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DIA/DIB - Dipula Income Fund Limited - Acquisitions of Bochum and Blouberg Plaza and Nquthu Plaza and cautionary announcement DIPULA INCOME FUND LIMITED (formerly Dipula Property Fund (Pty) Ltd) Registration number 2005/013963/06 JSE code for A-linked units: DIA ISIN for A-linked units: ZAE000158317 JSE code for B-linked units: DIB ISIN for B-linked units: ZAE000158325 ("Dipula" or the "company") ACQUISITIONS OF BOCHUM AND BLOUBERG PLAZA AND NQUTHU PLAZA AND CAUTIONARY ANNOUNCEMENT INTRODUCTION Linked unitholders are advised that Dipula has concluded agreements for the acquisition of Bochum and Blouberg Plaza (the "Bochum and Blouberg Plaza acquisition") and Nquthu Plaza (the "Nquthu Plaza acquisition" and together "the acquisitions"). The acquisitions provide Dipula with an opportunity to increase Dipula`s retail portfolio exposure to low-income households, which are expected to outperform higher income households in terms of growth in the short to medium term. These strategic acquisitions improve the quality and average size of the portfolio and will also improve the geographic spread of the company`s properties. TERMS OF THE ACQUISITIONS AND CONDITIONS PRECEDENT The total purchase consideration payable by Dipula in respect of the acquisitions is R247 782 900 with R114 070 900 attributable to the Bochum and Blouberg Plaza acquisition and R133 712 000 attributable to the Nquthu Plaza acquisition. Payment of the purchase consideration for each of the acquisitions will be secured by way of debt and/or equity funding. The purchase consideration shall be paid against registration of transfer of the properties into the name of Dipula. If the transfer date is after 1 February 2012, then the purchase consideration shall bear interest at the prime rate from 1 February to date of payment. The properties have been acquired from the following vendors: - Bochum Plaza (Proprietary) Limited, Blouberg Plaza (Proprietary) Limited and McCormick Property Development CC in respect of the Bochum and Blouberg Plaza acquisition; and - Nquthu Plaza Share Block (Proprietary) Limited in respect of the Nquthu Plaza acquisition. The acquisitions are, inter alia, subject to the following suspensive conditions: - completion of a due diligence ("the due diligence; - Dipula securing written approval from Dipula`s investment committee for the implementation of each of the acquisitions within 5 (five) business days after concluding the due diligence; - Dipula securing finance by way of debt and/or equity funding; - approval by the Competition Authorities; and - the entering into a written management agreement between the company and McCormick Property Development CC whereby McCormick Property Development CC is appointed as the property and rental manager for the property portfolio. THE PROPERTY PORTFOLIO The property specific information required in terms of the JSE listings Requirements in relation to Bochum and Blouberg Plaza and Nquthu Plaza including property name and address, geographical location, rentable area, sector, weighted average rental per square metre, effective date of acquisition, purchase price and the valuations attributed to the properties as at the conclusion of the agreements by the board is set out below. Property name and address Geographical Rentable Area Weighted location (m2) Average rental per m2 Bochum and Blouberg Bochum, 12 528.50 79.76 Plaza, 366-369 Dendron Limpopo Road, Bochum Nquthu Plaza, Nquthu, 14 972 77.73 Manzolwandle Drive, KwaZulu-Natal Nquthu Property name and Sector Effective date of Purchase price address acquisition and valuation as at effective date
Bochum and Blouberg Retail First day of the R114 070 900 Plaza, 366-369 Dendron month in which Road, Bochum transfer occurs Nquthu Plaza Retail First day of the R133 712 000 Manzolwandle Drive, month in which Nquthu transfer occurs CATEGORISATION OF THE ACQUISITIONS The acquisitions are classified as a Category 2 transaction in terms of the JSE Listings Requirements. None of the acquisitions are subject to approval by Dipula`s linked unitholders. FINANCIAL EFFECTS AND CAUTIONARY The financial effects of the acquisitions are still in the process of being finalised and will be published in due course. Unitholders of Dipula are advised to exercise caution when dealing in their linked units until the financial effects of the transaction are announced. 20 December 2011 Sponsor Java Capital Date: 20/12/2011 12:38:25 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.
