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CPL - Capital Property Fund - Capital`s proposal to acquire all Pangbourne linked units: financial effects and withdrawal of cautionary announcement Capital Property Fund Share Code: CPL ISIN: ZAE000001731 ("Capital") (A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in Property established in terms of the Collective Investment Schemes Control Act, No 45 of 2002) Managed by Property Fund Managers Limited ("PFM") (Registration No. 1980/009531/06) CAPITAL`S PROPOSAL TO ACQUIRE ALL PANGBOURNE LINKED UNITS: FINANCIAL EFFECTS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT INTRODUCTION Capital unitholders are referred to the previous announcement in relation to Capital`s proposal to offer to acquire all Pangbourne linked units in issue that are not already held by Capital ("the transaction") as released on SENS on 24 November 2010. FINANCIAL EFFECTS The unaudited pro forma financial effects of the transaction on Capital`s historical distribution per unit, earnings per unit and headline earnings per unit for the six months ended 30 June 2010 and net asset value per unit at 30 June 2010 are set out below. The pro forma financial effects have been prepared for illustrative purposes only, to provide information on how the transaction may have impacted on the historical results and financial position of Capital. Because of their nature, they may not fairly present Capital`s financial position after the transaction or the effect of the transaction on Capital`s future earnings. The pro forma financial effects are the responsibility of the directors of PFM. Historical Pro forma after Change before the the transaction
transaction Distribution per unit (cents) 28.36 27.34 (3.60%) Earnings per unit (cents) 30.58 23.25 (23.97%) Headline earnings per unit 29.66 23.47 (20.87%) (cents) Net asset value per unit (R) 6.57 7.28 10.81% Weighted average units in issue 717 578 059 1 661 002 531 943 424 472 for the six months ended 30 June 2010 Units in issue at 30 June 2010 717 578 059 1 661 002 531 943 424 472
Notes and assumptions: 1 The amounts set out in the "Historical before the transaction" column have been extracted from Capital`s results for the six months ended 30 June 2010. 2 Distribution per unit, earnings per unit and headline earnings per unit, as set out in the "Pro forma after the transaction" column, reflect the effects of the transaction on distribution per unit, earnings per unit and headline earnings per unit for the six months ended 30 June 2010 based on the following assumptions: * the transaction was implemented on 1 January 2010; and * at 1 January 2010, there were 439 565 837 Pangbourne linked units in issue, of which 43 169 000 were held by Capital, and Capital acquired the balance of 396 396 837 Pangbourne linked units in exchange for 943 424 472 Capital units. 3 Net asset value per unit, as set out in the "Pro forma after the transaction" column, reflects the effect of the transaction on net asset value per unit at 30 June 2010 based on the following assumptions: * the transaction was implemented on 30 June 2010; and * intangible assets have been raised for the difference between the fair value of the purchase consideration (calculated using the Capital unit price of R8.00 on 1 December 2010, and including Capital`s previous investment in 43 169 000 linked units in Pangbourne and the estimated transaction costs), and the fair value of the assets and liabilities being acquired in terms of the transaction. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Caution is no longer required to be exercised by Capital unitholders when dealing in their securities. 3 December 2010 Corporate advisor and legal advisor to Capital Java Capital (Proprietary) Limited Sponsor to Capital Java Capital Trustees and Sponsors (Proprietary) Limited Date: 03/12/2010 12:07:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
