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AWA/AWB - Arrowhead Properties Limited - Acquisition of property letting enterprise ARROWHEAD PROPERTIES LIMITED (formerly Nervada Trading 13 (Proprietary) Limited) (Incorporated in the Republic of South Africa) (Registration number 2011/000308/06) JSE code for A-linked units: AWA ISIN for A-linked units: ZAE000158101 JSE code for B-linked units: AWB ISIN for B-linked units: ZAE000158119 ("Arrowhead" or "the company") ACQUISITION OF PROPERTY LETTING ENTERPRISE INTRODUCTION Linked unitholders are advised that Arrowhead has concluded an agreement for the acquisition of a property letting enterprise and related immovable property situate at 67 Middle Road, Bartlett, Boksburg ("the immovable property") from Frutek (Proprietary) Limited ("Frutek") ("the acquisition"). The building situated on the immovable property is single tenanted. The acquisition provides Arrowhead with an opportunity to increase its industrial property portfolio exposure whilst improving the quality and average size of the portfolio. TERMS OF THE ACQUISITION AND CONDITIONS PRECEDENT The total purchase consideration payable by Arrowhead is R 60 000 000 which amount includes VAT levied at a rate of 0% (the "purchase price"). The purchase price will be discharged in cash on the effective date, being the date on which the immovable property is transferred into Arrowhead`s name. Arrowhead intends raising the cash by way of a vendor consideration placement of Arrowhead A and B linked units. The acquisition is conditional on: - Arrowhead securing written approval from its investment committee for the acquisition; - Arrowhead conducting a due diligence investigation; - Arrowhead securing finance for the acquisition; and - Arrowhead and the existing lessee of the immovable property concluding a new lease agreement or alternatively, at Arrowhead`s discretion, the existing lessee of the immovable property consenting to the cession and assignment of the existing lease agreements from Frutek to Arrowhead with effect from the effective date. THE PROPERTY PORTFOLIO The property specific information required in terms of the JSE Listings Requirements in relation to the acquisition is set out below. Property name Sector Geographical Rentable Weighted and address location Area (m2) Average rental per m2 67 Middle Road, Industrial Boskburg, 11 177 R 49.21 Bartlett, Gauteng Boksburg No independent valuation has been carried out and the board of Arrowhead is of the view that the purchase price of R 60 000 000 represents the value of the immovable property as at the effective date. CATEGORISATION OF THE ACQUISITION The acquisition is classified as a Category 2 transaction in terms of the JSE Listings Requirements. Accordingly it is not subject to approval by Arrowhead`s linked unitholders. FINANCIAL EFFECTS AND CAUTIONARY The financial effects of the acquisition are still in the process of being finalised and will be published in due course. Unitholders of Arrowhead are advised to exercise caution when dealing in their linked units until the financial effects of the acquisition are announced. 18 June 2012 Sponsor Java Capital Date: 18/06/2012 16:13:05 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.
