SYCOM PROPERTY FUND - Information announcement regarding an application to court by Hyprop Investments Limited

Information announcement regarding an application to court by Hyprop Investments Limited

Sycom Property Fund
A Collective Investment Scheme in Property (“CISP”)
registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property
Fund Managers Limited
(Registration number 1986/002756/06) (“SPFM”)
JSE Share code: SYC & ISIN: ZAE000019303
(“Sycom”)

INFORMATION ANNOUNCEMENT REGARDING AN APPLICATION TO COURT BY HYPROP
INVESTMENTS LIMITED (“HYPROP”) RELATING TO CERTAIN GENERAL ISSUES FOR CASH
BY SYCOM

Unitholders were advised in the Sycom SENS announcement of 30 October 2012,
that, following a complaint by Hyprop, the JSE Limited (“JSE”) had imposed a public
censure (“the censure”) on Sycom because it had ruled that Sycom had breached
certain of the JSE Listings Requirements relating to two general issues of
participatory interests (“units”) for cash in September 2010 of 1 396 657 and 780 078
units respectively and one in February 2012 for 32 422 638 units, totalling
34 599 373 units (representing an increase of approximately 16% of the total number
of units in issue at that time) (“the general issues”). The JSE did not require any
further action to be taken by Sycom, nor was any fine or other penalty imposed on it.
The details and background to the censure are set out in that announcement.

Unitholders are advised that Hyprop has now served a notice of motion on SPFM
that it intends to make application to the South Gauteng High Court, Johannesburg,
for an order declaring the general issues unlawful and void. The application is in two
parts, Part A for an order that notice of the application be provided to unitholders
who participated in the general issues and Part B, where the Court is directed to
grant an order directing SPFM to remove the disputed units from the Sycom unit
register or an order for such alternative relief as the Court considers just. The
application has also been served on the Trustee and the JSE.

Part A of the application is to be heard on 11 December 2012, unless it is opposed.
The date for the hearing of Part B is still to be determined, but in all likelihood, will
only be heard in 2013 as it is dependent on various issues and is subject to the grant
of the Part A order, in any event. Any party wishing to oppose the grant of the Part B
order will be required to file an answering affidavit within specified time periods.
SPFM will timeously advise unitholders of the relevant detail, as and when
appropriate.

SPFM does not believe that the general issues are unlawful or void and will take the
necessary steps to protect the interests of all unitholders, including opposing the
grant of the Part B order. Furthermore, SPFM remains of the view that a court is
unlikely to grant the Part B order, inter alia because it is not possible to identify the
disputed units.

Unitholders will be kept informed as to developments on SENS.

This announcement has been voluntarily released on behalf of SPFM and Sycom
and is for information purposes only.




Cape Town
14 November 2012

Sponsor
Nedbank Capital

Date: 14/11/2012 12:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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