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Abridged Revised Listing Particulars
DIPULA INCOME FUND LIMITED
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”)
ABRIDGED REVISED LISTING PARTICULARS
1. Posting of revised listing particulars
Dipula unitholders are advised that Dipula has posted revised listing particulars to its unitholders, dated 27
March 2013, which revised listing particulars have been issued as a result of Dipula issuing in excess of 25% of
its issued share capital in the 3 month period ended 30 November 2012 (the “revised listing particulars”).
A copy of the revised listing particulars will be available for inspection at the company’s registered office,
Block B, Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg, 2196 at any time during normal business
hours for a period of 21 days from 27 March 2013. An electronic copy of the revised listing particulars is
available on the Dipula website – www.dipula.co.za.
Terms defined in the revised listing particulars shall bear the same meaning in this announcement.
2. Incorporation and history
Dipula was incorporated on 10 May 2005 and listed on the JSE on 17 August 2011 with an initial property
portfolio of R2.1 billion and a market capitalisation of R1.5 billion.
As at the last practicable date, Dipula has acquired approximately R1.6 billion worth of properties (each of
which has been announced on SENS and some of which are still in the process of being transferred), which
acquisitions have been funded through a combination of debt and equity funding. As a result of the acquisitions,
the average portfolio size of Dipula’s property portfolio has increased from 2 495m² to 3 121m² and the average
property value has increased from R12 million to R18.4 million. Furthermore, the acquisitions have increased
Dipula’s exposure to the retail sector with the retail sectoral profile by GLA increasing from 50% at listing to
approximately 54%.
In terms of paragraph 6.19(g) of the JSE Listings Requirements, a company is required to publish revised listing
particulars once it issues in excess of 25% of its issued share capital in a three month period. Dipula’s equity
funding of its acquisitions has resulted in the company exceeding this threshold in the three months ended 30
November 2012 and accordingly the company is required to publish the revised listing particulars.
At the date of the revised listing particulars:
- the company is authorised to issue 2 000 000 000 (two billion) ordinary shares;
- the issued linked unit capital of Dipula comprises 143 524 183 A-linked units comprising 143 524 183
ordinary shares of no par value, each linked to an unsecured variable rate subordinated A debenture with
a face value of R4.41 each and 143 524 183 B-linked units comprising 143 524 183 ordinary shares of no
par value, each linked to an unsecured variable rate subordinated B debenture with a face value of R4.41
each.
3. General description of the business
Dipula is a South African registered property loan stock company. Its business is long term property investment
in South Africa. The company owns a diversified property portfolio of retail, industrial and office properties
from which rental income streams are derived.
Dipula seeks to grow through earnings enhancing acquisitions targeting property assets of between R20 million
and R200 million. The company has built a geographically and sectorally well diversified property portfolio
with a retail bias. The properties are located throughout South Africa’s nine provinces with the majority located
in the economic hub of Gauteng. Dipula will focus on income growth whilst remaining disciplined with the
company’s cost management and prudent interest rate risk management.
4. Directors of Dipula
The full names and business addresses of the directors are set out below:
Director Business Address
Zanele Joyce Matlala Sandton Place, 68 Wierda Road East, First Floor Block B, Wierda
Valley, 2196
Izak Smolly Petersen Block B Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg
Brigitte de Bruyn Block B Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg
Nyangeni Saul Gumede Block B Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg
Brian Hilton Azizollahoff 30 Melrose Boulevard, 1st Floor, Melrose Arch, 2076
Elias (Eltie) Links Carl Cronje Drive, Tygervalley, Bellville, 7535
Younaid Waja Block B Dunkeld Park, 6 North Road, Dunkeld West, Johannesburg
27 March 2013
Corporate advisor and sponsor
Java Capital
Date: 27/03/2013 04:59:00 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.
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