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Update Regarding A) The Oakwood Capital Acquisition B) The Bryanston Gate Acquisition C) The Beka Industrial Parks A
Vividend Income Fund Limited
Incorporated in the Republic of South Africa
(Registration Number 2010/003232/06)
JSE Alpha Code: VIF
ISIN: ZAE000150918
(“Vividend” or “the Company”)
UPDATE REGARDING A) THE OAKWOOD CAPITAL ACQUISITION B) THE BRYANSTON GATE ACQUISITION C) THE
BEKA INDUSTRIAL PARKS ACQUISITION AND D) THE WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
A) THE OAKWOOD CAPITAL ACQUISITION
Vividend Linked Unitholders are referred to the SENS announcement dated Monday, 1 July 2013 (“the
Announcement”) in respect of the Company entering into acquisition agreements relating to the acquisition of
properties and associated letting enterprises (“the Oakwood Capital Properties”) known as the Oakwood Capital
Acquisition. Linked Unitholders are hereby advised that the condition precedent requiring satisfactory
conclusion to the due diligence investigation undertaken on the Oakwood Capital Properties has not been
fulfilled and accordingly the Oakwood Capital Properties will no longer be acquired by Vividend.
B) THE BRYANSTON GATE ACQUISITION
Vividend Linked Unitholders are further referred to the Announcement in respect of the Company entering into
an acquisition agreement relating to the acquisition of a property and associated letting enterprise (“the
Bryanston Gate Property”) known as the Bryanston Gate Acquisition. Linked Unitholders are hereby advised that
certain of the conditions precedent included in paragraph 5 of the Announcement, which were required for the
conclusion of the Bryanston Gate Acquisition, have not been fulfilled and accordingly the Bryanston Gate
Property will no longer be acquired by Vividend.
C) THE BEKA INDUSTRIAL PARKS ACQUISITION
Linked Unitholders are further referred to the SENS announcement dated Monday, 22 July 2013 in respect of the
Company entering into an agreement relating to the acquisition of properties and associated letting enterprises
(“the BEKA Industrial Parks Properties”) known as the BEKA Industrial Parks Acquisition.
Linked Unitholders are hereby advised that the Company has elected to fund the BEKA Industrial Parks
Acquisition purchase consideration through the use of a) the surplus cash raised during the recent Vividend
Combined Claw-back and Rights Offer and b) new debt financing.
The pro forma financial effects and the forecast financial information of the BEKA Industrial Parks Acquisition are
set out below.
1. PRO FORMA FINANCIAL EFFECTS OF THE BEKA INDUSTRIAL PARKS ACQUISITION
The pro forma financial effects of the BEKA Industrial Parks Acquisition on net asset value and net tangible asset
value per linked unit are not significant and have therefore not been disclosed.
2. FORECAST FINANCIAL INFORMATION OF THE BEKA INDUSTRIAL PARKS ACQUISITION
The forecast financial information relating to the BEKA Industrial Parks Acquisition for the financial periods
ended 31 August 2014 and 31 August 2015 is set out below. The forecast financial information has not been
reviewed or reported on by a reporting accountant in terms of section 8 of the Listings Requirements of the JSE
Limited and is the responsibility of the Company’s directors.
Forecast for the 12 Forecast for the 12
month period ended month period ended
31 August 2014 31 August 2015
R000’s R000’s
Revenue 15,623 16,982
Property expenses - -
Net property income 15,623 16,982
Other operating expenses (725) (725)
Operating profit 14,898 16,257
Finance costs (11,310) (11,310)
Profit before debenture interest and taxation 3,588 4,947
Debenture Interest (3,588) (4,947)
Total comprehensive income - -
Annualised purchase yield, net of debt, attributable to 12.8% 14.32%
linked unitholders, calculated with reference to the
applicable financial year ended 31 August (%)
Notes:
1. Revenue excludes any adjustment applicable to the straight lining of leases, which adjustment has no
impact on Linked Unitholder distributions.
2. The forecasts have been calculated from the anticipated effective date of the BEKA Industrial Parks
Acquisition, being 1 September 2013.
3. Contractual revenue constitutes 100% of the Revenue for both the 12 month period ended
31 August 2014 and for the 12 month period ended 31 August 2015.
4. Finance costs assume an annual interest cost of 7.8%, which is the current indicative cost available to
the Company from its bankers.
D) WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Linked Unitholders are referred to the renewal of cautionary announcement, dated 22 July 2013, and are
advised that the relevant details of the Oakwood Acquisition, the Bryanston Gate Acquisition and the BEKA
Industrial Parks Acquisition have been disclosed in this announcement and accordingly, caution is no longer
required to be exercised by Linked Unitholders when dealing in the Company’s securities.
7 August 2013
Cape Town
Sponsor
PSG Capital
Date: 07/08/2013 03:15:00 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
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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.
