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Declaration of special distribution and confirmation of salient dates for general meeting
ASCENSION PROPERTIES LIMITED
(formerly Grey Jade Trade and Invest 85 (Proprietary) Limited)
(Incorporated in the Republic of South Africa on 23 August 2006)
(Registration number 2006/026141/06)
A-linked units JSE code: “AIA” ISIN: ZAE000161881
B-linked units JSE code: “AIB” ISIN: ZAE000161899
(“Ascension” or “the company”)
DECLARATION OF SPECIAL DISTRIBUTION AND CONFIRMATION OF SALIENT DATES FOR
GENERAL MEETING
1. Special distribution
As set out in paragraph 6 of the circular to linked unitholders dated 1 November 2012 relating to the acquisition by
Ascension of a portfolio of properties from Capital Property Fund (“the circular”) the consideration units are to be
issued “ex” entitlement to any interest distribution for the period prior to the effective date of 1 December 2012. In
order to achieve this, the board of Ascension has approved and notice is hereby given of the declaration of interest
distributions on A-linked units and B-linked units (“the special distribution”) as follows:
- 17.91 cents per A-linked unit, of which 2.08 cents relates to the period from 11 June 2012, the date
Ascension listed on the JSE (“listing date”), to 30 June 2012 and 15.83 cents relates to the five month period
from 1 July 2012 to 30 November 2012 (“the five month interim period”); and
- 9.65 cents per B-linked unit, of which 2.63 cents relates to the period from the listing date to 30 June 2012
and 7.02 cents relates to the five month interim period.
As set out in paragraph 29 of the circular, the declaration of the special distribution is subject to the approval of an
amendment to the debenture trust deed to allow special distributions. The company has received irrevocable
undertakings from unitholders representing 73% of the issued linked unit capital of Ascension to vote in favour of
the resolution to amend the debenture trust deed to allow for the declaration and payment of special distributions.
The salient dates and times relating to the special distribution are set out below.
2012
Last date to trade “cum” interest distribution Friday, 23 November
Linked units trade “ex” interest distribution Monday, 26 November
Record date Friday, 30 November
Payment date Monday, 3 December
Linked unit certificates may not be dematerialised or rematerialised between Monday, 26 November 2012 and
Friday, 30 November 2012, both days inclusive.
These interest distributions will not be subject to the dividends tax introduced on 1 April 2012.
The distribution per A-linked unit for the five month interim period has been calculated as the pro-rata portion of
the forecast distribution for the 12 months ended 30 June 2013 (“the first full year period”) of 38 cents.
The distribution per B-linked unit for the five month interim period has been calculated after taking into account the
following:
- the company’s forecast distribution for the first full year period of 18.71 cents;
- the forecast monthly distributable earnings profile over the first full year period, in terms of which the
distributable earnings for the first six months to 31 December 2012 equates to approximately 45% of the
forecast distribution for the first full year period; and
- the year to date performance which is in line with the forecast.
As announced on 29 June 2012, the current forecast distributions for the 12 months ending 30 June 2013 are
38 cents per A-linked unit and 18.71 cents per B-linked unit, and for the 12 months ending 30 June 2014 are
39.90 cents per A-linked unit and 21.29 cents per B-linked unit.
Taking the above into account and assuming a similar monthly distributable earnings profile, the forecast
distributions as at 1 December 2012 for the 12 months ending 30 November 2013 can be calculated as 38.79 cents
per A-linked unit and 19.68 cents per B-linked unit respectively. These forecast distributions represent a forward
yield of 9.6% on A-linked units and a forward yield of 9.8% on B-linked units at a price of R4.05 per A-linked unit
and a price of R2.00 per B-linked respectively, being the prices at which A- and B-linked units are being issued to
Capital Property Fund in part settlement of the purchase price of the portfolio of properties as further detailed in the
circular.
All assumptions, notes, explanatory statements and guidance are as stated in the pre-listing statement issued on
31 May 2012, as updated in the announcement of 29 June 2012, and remain unchanged. These forecasts, including
the assumptions on which they are based and the financial information from which they are prepared, are the
responsibility of the directors of Ascension. These forecasts have not been reviewed or reported on by the
company’s independent reporting accountants.
2. Salient dates for general meeting
Linked unitholders are referred to the announcement released on SENS on Thursday, 1 November 2012 relating to
the posting of the circular and the notice of general meeting. The salient dates and times were set out incorrectly
and are as follows:
2012
Last day to trade in order to be eligible to vote at the general meeting Friday, 16 November
Record date in order to vote at the general meeting Friday, 23 November
Receipt of forms of proxy in respect of the general meeting of Ascension
linked unitholders by 10:00 on Wednesday, 28 November
The general meeting of Ascension linked unitholders at 10:00 on Friday, 30 November
Results of the general meeting released on SENS on Friday, 30 November
Results of the general meeting published in the press on Monday, 3 December
Anticipated date for listing of consideration units issued in terms of the
acquisitions Monday, 10 December
Anticipated date for transfer of acquisition properties and implementation of
acquisitions Monday, 10 December
2 November 2012
Corporate advisor and sponsor
Java Capital
Date: 02/11/2012 04:53:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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