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Results of purchase of linked units in terms of a general authority
VUNANI PROPERTY INVESTMENT FUND LIMITED
Granted REIT status by the JSE
(Registration number: 2005/019302/06)
ISIN: ZAE000157459
JSE code: VPF
(“VPIF” or “the company”)
RESULTS OF PURCHASE OF LINKED UNITS IN TERMS OF A GENERAL AUTHORITY
1. INTRODUCTION
The directors of the company have, in accordance with the general authority granted to
them at the annual general meeting of unitholders held on 27 September 2013,
cumulatively purchased 5.3% of its linked units on the JSE Limited (“JSE”), through its
subsidiary, Vunani Property Investment Trust, (“the purchase”) at a price not greater
than 10% above the volume weighted average trading price of VPIF over the 5 business
days immediately preceding the purchase.
2. RATIONALE
The management and board of VPIF are committed to the transformation and
empowerment objectives of South Africa and have expended considerable effort in
addressing VPIF’s objective of having a meaningful, sustainable and commercially driven
black economic empowerment shareholding at the listed level. The purchased linked
units will be deployed into the proposed BBBEE structure which will be implemented in
the second quarter of 2014 once all relevant details and investors have been identified
and finalised.
3. RESULTS OF THE PURCHASE
The details of the purchase are as follows:
Dates of purchase: 15 January 2014
Price paid during the purchase period (single transaction 965
concluded):
Number of linked units purchased: 8 911 917
Value of linked units purchased: R85 999 999
Extent of authority outstanding: 8 000 285 linked units
representing 4.7% of the
initial issued linked units
The company was made aware that the purchase, through no fault of the company, has
not been effected through the order book operated by the JSE trading system as was
instructed by the company. The company confirms that the purchase was completed
without any prior understanding or arrangement between the company and the counter
party/ies. The company is in consultation with JSE.
4. OPINIONS
Available funds through Standard Bank of South Africa Limited were utilised to fund the
purchase.
The directors of the company have considered the impact of the purchase and are of the
unanimous opinion that for a period of twelve months from the date of this
announcement:
- the company and the group will be able, in the ordinary course of business, to pay
their debts;
- the assets of the company and the group will be in excess of the liabilities of the
company and the group, the assets and liabilities being recognised and measured
in accordance with the accounting policies used in the latest audited annual group
financial statements;
- the working capital of the company and the group will be adequate for ordinary
business purposes; and
- the share capital and reserves of the company and the group will be adequate for
ordinary purposes.
5. FINANCIAL EFFECTS
The unaudited pro forma financial effects set out below have been prepared for
illustrative purposes only to assist unitholders to assess the impact of the purchase on
the earnings per linked unit ("EPLU"), headline earnings per linked unit ("HEPLU"), diluted
earnings per linked unit (“DEPLU”), diluted headline earnings per linked unit
(“DHEPLU”), net asset value per linked unit ("NAVPLU") and tangible net asset value per
linked unit ("TNAVPLU"). These unaudited pro forma financial effects have been disclosed
in terms of the JSE Listings Requirements and because of their nature may not fairly
present the company’s financial position, changes in equity, results of operations or cash
flows. The unaudited pro forma financial effects are the responsibility of the directors of
the company.
%
Notes Before After change
EPLU (cents) 196.17 206.53 5.3
DEPLU (cents) 196.17 206.53 5.3
HEPLU (cents) 97.44 99.92 0.4
DHEPLU (cents) 97.44 99.92 2.6
Distribution per linked unit (cents) 77.25 78.11 1.11
NAVPLU (cents) 861.9 853.6 (1.0)
TNAVPLU (cents) 858.1 849.5 (1.0)
Weighted average number of linked units in
issue
- undiluted (‘000) 120 618 111 706 (7.4)
Weighted average number of linked units in
issue
– diluted (‘000) 120 618 111 706 (7.4)
Linked units in issue at year end (000) 120 618 120 618 -
Notes:
1. The EPLU and HEPLU, as set out in the "Before" column of the table, are based on
the company’s consolidated audited financial statements for the year ended 30
June 2013.
2. EPLU and HEPLU effects are based on the assumption that the purchase was
effective 1 July 2012;
3. The NAVPLU and TNAVPLU, as set out in the "Before" column of the table, are
based on the consolidated audited balance sheet of the company at 30 June 2013.
4. NAVPLU and TNAVPLU effects are based on the assumption that the purchase was
effective 30 June 2013;
6. LISTING ON THE JSE
The purchased shares will remain listed on the JSE as they will held by Vunani Property
Investment Trust, a subsidiary trust, as treasury stock.
Sandton
20 January 2014
Sponsor
Grindrod Bank Limited
Date: 20/01/2014 04:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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