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GRT - Growthpoint Properties Limited - General issue of new linked units for cash Growthpoint Properties Limited (Incorporated in the Republic of South Africa) Registration number 1987/004988/06 ISIN: ZAE000037669 JSE Share code: GRT ("Growthpoint" or "the Company") General issue of new linked units for cash 1 Introduction Growthpoint linked unitholders are referred to the announcement released on SENS on 13 July 2011 whereby Growthpoint announced that it had successfully raised R1.8 billion by placing 100 million new linked units ("the placed units") with local and international institutional investors. The placed units were issued in accordance with paragraph 5.52 of the Listings Requirements of the JSE Limited, and under the general authority obtained at the annual general meeting of the Company held on 03 November 2010. The placed units equate to 6,4 per cent of the Company`s issued linked unit capital. The placed units were issued at a price of R18.00 per unit, being a 1.4 per cent discount to the 30 day volume weighted average price on 12 July 2011. The proceeds from the placed units will be used to acquire property and reduce debt, in line with Growthpoint`s shareholder mandate. The issue price comprises R17.25 of linked unit capital and 75c antecedent divestiture distribution for the 6 month period to 30 June 2011 and the pro rata distribution for the period ending 31 December 2011. 2 Financial effects The table below reflects the unaudited pro forma financial effects of the above mentioned general issue of linked units for cash, net of costs. The pro forma financial effects have been prepared for illustrative purposes only and in terms of the Listings Requirements of the JSE and therefore due to their nature, may not truly reflect Growthpoint`s financial position or results. The directors of Growthpoint are responsible for the preparation of the pro forma financial effects. Before the Pro forma after Change (%) placing the
(cents) placing(cents) Basic (loss) per linked unit (13.5) (12.7) 6 Headline earnings per linked 32.1 35.3 10 unit Distribution per linked unit 63.9 65.2 2 Net asset value ("NAV") per 1530.0 1544.9 1 linked unit Net tangible asset value 1459.0 1478.4 1 ("NTAV") per linked unit Notes: 1 The `Before the placing` figures are based on the unaudited interim financial statements for the six months ended 31 December 2010. 2 The `Pro forma after the placing` figures are based on the assumption that the issue was effective from 1 July 2010 for basic loss per linked unit, headline earnings per linked unit and distribution per linked unit and on 31 December 2010 for NAV and NTAV, and have been adjusted: * to include the increase in cash as a result of the above proceeds from the placed shares; and * based on the assumption that the proceeds were utilized to pay down existing South African debt using a weighted average cost of debt of 9.7%.
Sandton 22 July 2011 Investec Bank Limited Deutsche Bank AG Sponsor and joint book runner Joint book runner Date: 22/07/2011 15:00:01 Supplied by www.sharenet.co.za 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 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 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.
