revised. The revised salient dates will be announced in due course, once the special resolutions in respect of the transactions have been registered with the CIPC.



10-Jun-2015
(Official Notice)
Linked unitholders are referred to the announcement released on 27 May 2015 regarding the interim distribution of 45.94007 cents per A-linked unit for the six months ended 28 February 2015. Linked unitholders are advised that the correct net distribution amount due to non-resident unitholders, assuming dividend withholding tax is withheld at a rate of 15%, is 39.04906 cents per A-linked unit.
05-Jun-2015
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 7 May 2015 wherein linked unitholders were advised that Dipula had posted a circular, together with notices convening general and scheme meetings, to linked unitholders relating to:

* the conversion of the company?s current ?A? linked capital structure to an ?A? ordinary share structure by way of a substitutive share-for-share transaction as contemplated in section 43 of the Income Tax Act 58 of 1962 (the ?Income Tax Act?), in terms of which Dipula will substitute or exchange 100% of the issued ?A? linked units (being 193 012 083 ?A? linked units) for an equivalent number of issued ?A? ordinary shares, to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 (the ?Companies Act?) (the ??A? linked unit scheme?);

* the conversion of the company?s current ?B? linked capital structure to a ?B? ordinary share structure by way of a substitutive share-for-share transaction as contemplated in section 43 of the Income Tax Act, in terms of which Dipula will substitute or exchange 100% of the issued ?B? linked units (being 193 012 083 ?B? linked units) for an equivalent number of issued ?B? ordinary shares, to be effected by way of a scheme of arrangement in terms of section 114 of the Companies Act (the ??B? linked unit scheme?);

* the cancellation of all authorised but unissued ordinary shares of the company (the ?ordinary share cancellation?); and

* the creation of two new classes of shares, being ?A? and ?B? ordinary shares, and the adoption of a new Memorandum of Incorporation (the ?new MoI?), (collectively the ?transactions?).



Linked unitholders are advised that at the combined linked unitholders? general meeting, the ?A? linked unitholders? scheme meeting and the ?B? linked unitholders? scheme meeting, held on Friday, 5 June 2015, all resolutions required to be passed in order to approve the transactions were passed by the requisite majority of linked unitholders; and that at the combined shareholders? general meeting, the ?A? shareholders? scheme meeting and the ?B? shareholders? scheme meeting, held on Friday, 5 June 2015, all resolutions required to be passed in order to approve the transactions were passed by the requisite majority of shareholders.
27-May-2015
(Official Notice)
27-May-2015
(C)
Total revenue for the interim period rose to R300.7 million (R241.4 million). Net operating profit shot up to R227.7 million (R187.2 million). Profit from operations were higher at R196.5 million (R168.7 million). Total comprehensive loss for the year attributable to equity holders was R5.8 million (profit of R0.9 million). Furthermore, headline earnings per A-linked unit increased to 50.95 cents per linked unit (47.15 cents per linked unit).



Payment of interim distributions

The board has approved and notice is hereby given of interim distribution (distribution number 8) of 45.94007 cents per A-linked unit and 35.34590 cents per B-linked unit for the period ended 28 February 2015.



Prospects

Growth in the property sector is a function of broader economic growth. South Africa has entered a period of slow economic growth and rapidly increasing operating costs. This creates additional pressure on tenants, especially SMMEs.



Although it is not expected that interest rates will rise in this financial year, it is a possibility later in the calendar year. It remains the objective to grow the portfolio during this financial year by between R1 billion and R1.5 billion through further acquisitions.



Negotiations are well advanced in respect of portfolios with a cost of approximately R900 million. Combined with the R1 billion of acquisitions already concluded these additional transactions will result in the R1.5 billion target being exceeded by R400 million.



Assuming that trading conditions and the macroeconomic environment remain stable and there are no further major tenant or corporate defaults, the Board's guidance in respect of combined distribution growth will be between 6.5% and 7.5% for 2015, mostly as a result of Ellerines.
07-May-2015
(Official Notice)
02-Mar-2015
(Official Notice)
Linked unitholders are advised that Mergence Africa Property Investment Trust (the ?purchaser? or ?Mergence?) has entered into the following separate transactions. Dipula is the sole capital and income beneficiary of Mergence. The acquisitions set out below are a not-categorisable in terms of the JSE Listings Requirements. This announcement is for information purposes only.



The Limpopo acquisition

Mergence has, subject to certain conditions precedent, concluded an agreement for the acquisition of the rental enterprises conducted in respect of and including Portion A, B, C, D and E of Erf 5657, known as Corporate Park II (?Corporate Park II?), situated in Limpopo Province, as a going concern and income producing entity for a purchase consideration of R143 million (the ?Limpopo acquisition?).



The effective date of the Limpopo acquisition is 24 February 2015.



The total gross lettable area (?GLA?) area for Corporate Park II is approximately 28 000m2.



The acquisition is in line Dipula?s strategy of acquiring portfolio enhancing assets.



The Umzimkhulu acquisition

Mergence has, subject to certain conditions precedent, concluded an agreement for the acquisition of the leasehold rights held by the seller and the property letting enterprise in respect of the Erf 155, a portion of Erf 152 Umzimkhulu, known as the Umzimkhulu Shopping Centre (the ?Umzimkhulu Shopping Centre?) for a purchase consideration of R193 million (the ?Umzimkhulu acquisition?).



The cession of all rights and assignment of right, title and interest in and to the notarial lease will take effect from the date of registration of the leasehold rights into the name of the purchaser.



The total GLA for the Unzimkhulu Shopping Centre is 15 740m2.



The acquisition is in line Dipula?s strategy of acquiring portfolio enhancing retail assets in under serviced markets.
23-Feb-2015
(Official Notice)
Linked unitholders are advised that at the annual general meeting of linked unitholders held on Monday, 23 February 2015 (in terms of the notice of annual general meeting dispatched to linked unitholders on 23 December 2014), all of the resolutions tabled thereat were passed by the requisite majority of Dipula linked unitholders.
05-Feb-2015
(Official Notice)
Linked unitholders are advised of the results of the Dipula book build that closed on 5 February 2015. In light of strong demand, Dipula increased the amount of capital to be raised from R300 million to R400 million placing 20 366 922 new A linked units at a price of R11.20 per A linked unit and placing 18 286 220 new B linked units at a price of R9.40 per B linked unit (collectively, the ?new Dipula linked units?). Subject to approval by the JSE, listing and trading of the new Dipula linked units is expected to commence at 09:00 on Friday, 13 February 2015.
05-Feb-2015
(Official Notice)
Subject to pricing acceptable to Dipula, Dipula proposes an equity raise of approximately R300 million (the ?equity raise?) through the issue of new Dipula A and B linked units (?new linked units?) in terms of a vendor consideration placing to fund acquisitions. The equity raise will be implemented through an accelerated book build process (the ?book build?). The book build is now open and the company reserves the right to close it at any time thereafter.



The new linked units, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing linked units. Pricing and allocations will be announced as soon as practicable following the closing of the book build. Dipula reserves the right to increase the size of the equity raise subject to demand. Java Capital is acting as sole bookrunner.
28-Jan-2015
(Official Notice)
23-Dec-2014
(Official Notice)
Linked unitholders are advised that Dipula?s integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2014, was dispatched to linked unitholders on Friday, 19 December 2014 and is available on the Dipula website ? www.dipula.co.za.



The integrated annual report contains a notice of annual general meeting which will be held at Dipula?s offices at Block B Dunkeld Park, 6 North Road, Dunkeld West on Monday, 23 February 2015 at 10:00. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 6 February 2015 and the record date for voting purposes is Friday, 13 February 2015. A further announcement, detailing changes to the reviewed provisional condensed consolidated financial results for the year ended 31 August 2014 (which were released on SENS on 12 November 2014), will be released in due course.

14-Nov-2014
(Official Notice)
Linked unitholders are referred to the announcements released on SENS on 21 August 2014 and 3 October 2014 wherein unitholders were advised that Mergence Africa Property Investment Trust (the "purchaser" or "Mergence") and Dipula, being the sole capital and income beneficiary of Mergence, had concluded an agreement with Redefine Properties Ltd. ("Redefine" or the "seller") for the acquisition of the rental enterprises conducted in respect of and including certain properties and buildings of the seller (collectively, the "property portfolio") (the "acquisition"). The purpose of this announcement is to present the financial effects of the acquisition.



Financial effects

9 months ending Year ending 31 August 2015 and 31 August 2016 R'000

*Contractual rental and tenant recoveries -- 38 036; 54 388

*Uncontracted rental -- 1 161; 2 410

*Straight-line of lease income adjustment -- 3 998; 4 172

*Total rental revenue -- 43 195; 60 970

*Net operating income* -- 36 013; 50 355

*Net profit after taxation* -- 29 207; 41 281

*Distributable earnings -- 25 209; 37 109

*Includes the effects of straight-lining rental income.



Withdrawal of cautionary announcement

Dipula linked unitholders are advised that following the release of the financial effects of the acquisition, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
12-Nov-2014
(Official Notice)
12-Nov-2014
(C)
Total revenue for the year jumped to R485.7 million (2013: R374.7 million). Profit from operations rose to R450.7 million (2013: R430.2 million), but total comprehensive income for the year attributable to equity holders plummeted to R88.1 million (2013: R199.3 million). Furthermore, headline earnings per A-linked unit improved to 93.4 cents per linked unit (2013: 90.23 cents per linked unit).



Payment of final distributions

The board has approved and notice is hereby given of final distributions (distribution number 7) of 43.75245 cents per A-linked unit and 40.99484 cents per B-linked unit for the period ended 31 August 2014.



Prospects

Despite South Africa having entered a period that is anticipated to deliver low economic growth combined with possible interest rate hikes, the board and management remain positive. The electricity supply constraints will in all probability have an impact on the sector as a whole and solutions are being sought. Dipula continues to pursue a selective acquisition strategy for appropriate opportunities. Although current conditions pose challenges they also offer opportunities for prudent and patient investors. The goal is to achieve asset growth of between R1 billion and R1.5 billion for the year ahead.



On the assumption that trading conditions and the macroeconomic environment remaining stable and no major tenant and corporate defaults, management anticipates combined distribution growth of between 7% to 8% for 2015.
03-Oct-2014
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 21 August 2014 (the SENS announcement) wherein unitholders were advised that Mergence Africa Property Investment Trust (the purchaser or Mergence) and Dipula, being the sole capital and income beneficiary of Mergence, had concluded an agreement with Redefine Properties Ltd (Redefine or the seller) for the acquisition of the rental enterprises conducted in respect of and including certain properties and buildings of the seller (collectively, the property portfolio) (the acquisition). The purpose of this announcement is to present the valuation information of the acquisition and to renew the cautionary announcement.



Valuation

Linked unitholders are referred to the SENS announcement and are advised that the board of directors of Dipula is satisfied that the aggregate value attributed to the property portfolio is in line with the aggregate purchase consideration being paid by the company and the individual values attributed to each property in the property portfolio are in line with the individual purchase considerations. The directors of the company are not independent and are not registered as professional valuers or as professional associate valuers in terms of the Property Valuers Profession Act, No 47 of 2000.



Renewal of cautionary

Dipula linked unitholders are advised that the financial effects of the acquisition are still in the process of being finalised. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in their linked units until a further announcement is made in this regard.
21-Aug-2014
(Official Notice)
05-Aug-2014
(Official Notice)
Linked unitholders are advised that, in line with its strategy to trade out of non-core assets and improve the overall quality of its portfolio, Dipula has concluded agreements to sell 13 properties for a total purchase consideration of R51.8 million, which will be used to reduce debt.



The sale will reduce the number of properties in the Dipula portfolio from 180 to 167, drop vacancies across Dipula?s portfolio and increase the average value of the properties in the Dipula portfolio by approximately 9% to R24.3 million. The sale is not material enough to impact on the guidance given in the financial results for the year ended 28 February 2014. However, given the reduction to Dipula?s interest expense from the reduction in debt and the saving on unrecoverable rates and operating costs, it is anticipated that the sale will be slightly yield enhancing (although this has not been reviewed or reported on by Dipula?s auditors).
18-Jun-2014
(Official Notice)
Linked unitholders are advised that following the acquisition of the business of Probity Business Services (Pty) Ltd. by Computershare Investor Services (Pty) Ltd. ("Computershare"), CIS Company Secretaries (Pty) Ltd., a subsidiary of Computershare, has been appointed as the company secretary of Dipula with immediate effect.
28-May-2014
(C)
Total revenue jumped to R241.4 million (R159.3 million). Net operating profit rose to R187.2 million (R125.5 million). Total comprehensive income for the year attributable to equity holders tumbled to R0.9 million (R4.8 million). In addition, headline earnings per A linked unit grew to 50.17cplu (48.23cplu).



Payment of interim distributions

The board has approved and notice is hereby given of final cash distributions (distribution no 6) of 43.752 cents per A-linked unit and 32.338 cents per B-linked unit for the period ended 28 February 2014.



Prospects

For the past twelve months South Africa has seen tougher than expected trading conditions which were exacerbated by the challenges posed by an election period. It is expected that this will have some impact on Dipula and accordingly distribution growth for the 2014 financial year is anticipated to be between 6% and 7%. The forecast has not been reviewed or reported on by the group's independent auditors.



Management is committed to extracting maximum value from the portfolio by further reducing vacancies, adding portfolio enhancing assets, and disposing of under-performing assets.
27-Feb-2014
(Official Notice)
Dipula linked unitholders are advised that following the release of the financial effects of the acquisition, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
27-Feb-2014
(Official Notice)
Linked unitholders are referred to the announcement published on SENS on 15 January 2014 wherein it was advised that Dipula has entered into an agreement, in terms of which, Dipula will acquire all of the shares and claims in Gillwell Taxi Retail Park (Pty) Ltd. ("the acquisition").



Unaudited pro forma financial effects of the acquisition

The effect of the acquisition on Dipula?s net asset value per A-linked unit and B-linked unit, basic earnings per A-linked unit and B-linked unit, headline earnings per A-linked unit and B-linked unit and distributable earnings per B-linked unit are not significant (less than 3%) and therefore have not been disclosed. Given the rights to distribution attaching to the A-linked unit the acquisition will have no impact on the distributable earnings per A-linked unit.
13-Feb-2014
(Official Notice)
Linked unitholders are advised that at the annual general meeting of the company convened on Thursday, 13 February 2014 (in terms of the notice of annual general meeting contained in the company's integrated annual report issued on 30 December 2013), all resolutions were passed by the requisite majority of Dipula's linked unitholders, other than ordinary resolution number 6 (relating to the general authority to enable the company to issue cash up to 5% of the authorised but unissued linked units) which was withdrawn at the annual general meeting.

15-Jan-2014
(Official Notice)
The financial effects of the acquisition are still in the process of being finalised and will be published in due course. unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the acquisition are announced.
15-Jan-2014
(Official Notice)
30-Dec-2013
(Official Notice)
Shareholders are advised that the company's integrated annual report, incorporating the audited annual financial statements for the year ended 31 August 2013, was dispatched on Monday, 30 December 2013, and contains no changes from the audited annual financial statements which were released on SENS on 14 November 2013.



The integrated annual report contains a notice of annual general meeting which will be held at 10:00 on Thursday, 13 February 2014 at the offices of Dipula, Block B Dunkeld Park, 6 North Road, Dunkeld West, 2196. The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Friday, 31 January 2014 and the record date for voting purposes is Friday, 7 February 2014. The integrated annual report is also available on the company's website - www.dipula.co.za.
14-Nov-2013
(C)
Total revenue jumped R374.7 million (R299.6 million) and profit from operations rose to R430.2 million (R314.8 million). Total comprehensive income attributable to equity holders more than doubled to R199.3 million (R80.8 million). In addition, headline earnings per share lowered to 7.55cps (9.71cps).



Distributions

The board has approved and notice is hereby given of final cash interest distributions (distribution number 5) of 41.669 cents per A-linked unit and 36.835 cents per B-linked unit for the six months ended 31 August 2013.



Prospects

The anticipated low economic growth forecasts, cost inflationary pressures driven mainly by administered prices, municipal rates and high wage settlements will create a challenging environment for the 2014 financial year. Management is committed to extracting maximum value from the portfolio and to making acquisitions which are both quality and earnings enhancing. Excluding the Ideas portfolio, distribution growth for the 2014 financial year is anticipated to be between 7% and 8%. This is based on the assumption that there will be no change in current trading conditions of the existing portfolio, a stable macro-economic environment will prevail, tenants will be able to absorb rising utility costs and there will be no major corporate failures.
26-Sep-2013
(Official Notice)
Unitholders are referred to the announcement released on SENS on 9 November 2012 detailing, amongst other things, the agreement concluded by Dipula to acquire the Tembisa Mall on its completion. The acquisition of Tembisa Mall was subject to - amongst other things - the parties reaching agreement on all of the components of the development plan and the Mall being developed in accordance with that plan. The vendors of the Tembisa Mall have sought to cancel the agreement on the basis that certain of the conditions have not been fulfilled. Dipula disagrees with the grounds relied upon by the vendor but has accepted the cancellation (while reserving its rights). Dipula's decision to accept the vendor's cancellation was informed by the conclusion that, given the dispute with vendors, it was unlikely that Dipula would be able to agree a development plan for the completion of the Mall that would satisfy its requirements.
29-Aug-2013
(Official Notice)
Unitholders are advised that Dipula has succesfully raised R200 000 000 through the placement of 10 441 378 A-linked units at an issue price of R10.16 per linked unit and 12 522 080 B-linked units at an issue price of R7.50 per linked unit. The proceeds from the placement are being used to fund previously announced acquisitions. It is anticipated that the new linked units will be issued on Friday, 6 September 2013.
05-Aug-2013
(Official Notice)
Linked unitholders were referred to previous announcements released on SENS in relation to various acquisitions concluded by Dipula and are advised that the company has taken transfer of 14 properties with a total value of approximately R1.4 billion since June 2012. Of the 14 properties, 8 properties valued at approximately R675 million have transferred in the past four months, including six properties valued at approximately R560 million that have transferred since 1 July 2013. A further approximate R940 million of properties are still to be transferred. The company anticipates taking transfer of the majority of these properties within the next few months with the balance of those properties which are under development being transferred between April 2014 and October 2014. As previously announced, all of Dipula's acquisitions are consistent with its policy of improving the overall quality of its portfolio. The full benefit of these acquisitions will be felt in the financial year ending 31 August 2014 and beyond.
04-Jul-2013
(Official Notice)
Unitholders are advised that Dipula's application for Real Estate Investment Trust ("REIT") status has been approved by the JSE. Dipula will qualify as a REIT with effect from the commencement of its next financial year, being 1 September 2013.
02-Jul-2013
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 31 May 2013, regarding the proposed ordinary resolution granting directors of the company a specific authority to place up to 30 000 000 A-linked units and up to 30 000 000 B-linked units in the authorised but unissued capital of the company under the control of the directors in order to implement capital raisings.



Linked unitholders are advised that the proposed ordinary resolution was supported by written consent of persons entitled to exercise voting rights thereon and holding approximately 91% (ninety one percent) of the voting rights in the company as at 31 May 2013 and accordingly the proposed ordinary resolution has been adopted by the company in terms of section 60(2) of the Act. The Company will deliver a statement in accordance with section 60(4) of the Act to linked unitholders recorded in the company register as at 31 May 2013.
28-Jun-2013
(Official Notice)
Unitholders were advised that Rural Maintenance (Pty) Ltd. ("Rural"), which previously supplied electricity management services to the Dipula Trust, has launched arbitration proceedings against Dipula and is claiming an amount of approximately R50 million. Having obtained legal advice, Dipula is satisfied that the claims are unfounded and without merit and accordingly, in Dipula's opinion, there is no need for unitholders to exercise caution when dealing in Dipula linked units.
21-Jun-2013
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 22 March 2013 regarding the acquisition of Shoprite Pretoria North, Ziyabuya Shopping Centre and Gezina Galleries, Blackheath Pavilion, and Woodmead Square and Woodmead Super Value Mall (collectively the acquisitions). The purpose of this announcement is to present the financial effects of the acquisitions.



The effect of the acquisitions on Dipula?s net asset value per share, net tangible asset value per share, basic earnings per share and headline earnings per share and distributable earnings per combined linked unit are not significant (less than 3%) and therefore have not been disclosed. The unaudited pro forma financial effects have not been reviewed or reported on by the company's auditors.



Withdrawal of cautionary

Dipula linked unitholders are advised that following the release of the financial effects of the acquisitions, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
31-May-2013
(Official Notice)
28-May-2013
(C)
Total revenue for the interim period rose to R159.3 million (2012: R142.8 million). Profit from operations shot up to R125.3 million (2012: R100 million), while profit for the period attributable to equity holders of the parent turned around to R4.8 million (2012: loss of R10.3 million). Furthermore, headline earnings per A-linked unit grew to 49.23 cents (2012: 37.52 cents).



Payment of interim distributions

The board has approved an interim cash interest distributions of 41.669 cents per A-linked unit and 29.804 cents per B-linked unit for the period ended 28 February 2013.



Prospects

Based on the assumptions that the macro-economic environment will not deteriorate further, no major corporate failures will occur and that tenants will be able to absorb rising operating costs, the board forecasts that Dipula will achieve growth in distributions of between 6.5% and 7.5% for the full 2013 financial year.
08-May-2013
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 22 March 2013 wherein linked unitholders were advised that Dipula's subsidiary, Mergence Africa Property Fund Investment Trust had concluded agreements for the acquisition of:

*Shoprite Pretoria North;

*Ziyabuya Shopping Centre and Gezina Galleries;

*Blackheath Pavilion; and

*Woodmead Square and Woodmead Super Value Mall,

(collectively the "Capital acquisitions") from Capital Property Fund, Pangbourne Properties Ltd., Monyetla Property Holdings (Pty) Ltd. and iFour Properties SA (Pty) Ltd.



Linked unitholders were advised that Dipula is still in the process of finalising the financial effects of the Capital acquisitions which will be published in due course. Linked unitholders were advised to continue exercising caution when dealing in the company's linked units until further announcements are made.
27-Mar-2013
(Official Notice)
Dipula unitholders are advised that Dipula has posted revised listing particulars to its unitholders, dated 27 March 2013, which revised listing particulars have been issued as a result of Dipula issuing in excess of 25% of its issued share capital in the 3 month period ended 30 November 2012 (the "revised listing particulars"). A copy of the revised listing particulars will be available for inspection at the company's registered office, Block B, Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg, 2196 at any time during normal business hours for a period of 21 days from 27 March 2013. An electronic copy of the revised listing particulars is available on the Dipula website - www.dipula.co.za. Terms defined in the revised listing particulars shall bear the same meaning in this announcement.
22-Mar-2013
(Official Notice)
The Capital acquisitions are classified as a Category 2 transaction in terms of the JSE Listings Requirements. The financial effects of the Capital acquisitions are still in the process of being finalised and will be published in due course. Unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the Capital acquisitions are announced.
22-Mar-2013
(Official Notice)
Dipula unitholders were advised that Dipula's subsidiary, Mergence Africa Property Fund Investment Trust ("Mergence") has concluded agreements for the acquisition of:

*Shoprite Pretoria North (the "Shoprite Pretoria North acquisition");

*Ziyabuya Shopping Centre and Gezina Galleries;

*Blackheath Pavilion; and

*Woodmead Square and Woodmead Super Value Mall (the "iFour acquisitions"),



(collectively the "Capital acquisitions") from Capital Property Fund, Pangbourne Properties Ltd., Monyetla Property Holdings (Pty) Ltd. and iFour Properties SA (Pty) Ltd. respectively (the "sellers').



The Capital acquisitions will provide Dipula with an opportunity to increase Dipula's retail portfolio exposure. The acquisitions will also improve the quality and average size of the portfolio in line with Dipula's investment strategy.



Terms and conditions of the Capital acquisition

The total purchase consideration is R559 030 000, payable in cash. The consideration shall be funded by way of debt and/or equity funding.



The Capital acquisitions are indivisible and subject to the following conditions:

*completion of a due diligence;

*the necessary approvals of Mergence and the sellers;

*Mergence securing funding for the purchase price; and

*approval by the Competition Authorities.



The Shoprite Pretoria North acquisition is also subject to Property Fund Managers Ltd. approving the Shoprite Pretoria North acquisition and Shoprite Checkers (Pty) Ltd. not exercising its rights of pre-emption.



Woodmead Square and Woodmead Super Value Mall are leasehold properties and are subject to the sub- lessor consenting to the cession and assignment of the notarial deeds of sub-lease.



Save for the rental enterprise businesses in respect of Woodmead Square and Woodmead Super Value Mall (which are being acquired with effect from the date of registration of a notarial deed of cession and assignment in favour of Mergence) the rental enterprise businesses comprising the Capital acquisitions, are being acquired with effect from the date of transfer of the underlying properties into Mergence's name and are valued by the company at an amount equivalent to the purchase price payable for such businesses.
01-Feb-2013
(Official Notice)
Dipula unitholders are advised that at the annual general meeting of the company held on Friday, 1 February 2013, all the proposed resolutions, other than ordinary resolution number 5, the authority to place unissued linked units under the control of the directors and ordinary resolution number 6, the general authority to issue linked units for cash, which were withdrawn prior to the annual general meeting, were unanimously approved by unitholders.
20-Dec-2012
(Official Notice)
Dipula linked unitholders were advised that following the release of the financial effects of the acquisition, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
20-Dec-2012
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 12 November 2012 regarding the acquisition of Tembisa Mega Mart, which property is currently under development (the "acquisition"). The purpose of this announcement is to present the financial effects of the acquisition.



Unaudited pro forma financial effects of the acquisition

The effect of the acquisition on Dipula?s net asset value per A-linked unit and B-linked unit, net asset value excluding deferred taxation per A-linked unit and B-linked unit, basic earnings per A-linked unit and B-linked unit and headline earnings per A-linked unit and B-linked unit and distributable earnings per B-linked unit are not significant (less than 3%) and therefore have not been disclosed. The unaudited pro forma financial effects have not been reviewed or reported on by the company's auditors.



Given the rights to distribution attaching to the A-linked unit the acquisition will have no impact on the distributable earnings per A-linked unit.
19-Dec-2012
(Official Notice)
Shareholders are advised that the company's integrated annual report for the financial year ended 31 August 2012 ("integrated annual report of the company"), was dispatched on Tuesday, 18 December 2012, and contains no changes to the audited condensed consolidated results for the year ended 31 August 2012, released over SENS on 14 November 2012. Included in the integrated annual report of the company is a notice of annual general meeting of Dipula shareholders and debenture holders, which will be held at the offices of Dipula at Block B Dunkeld Park, 6 North Road, Dunkeld West at 10:00 on Friday, 1 February 2013.
14-Nov-2012
(C)
Property portfolio revenue more than doubled to R299.6 million (R110.2 million) and net operating profit almost tripled to R229.7 million (R78.1 million). Profit from operation sky rocketed by more than 300% to R314.8 million (R81.4 million). Total comprehensice income attributable to equity holders recovered to R80.8 million (loss of R54.5 million). Furthermore, headline earnings per A-linked unit improved to 89.08cplu (headline loss of 595.26cplu).



Distributions

The board has approved final cash interest distributions (distribution number 3) of 39.685 cents per A-linked unit and 33.080 cents per B-linked unit for the six months ended 31 August 2012.



Prospects

There has been sustained pressure on local and global economies and South Africa's economy is expected to grow at just above 2%. Inflation has been edging upward but the Reserve Bank is not expected to increase interest rates as it needs to maintain a "balancing act" between economic growth and inflation control. The cost of Municipal rates and electricity are likely to remain a challenge for both landlords and tenants as Government passes on the burden of underfunded municipalities and attempts to fund the Eskom expansion programme. Despite these challenging conditions, through income-enhancing acquisitions, efficient management of costs and by reducing vacancies, Dipula expects to deliver growth in distributions to unitholders. In addition, management is assessing various acquisitions of portfolio improving assets. Distribution growth is anticipated to be between 7% and 9% for the 2013 financial period.
13-Nov-2012
(Official Notice)
Unitholders were referred to the announcement released on SENS on 25 October 2012 and were advised that Dipula has raised R650 million pursuant to a private placement of 37 970 296 A-linked units and B-linked units. The placement was significantly over subscribed and the units will be issued at R10.45 per A-linked unit and R6.67 per B-linked unit which represents a discount of 0.5% to the closing price on the day prior to the finalisation of the pricing. The capital is being raised pursuant to a vendor consideration placement to fund previously announced acquisitions.
12-Nov-2012
(Official Notice)
The financial effects of the Tembisa acquisition are still in the process of being finalised and will be published in due course. Unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the acquisition are announced.
12-Nov-2012
(Official Notice)
Linked unitholders are advised that Dipula has concluded agreements for the acquisition of Tembisa Mega Mart (the Tembisa acquisition), which property is currently under development, Orange Farm Phase 1 (the Orange Farm acquisition) and the Melki Portfolio (the Melki acquisition) (collectively, the acquisitions).



The total purchase consideration payable by Dipula in respect of the Tembisa acquisition is anticipated to be R169 013 250. The purchase price is based on the developer?s net income projection and will be adjusted accordingly should the actual net income differ from the projected net income. Payment of the purchase price will be secured by way of debt and/or equity funding. The purchase price shall be paid against registration of transfer of the property into the name of Dipula. The property has been acquired from Realty Dynamix 107 Proprietary Limited.



The acquisition is subject to the following key suspensive conditions:

*completion of a due diligence;

*finalisation of the development plan;

*the seller concluding signed lease agreements on terms and conditions acceptable to Dipula in respect of at least 90% of the gross lettable area, of which 85% must be let to national tenants;

*Dipula Board approval;

*Dipula securing debt funding for at least 40% of the purchase price;

*the development being finally completed by 1 April 2014; and

*to the extent necessary, approval by the Competition Authorities.



The total purchase consideration payable by Dipula in respect of the Orange Farm acquisition is R42 000 000. The purchase consideration shall be paid against registration of transfer of the property into the name of Dipula and shall be funded by debt and/or equity funding. The total purchase consideration payable by Dipula in respect of the Melki acquisition is R57 000 000. The purchase consideration shall be paid against registration of transfer of the property into the name of Dipula and shall be funded by debt and/or equity funding.

25-Oct-2012
(Official Notice)
Linked unitholders were advised that Dipula has prepared an investor presentation (the "presentation") in respect of a vendor placement the company intends undertaking in order to fund previously announced acquisitions.



The presentation contains information in respect of the company and the impact of the acquisitions and is available on Dipula's website (www.dipula.co.za). The presentation includes a statement that:

*the distributions for the year ended 31 August 2012 will be in line with the forecast; and

*Dipula anticipates growth in distributions of between 7% and 9% for the year ended 31 August 2013, which translates to growth in B unit distributions of between 9.7% and 14.3% (with A unit distributions growing at 5%).



It is anticipated that the audited results for the year ended 31 August 2012 will be released on or about 15 November 2012.
12-Oct-2012
(Official Notice)
Linked unitholders are referred to the announcements released on SENS on:

*28 August 2012 regarding the acquisition of the Absa Call Centre building, the SAPS VIP building and the SAPS IJS buildings (the Abland acquisition); and

*7 September 2012 regarding the acquisition of the Smada properties (the Smada acquisition) and Tower Mall (the Tower Mall acquisition),

The purpose of this announcement is to present the financial effects of the respective acquisitions.



Dipula linked unitholders are advised that following the release of the financial effects of the acquisitions, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
02-Oct-2012
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 31 August 2012, regarding the proposed ordinary resolution relating to granting directors of the company a specific authority to place up to 35 000 000 A-linked units and up to 35 000 000 B-linked units in the authorised but unissued capital of the Company under the control of the directors in order to implement capital raisings, for consideration by written consent of linked unitholders in terms of section 60 of the Act.



Linked unitholders are advised that the proposed ordinary resolution was supported by written consent of persons entitled to exercise voting rights thereon and holding approximately 80% (eighty percent) of the voting rights in the Company as at 31 August 2012 and accordingly the proposed ordinary resolution has been adopted by the Company in terms of section 60(2) of the Act. The Company will deliver a statement in accordance with section 60(4) of the Act to linked unitholders recorded in the Company register as at 31 August 2012.
07-Sep-2012
(Official Notice)
The financial effects of the acquisitions are still in the process of being finalised and will be published in due course. Unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the acquisitions are announced. Unitholders are also referred to the company's previous cautionary announcement published 28 August 2012.
07-Sep-2012
(Official Notice)
31-Aug-2012
(Official Notice)
28-Aug-2012
(Official Notice)
The financial effects of the acquisitions are still in the process of being finalised and will be published in due course. Unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the acquisitions are announced.
28-Aug-2012
(Official Notice)
Linked unitholders are advised that Dipula has concluded agreements for the acquisition of the Absa Call Centre building, the SAPS VIP building and the SAPS IJS building (together "the acquisitions"). The acquisitions comprise high quality, single tenanted office buildings with A-grade government and corporate tenants which continue Dipula's strategy of improving the quality and average size of its portfolio on a yield enhancing basis.



Terms of the acquisitions and conditions precedent

The total purchase consideration payable by Dipula in respect of the acquisitions is R431 000 000 with R229 860 000 attributable to the SAPS VIP Building, R118 540 000 attributable to the SAPS IJS building and R82 600 000 attributable to the Absa Call Centre building. Payment of the purchase consideration for each of the acquisitions will be secured by way of debt and/or equity funding. The purchase consideration shall be paid against registration of transfer of the properties into the name of Dipula. The properties have been acquired from the following vendors:

*Absa Bank Ltd., the Fern Trust and West Dunes Properties 142 (Pty) Ltd. in respect of the Absa Call Centre building;

*Autumn Star Trading 74 (Pty) Ltd. in respect of the SAPS IJS building; and

*Abland Manapa Construction VIP (Pty) Ltd. in respect of the SAPS VIP building.



The acquisitions are inter-conditional and subject to the following key suspensive conditions:

*completion of a due diligence;

*Dipula board approval;

*Dipula securing finance by way of debt and/or equity funding; and

*approval by the Competition Authorities.

Each of the rental enterprise businesses is being acquired with effect from the date of transfer of the underlying properties into Dipula's name and each is valued by the company at an amount equivalent to the purchase price payable for that business.



Categorisation of the acquisitions

The acquisitions are classified as a Category 2 transaction in terms of the JSE Listings Requirements. None of the acquisitions are subject to approval by Dipula's linked unitholders.
22-Aug-2012
(Official Notice)
Dipula linked unitholders were referred to the cautionary announcement dated 29 May 2012 and are advised that following the release of the financial effects of the acquisitions, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
22-Aug-2012
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 29 May 2012 in which it was announced that Dipula had concluded agreements for the acquisition of The Plaza Shopping Centre, Randfontein Station Shopping Centre and Bushbuckridge Shopping Centre (together "the acquisitions") for R329.9 million.



Remaining conditions precedent

The acquisitions remain subject to the following conditions precedent:

*approval of the acquisitions by the Competition Authorities;

*the owners of the properties consenting in writing to the cession by the vendors of their leasehold rights and obligations; and

*Dipula securing equity finance for 60% (sixty percent) of the total purchase consideration.



In addition the acquisition of Randfontein Station Shopping Centre is conditional on the acquisition of each of The Plaza Shopping Centre and Bushbuckridge Shopping Centre.
10-Jul-2012
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 29 May 2012 relating to the acquisitions of The Plaza Shopping Centre, Randfontein Station Shopping Centre and Bushbuckridge Shopping Centre from the Ideas Fund of Old Mutual Life Assurance Company (South Africa) Ltd. by Dipula. Linked unitholders are advised that the company is still finalising the financial effects in respect of the acquisitions. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in the company's securities until a further announcement is released.
29-May-2012
(Official Notice)
The financial effects of the acquisitions are still in the process of being finalised and will be published in due course. Linked unitholders of Dipula were therefore advised to exercise caution when dealing in their linked units until the financial effects of the acquisitions are announced.
29-May-2012
(Official Notice)
28-May-2012
(Official Notice)
Linked unitholders were referred to the announcement released on SENS on 20 April 2012, regarding the proposed ordinary resolution relating to granting directors of the company a specific authority to place up to 4 000 000 A-linked units and up to 4 000 000 B-linked units in the authorised but unissued capital of the company under the control of the directors in order to implement a capital raising, for consideration by written consent of linked unitholders in terms of section 60 of the Act.



Linked unitholders are advised that the proposed ordinary resolution was supported by written consent of persons entitled to exercise voting rights thereon and holding approximately 80% (eighty percent) of the voting rights in the company as at 20 April 2012 and accordingly the proposed ordinary resolution has been adopted by the company in terms of section 60(2) of the Act. The company will deliver a statement in accordance with section 60(4) of the Act to linked unitholders recorded in the company register as at 20 April 2012.
16-May-2012
(C)
Dipula's maiden interim results as a listed company showed revenue of R142.8 million. Net operating profit was R107 million. A net attributable loss of R10.3 million was made. In addition, a headline loss per A-linked unit of 37.52c was recorded.



Distributions

The board has approved and notice was given of interim cash interest distributions (distribution no 2) of 39.685c per A-linked unit and 27.741c per B-linked unit for the period ended 29 February 2012.



Outlook

The global economic environment remains challenging as does the South African economy with a forecast growth rate of around 2.5% for the year ahead. Tenants, and consequently rentals achieved by landlords, will continue to be under pressure. This is mainly as a result of fuel price increases, electricity costs and municipal rates increases above inflation, and secondary cost pressures throughout the economy that result from these factors. This is further exacerbated by imported inflation due to sustained rand weakness. Despite these factors, the forecast for the year ending 31 August 2012 as presented in the prospectus dated 28 July 2011, is expected to be achieved. It is anticipated that the portfolio will continue to deliver growth in 2013 and beyond.
20-Apr-2012
(Official Notice)
On 20 December 2011 it was announced on SENS that the company had concluded agreements for the acquisitions of Bochum and Blouberg Plaza and Nquthu Plaza. In order for the company to partially fund the acquisitions, the board of directors of Dipula (the "board" or the "directors") has resolved to undertake a capital raising by the issue of A- linked units and B-linked units. Unitholders are advised that the board has resolved (in terms of section 65(2) of the Act) to propose an ordinary resolution granting the directors a specific authority to place up to 4 000 000 A-linked units and up to 4 000 000 B-linked units in the authorised but unissued capital of the company under the control of the directors in order to implement the capital raising for consideration by written consent of unitholders in terms of section 60 of the Act. In terms of section 60 of the Act, a resolution that could be voted on at a unitholders meeting may instead be submitted for consideration to the unitholders entitled to exercise voting rights in relation to the resolution, and be voted on in writing by unitholders entitled to exercise voting rights in relation to the resolution, within 20 business days after the resolution was submitted to them. Section 60(2) of the Act further provides that a resolution contemplated in section 60(1) of the Act will have been adopted if it is supported by persons entitled to exercise sufficient voting rights for it to have been adopted as an ordinary or special resolution, as the case may be, at a properly constituted unitholders meeting, and if adopted such resolution will have the same effect as if it had been approved by voting at a meeting. A letter together with the proposed ordinary resolution and a form of written consent was distributed to unitholders of Dipula today setting out the detailed action required to be taken by unitholders in respect of the proposed ordinary resolution. A copy of the letter, proposed ordinary resolution and form of written consent will be available to be viewed on Dipula's website www.dipula.co.za from Monday, 23 April 2012. The directors have resolved that the record date for determining which unitholders are entitled to vote on the proposed ordinary resolution in terms of the written consent shall be 20 April 2012.
02-Apr-2012
(Official Notice)
Linked unitholders are advised that at Dipula's annual general meeting held on Monday, 2 April 2012, other than as set below, all of the resolutions were duly passed by the requisite majorities of Dipula unitholders. Ordinary resolution number nine placing the authorised but unissued linked units under the control of the directors and ordinary resolution number ten relating to the issue of linked units for cash were withdrawn prior to the annual general meeting.
20-Mar-2012
(Official Notice)
Dipula linked unitholders are referred to the cautionary announcement dated 20 December 2011 and are advised that following the release of the financial effects of the acquisition, caution is no longer required to be exercised by linked unitholders when dealing in their linked units.
20-Mar-2012
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 20 December 2011 in which it was announced that Dipula had concluded agreements for the acquisition of Bochum and Blouberg Plaza and Nquthu Plaza ("the acquisition")for R247.8 million. The purpose of this announcement is to present the financial effects of the acquisition.



Unaudited pro forma financial effects

Before - after:

* Basic loss per A- linked unit (cents): (560.60) - (295.47)

* Basic loss per B- linked unit (cents): (577.66) - (310.90)

* Headline loss per A- linked unit (cents): (595.26) - (315.25)

* Headline loss per B- linked unit (cents): (612.32) - (330.68).
28-Feb-2012
(Official Notice)
Linked unitholders are advised that Dipula's annual report, incorporating the audited financial statements for the year ended 31 August 2011, was dispatched on Friday, 24 February 2012 and contains no changes from the reviewed results which were published on SENS on 15 November 2011. The annual report contains a notice of the annual general meeting for the company, which will be held at The Country Club Johannesburg, 1 Napier Road, Auckland Park, Johannesburg, at 10:00 on Monday, 2 April 2012.
02-Feb-2012
(Official Notice)
Linked unitholders are referred to the announcement released on SENS on 20 December 2011 relating to the acquisitions of Bochum and Blouberg Plaza and Nquthu Plaza properties from various vendors by Dipula. Linked unitholders are advised that the company is still finalising the financial effects in respect of the acquisitions. Accordingly, linked unitholders are advised to continue to exercise caution when dealing in the company`s securities until a further announcement is released.
15-Nov-2011
(C)
Dipula published its maiden set of final results for the year ended 31 August 2011, therefore there are no comparable figures. Total revenue was R110.2 million. Net operating profit came in at R78.1 million, while total comprehensive loss for the year attributable to equity holders was R54.5 million. Furthermore, headline loss per share was recorded at 662.54cps.



Distribution

The board has approved of final cash interest distributions (distribution number 1) of 2.77 cents per A-linked unit and 2.06 cents per B-linked unit for the year ended 31 August 2011.



Prospects

The performance of the property market is dependent on the performance of the economy as a whole. The South African economy is expected to grow within the range 3% to 4% whilst CPI inflation is experiencing upward pressure currently. Dipula is concerned about the impact of the increasing electricity costs as well as municipal rates on net rentals achieved. In spite of the economic concerns highlighted, Dipula still expects to achieve the distributions for the year ending 31 August 2012 which were forecast in its prospectus dated 28 July 2011. Dipula is considering various portfolio-improving acquisitions whilst preserving income and will seek to trade out of non-core properties. Prospects for acquisitive growth are considered good in the short to medium term.
04-Nov-2011
(Official Notice)
Dipula's prospectus dated 28 July 2011 included a forecast distribution for the year ended 31 August 2011 of 9.71 cents per combined A and B unit. As detailed in the prospectus the forecast was prepared on the assumption that the listing of Dipula and the various acquisitions (the "acquisitions") detailed in the prospectus would be effective on 1 August 2011 and, accordingly, represented the forecast distributable income of the enlarged Dipula group for a one month period.



The listing and acquisitions were in fact only implemented on or around 17 August 2011, with the result that the distribution for the period ended 31 August 2011 comprises the distributable income of the enlarged Dipula group for under half a month. Adjusting the forecast to take into account the later implementation date would result in a revised forecast distribution of approximately 4.70 cents per combined A and B unit. The results for the period are still in the process of being finalised but it is anticipated that the distribution per combined A and B unit will be between 4.70 cents and 4.83 cents, in line with or slightly better than the adjusted forecast distribution set out above. In terms of the debenture trust deed, A unitholders are entitled to approximately 57% of the total distributable income for the period ending 31 August 2012 with B unitholders entitled to the balance. It is anticipated that the audited financial statements for the year ended 31 August 2011 will be released during the week starting 14 November 2011.
08-Oct-2018
(X)
Dipula is a REIT that owns a diversified portfolio, comprising retail, office and industrial properties located across all provinces in South Africa. The majority of properties are located in Gauteng. Dipula trades under the codes DIA and DIB.


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