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CPL / MYT - Capital / Monyetla - Property Specific Information And Financial
Effects In Respect Of Capital`s Proposed Acquisition Of All Linked Units
In Monyetla And Withdrawal Of Cautionaries
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")
(Incorporated in the Republic of South Africa)
(Registration No. 1980/009531/06)
Monyetla Property Fund Limited
(Registration No. 1987/006274/06)
Share Code: MYT
ISIN Code: ZAE000093761
("Monyetla")
PROPERTY SPECIFIC INFORMATION AND FINANCIAL EFFECTS IN RESPECT OF CAPITAL`S
PROPOSED ACQUISITION OF ALL LINKED UNITS IN MONYETLA AND WITHDRAWAL OF
CAUTIONARIES
INTRODUCTION
Unitholders are referred to the announcement dated 26 September 2008 in
respect of Capital`s firm intention to make an offer ("offer")to acquire 100%
of the linked units in Monyetla ("the acquisition"). This announcement
provides property specific information and financial effects regarding the
acquisition.
PROPERTY SPECIFIC INFORMATION AND VALUATION OF MONYETLA`S PORTFOLIO
The following information is provided regarding Monyetla`s property
portfolio, which was externally valued at 30 June 2008 by Peter Parfitt of
Quadrant Properties (Proprietary) Limited, an independent, registered
professional associate valuer.
Property Geo- Primary Gross External Purchase Date of Average
name and graphical use lettab valuation price (R acquisit gross
physical location le (R million) ion by rental
address area million) paid by Monyetla ex VAT
(m2) Monyetla at a
rate
per m2
Monyetla Gauteng Commerc 17 535 185 000 164 550 1 Jun R75,02
Office ial 2007
Park
Inyanga
Close,
Sunningh
ill
Wedgefie Gauteng Commerc 9 625 102 000 78 802 1 Jun R73,41
ld ial 2007
Office
Park
3
Muswell
Road,
Bryansto
n
Sinovill Gauteng Retail 13 433 69 000 70 701 9 May R60,34
e 2006
Shopping
Centre
Marija
Street,
Sinovill
e
Watt Eastern Industr 23 370 58 600 36 500 21 April R22,74
Road Cape ial 2005
Uitenhag
e
Newton
Road
Uitenhag
e
114 Gauteng Commerc 5 736 57 000 51 749 1 Jun R76,46
Dennis ial 2007
Road
Athol
Gardens
114
Dennis
Road,
Athol
Gardens
Parc Gauteng Commerc 5 606 63 200 53 079 1 Mar R94,74
Nicol ial 2005
3001
William
Nicol
Drive,
Bryansto
n
Cunningh Eastern Industr 20 000 52 500 44 850 21 Apr R27,59
am Cape ial 2005
Street
Uitenhag
e
Cunningh
am
Street,
Alexande
r Park
Appleton Gauteng Retail 3 772 46 000 43 480 1 Mar R122,47
`s 2005
Hans
Strijdom
Drive,
Randburg
Blackhea Gauteng Retail 6 229 44 800 37 701 1 Mar R76,82
th 2005
Pavillio
n
309
Pendorin
g Road,
Blackhea
th
Constant Gauteng Commerc 5 210 44 700 43 788 1 Jun R75,87
ia View ial 2007
Office
Park
2
Hogsback
Road,
Quelleri
na
Culross Gauteng Commerc 4 070 42 300 41 497 1 Jun R85,76
Court ial 2007
Bryansto
n
16
Culross
Road,
Bryansto
n
Cambridg Gauteng Commerc 7 016 41 200 30 975 21 Apr R66,78
e Manor ial 2005
Paulshof
Witkoppe
n Road,
Paulshof
619 Gauteng Industr 12 097 37 000 24 870 11 May R32,79
Voortrek ial 2005
ker Road
Gezina
619
Voortrek
ker
Road,
Gezina
19 Gauteng Commerc 7 384 30 000 20 972 1 Jun R46,00
Girton ial 2007
Road
Parktown
19
Girton
Road,
Parktown
31 Gauteng Commerc 4 153 26 250 19 823 1 Jun R59,64
Beacon ial 2007
Road
Florida
North
31
Beacon
Road,
Florida
North
Chelsea Gauteng Commerc 3 633 25 250 13 074 1 Jun R57,29
Office ial 2007
Park
Rivonia
57
Wessels
Road,
Rivonia
189 Gauteng Commerc 5 212 25 100 28 144 1 Jun R39,11
Monte ial 2007
Carlo
Crescent
Kyalami
189
Monte
Carlo
Crescent
,
Kyalami
396 Western Industr 5 660 21 800 14 653 11 May R35,11
Voortrek Cape ial 2005
ker Road
Parow
396
Voortrek
ker
Road,
Parow
357 Gauteng Commerc 3 640 21 150 12 103 1 Jun R66,12
Rivonia ial 2007
Boulevar
d
357
Rivonia
Boulevar
d,
Edenburg
Hendrik Gauteng Commerc 2 560 19 300 18 016 29 Jun R65,01
Verwoerd ial 2007
Road
Centurio
n
1023
Bank
Street,
Centurio
n
York Western Industr 4 795 18 400 12 368 11 May R31,19
Road Cape ial 2005
Wynberg
Cape
Town
York
Road,
Wynberg
Eden KwaZulu- Industr 7 873 18 350 16 000 27 Feb R22,24
Park Natal ial 2006
Drive
Pieterma
ritzburg
24a
Haworth
Road,
Shortts
Retreat
Moores KwaZulu- Commerc 2 342 16 700 14 926 1 Jun R71,39
Rowland Natal ial 2007
House
Durban
245
North
Ridge
Road,
Mornings
ide
Richmond Gauteng Commerc 4 250 15 000 12 912 1 Jun R42,05
Forum ial 2007
Richmond
Napier
Road,
Richmond
368 Gauteng Industr 2 258 14 700 12 600 1 Jan R58,28
Sifon ial 2006
Street
Robertvi
lle
368
Sifon
Street,
Robertvi
lle
1257 Gauteng Commerc 1 805 13 600 13 046 29 Jun R65,11
South ial 2007
Road
Centurio
n
1257
South
Road,
Centurio
n
7-29 Free Commerc 2 784 13 500 12 526 1 Jan R61,34
Maitland State ial 2006
Street,
Bloemfon
tein
29
Maitland
Street,
Bloemfon
tein
Kingfish Gauteng Commerc 1 445 12 650 12 460 1 Jun R75,63
er ial 2007
Crescent
Meyersda
l
Kingfish
er
Crescent
,
Meyersda
l
Pasita Western Retail 1 727 12 300 14 737 21 Apr R88,09
Park Cape 2005
Bellvill
e
21
Pasita
Street,
Rosenpar
k
563 Gauteng Industr 5 241 11 900 10 650 1 Apr R24,76
Voortrek ial 2005
ker Road
Gezina
563
Vootrekk
er Road,
Gezina
Redlands KwaZulu- Commerc 2 326 17 600 17 631 1 Jun R58,81
Office Natal ial 2007
Park
George
McFarlan
e
Avenue,
Wembly
33 Gauteng Commerc 1 399 10 200 10 263 1 Jun R74,27
Impala ial 2006
Road
Chislehu
rston
Sandton
33
Impala
Road,
Chislehu
rston
City North Retail 2 523 9 600 8 608 16 Jan R43,93
Centre West 2006
Ada
Street,
Carltonv
ille
178 Old KwaZulu- Commerc 1 188 8 085 4 800 21 Apr R57,61
Main Natal ial 2005
Road
Pinetown
178 to
180 Old
Main
Road,
Pinetown
Brits North Commerc 1 459 6 250 5 663 1 Jan R57,84
Office West ial 2006
Park 2
Kerk
Street
Kerk
Street,
Brits
FINANCIAL EFFECTS ON CAPITAL
The pro forma financial effects of the acquisition on Capital`s basic
earnings per unit, headline earnings per unit, net asset value per unit and
tangible net asset value per unit for the six month period ended 30 June 2008
are set out below.
The pro forma financial effects have been prepared for illustrative purposes
only, to provide information on how the acquisition may have impacted on the
financial position and results of operations of Capital. Because of their
nature, they may not fairly present Capital`s financial position and results
of operations after the acquisition. The pro forma financial effects are the
responsibility of the directors of Capital. The pro forma financial effects
have not been reviewed by Capital`s auditors.
Unadjusted Pro forma Change
before the after the
acquisition acquisition
(cents) (cents)
Basic earnings per unit 22.52 59.29 163.3%
Headline earnings per unit 22.93 23.97 4.5%
Net asset value and net 561 576 2.7%
tangible asset value per
unit
Units in issue at 30 June 503 801 158 608 949 012 105 147 854
2008
Notes and assumptions:
The amounts set out in the "Unadjusted before the acquisition" column have
been extracted from the abridged unaudited interim financial report of
Capital for the six months ended 30 June 2008.
The acquisition is assumed to be implemented on 1 January 2008 for purposes
of basic earnings and headline earnings per unit and on 30 June 2008 for
purposes of net asset and net tangible asset value per unit.
Negative goodwill of approximately R114.1 million has been recognised as
income immediately, which represents the discount of the fair value of the
assets and liabilities being acquired in terms of the acquisition over the
fair value of the purchase consideration (calculated using a Capital unit
price of R5.40 per unit).
FINANCIAL EFFECTS ON MONYETLA LINKED UNITHOLDERS
The pro forma financial effects of the acquisition on a Monyetla linked
unitholder`s capital value per unit and distribution per unit are set out
below.
The pro forma financial effects have been prepared for illustrative purposes
only, to provide information on how the acquisition may have impacted on the
capital value and distribution per Monyetla linked unit. Because of their
nature, they may not fairly present the capital value or distribution per
Monyetla linked unit after the acquisition. The pro forma financial effects
are the responsibility of the directors of Monyetla. The pro forma financial
effects have not been reviewed by Monyetla`s auditors.
Before After Change
(cents) (cents)
Market value per linked unit 250 266 6.4%
Distribution per linked unit 25.55 22.99 (10.0%)
Notes and assumptions:
The market value per linked unit in the before column is the volume weighted
average unit price of Monyetla for the 60 days up to and including 25
September 2008 ("60 day VWAP") being the day before the announcement by
Capital of its firm intention to make an offer.
The market value per linked unit in the after column is the market value per
linked unit after application of the swap ratio of 0,50926 Capital units per
Monyetla linked unit ("the swap ratio"), as announced on 26 September 2008,
to the 60 day VWAP of Capital.
The distribution per linked unit in the before column is the distribution per
Monyetla linked unit for the twelve months to 30 June 2008.
The distribution per linked unit in the after column is the pro forma
distribution per Monyetla linked unit after application of the swap ratio to
the pro forma Capital distribution per unit. The pro forma Capital
distribution per unit is calculated as the aggregate distribution of Monyetla
and Capital for the 12 months to 30 June 2008 divided by the enlarged number
of Capital units in issue post the acquisition.
WITHDRAWAL OF CAUTIONARIES
Caution is no longer required to be exercised by Capital or Monyetla
unitholders when dealing in their securities. A circular containing fuller
information regarding the offer will be posted to Monyetla unitholders within
30 days of this announcement.
14 October 2008
Corporate advisor and sponsor to Capital and transaction sponsor to Monyetla
Java Capital (Proprietary) Limited
Sponsor to Monyetla
Deloitte and Touche Sponsor Services (Proprietary) Limited
Date: 14/10/2008 16:32:18 Supplied by www.sharenet.co.za
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