DELTA PROPERTY FUND LIMITED - Acquisition and / or receipt of letters of support from linked unitholders in Ascension Properties Limited

Acquisition and / or receipt of letters of support from linked unitholders in Ascension Properties Limited

Delta Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
Share code: DLT ISIN: ZAE000172052
("Delta" or “the Company”)
REIT status approved

Acquisition and / or receipt of letters of support from linked
unitholders in ascension properties limited (“ascension”) –
financial effects

1.1   Introduction

      Holders of Delta linked units (“Delta Linked Unitholders”) are
      referred to the announcement released on SENS on 5 February
      2014 in respect of the acquisition by Delta of Ascension “A”
      linked units and Ascension “B” linked units from various
      institutional investors including ,inter alia, Capital
      Property Fund, Momentum Asset Management Proprietary Limited
      and Grindrod Asset Management Proprietary Limited, (for an
      aggregate consideration of c.R397 million (three hundred and
      ninety seven million Rand), which was settled through a
      combination of debt funding and the issue of additional Delta
      linked units(“the “Acquisition”).

1.2   Forecast financial effects of the Acquisition

      The forecast financial effects of the Acquisition
      (“Forecasts”), including the assumptions on which they are
      based and the financial information from which they are
      prepared, are the responsibility of the board of directors of
      Delta. The Forecasts have not been reviewed or reported on by
      the independent reporting accountants.

      The Forecasts presented in the tables below have been prepared
      in accordance with Delta’s accounting policies and in
      compliance with International Financial Reporting Standards.

      The Forecasts have been prepared with effect from 19 February
      2014 (“the Effective Date”), and include forecast results for
      the period ending 28 February 2014 and the year ending 28
      February 2015.

      The effects of the Acquisition on Delta’s net asset value and
      net tangible asset value per Delta linked unit are not
      material and accordingly have not been disclosed.

      Summarised Forecasts in respect of the Acquisition:
                                                                      Forecast       Forecast
                                                                      c.2 weeks      12
                                                                      ending         months
                                                                      28             ending
                                                                      February       28
                                                                      2014           February
                                                                      R’000          2015
                                                                                     R’000
            Additional income                                         14 141         31 222
            Additional expenses                                        1 089         26 379
            Distributable earnings attributable
            to Delta Linked Unitholders                               13 052         4 843

      Notes:

      1.   The Forecasts assume that 28 001 628 (twenty eight million one thousand six hundred and
           twenty eight) Ascension “A” linked units and 82 575 341 (eight two million five hundred
           and seventy five thousand three hundred and forty one) Ascension “B” linked units have
           transferred as at the Effective Date.


1.3        Categorisation

           The Acquisition is categorised as a Category 2
           transaction in terms of the JSE Limited Listings
           Requirements and accordingly does not require approval by
           Delta Linked Unitholders.

1.4        Cautionary

           Although the financial effects of the Acquisition have
           now been published, Delta’s Linked Unitholders are
           referred to the announcement released on SENS on 7
           February 2014 and are advised to continue to exercise
           caution when dealing in their Delta linked units until
           further announcements are made.



14 February 2014

Johannesburg



Investment bank, corporate advisor and sponsor
Nedbank Capital

Date: 14/02/2014 05:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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