DIPULA INCOME FUND LIMITED - Valuation information and renewal of cautionary announcement

Valuation information and renewal of cautionary announcement

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000158317
JSE share code: DIB ISIN: ZAE000158325
(Approved as a REIT by the JSE)
(“Dipula” or the “company”)


VALUATION INFORMATION AND RENEWAL OF CAUTIONARY ANNOUNCEMENT


1.   INTRODUCTION

     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 Limited (“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.

2.   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.

3.   RENEWAL OF CAUTIONARY ANNOUNCEMENT

     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.



3 October 2014


Sponsor

Java Capital

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