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VPF - Vunani Property Investment Fund Limited - Financial information relating to the acquisition by VPIF of the property known as the Foretrust Building and further cautionary announcement VUNANI PROPERTY INVESTMENT FUND LIMITED (formerly Vunani Property Investment Fund Proprietary Limited) (Incorporated in the Republic of South Africa) (Registration number 2005/019302/06) JSE code: VPF ISIN: ZAE000157459 ("VPIF" or "the company") FINANCIAL INFORMATION RELATING TO THE ACQUISITION BY VPIF OF THE PROPERTY KNOWN AS THE FORETRUST BUILDING AND FURTHER CAUTIONARY ANNOUNCEMENT INTRODUCTION Further to the announcement dated, 28 October 2011, the financial information relating to the Foretrust Property is set out herein. PRO FORMA FINANCIAL EFFECTS OF THE TRANSACTION The pro forma financial effects of the transaction on net asset value and net tangible asset value per linked unit are not significant and have therefore not been disclosed. FORECAST INFORMATION RELATING TO THE FORETRUST PROPERTY The forecast financial information relating to the Foretrust Property for the financial periods ending 30 June 2012 and 30 June 2013 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 and is solely the responsibility of the company`s directors. Forecast for Forecast for the 5 months the 12 months
ending 30 ending 30 June 2012 June 2013 Gross income 13 612 721 34 164 983 Straightline effect of leases 3 432 916 6 767 453 Property Expenditure (2 953 102) (7 330 344) Other operating expenses (497 000) - Net operating income 13 595 535 33 602 092 Finance costs (9 868 069) (23 696 350) Debenture interest (294 550) (3 138 289) Net profit before tax 3 432 916 6 767 453 Taxation (961 216) (1 894 887) Net profit after taxation 2 471 700 4 872 566 Distributable earnings: 294 550 3 138 289 Notes: 1. Gross income includes all tenant recoveries while Property Expenditure includes all consumption expenditure including property and asset management fees. 2. VPIF will raise debt to fund the transaction and therefore 100% of the cost of debt has been taken into account. 3. Other operating expenses include the costs associated with the acquisition. 4. The debenture interest has been calculated in accordance with the provision of the Debenture Trust Deed. FURTHER CAUTIONARY ANNOUNCEMENT Unitholders are advised that negotiations are in progress relating to the acquisition of further properties which, if successfully concluded, could affect the price of the company`s linked units. Accordingly, VPIF unitholders are advised to exercise caution when dealing in their linked units until a further announcement is made. Sandton 18 November 2011 Independent Lead Sponsor Grindrod Bank Limited Corporate Adviser and Joint Sponsor Vunani Corporate Finance Date: 18/11/2011 14:24:01 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.
