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Announcement Regarding The Repurchase Of Securities
SA Corporate Real Estate Fund
("SA Corporate" or "the Fund")
(Incorporated in the Republic of South Africa)
Share Code: SAC ISIN Code: ZAE000083614
A Collective Investment Scheme in property registered in terms of the Collective Investment Schemes
Control Act, No. 45 of 2002 and managed by SA Corporate Real Estate Fund Managers Limited
(Registration number 1994/009895/06) (“SA Corporate Fund Managers”)
ANNOUNCEMENT REGARDING THE REPURCHASE OF SECURITIES
1. Introduction
SA Corporate unitholders are advised that the Fund has concluded a general repurchase of
70,823,498 SA Corporate units (“units”), which represent 3.45 % of the issued units of the Fund,
on the open market of the JSE Limited ("JSE") (“the general repurchase”). The general
repurchase was effected in accordance with the general authority granted by SA Corporate
unitholders at the annual general meeting held on 18 May 2012 to repurchase up to 20% of the
Fund’s issued units in this financial year (“the general authority”).
2. Implementation
The general repurchase of the 70,823,498 units commenced on 10 December 2012 and
continued on a day-to-day basis as market conditions allowed. Details are as follows:-
Number of units repurchased 70,823,498
Value of units repurchased R265,475,698.54
Highest price paid per unit R3.8200
Lowest price paid per unit R3.4908
Average price paid per unit R3.7559
The number and percentage of units which may still be repurchased by 339,359,804
the Fund in terms of the general authority (16.55%)
Total units in issue as at the date of this announcement 1,980,093,014
3. Source of funds
The general repurchase of 70,823,498 units has been funded from available cash resources.
4. Opinion of the directors
The directors of SA Corporate have considered the impact of the general repurchase and are of
the opinion that:
? the Fund will, in the ordinary course of business, be able to pay its debts for a period of 12
months from the Fund first acquiring units under the general repurchase;
? the liabilities of the Fund will not exceed the assets of the Fund, calculated in accordance
with the accounting policies used in the audited financial statements for the year ended 31
December 2011, for a period of 12 months from the Fund first acquiring units under the
general repurchase;
? the share capital and reserves of the Fund will be adequate for ordinary business purposes
for a period of 12 months from the Fund first acquiring units under the general repurchase;
? the working capital of the Fund will be adequate for ordinary business purposes for a period
of 12 months from the Fund first acquiring units under the general repurchase; and
? the Fund will satisfy the solvency and liquidity test as set out in the Companies Act No. 71 of
2008.
The directors further confirm that paragraph 5.72(a) of the JSE Listings Requirements has been
complied with.
5. Pro forma financial effects (“Financial Effects) of the general repurchase
Based on SA Corporate's condensed unaudited consolidated interim financial results for the six
months ended 30 June 2012 ("Results"), the Financial Effects of the general repurchase on SA
Corporate’s earnings per unit (“EPS”), headline earnings per unit (“HEPS”), net asset value per
unit (“NAV”) and net tangible asset value per unit (“NTAV”) are set out below. The Financial
Effects are prepared for illustrative purposes only, and because of their nature, may not give a
fair presentation of SA Corporate’s financial position or the effect and impact of the general
repurchase. The Financial Effects are the responsibility of SA Corporate’s directors.
Before the After the Change
general general %
repurchase(1) repurchase(2)
EPS (cents) 10.06 10.42 3.5%
HEPS (cents) 13.18 13.66 3.5%
NAV (cents) 330.45 342.27 3.5%
NTAV (cents) 390.23 404.18 3.5%
Total units in issue (000) 2 050 917 1 980 093 -3.6%
Weighted units in issue (000) 2 058 672 2 054 430 -0.2%
1. Based on SA Corporate’s Results.
2. In calculating the Financial Effects, it was assumed that the general repurchase was implemented on 1 January
2012 for statement of comprehensive income purposes and 30 June 2012 for statement of financial position
purposes.
6. JSE listing
Applications have been made to the JSE to cancel 11,927,435 units repurchased in 2012, of
which 10,866,557 units were cancelled on 3 January 2012. The remaining 58,896,063 units will
be held as treasury units and will be cancelled at a later date.
13 February 2013
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 13/02/2013 03:59:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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