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Financial effects of the private placment
ASCENSION PROPERTIES 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”)
FINANCIAL EFFECTS OF THE PRIVATE PLACEMENT
Linked unitholders are referred to the results of the private placement announcement released on 27 March
2013 in terms of which unitholders were advised that a total of 17 607 938 new A-linked units and a total of
28 885 849 new B-linked units would be issued and listed today, 9 April 2013.
As the number of Ascension linked units issued in terms of the private placement is in excess of 5% of the
number of Ascension linked units in issue prior to the private placement, the company is in terms of the JSE
Listings Requirements, required to publish the financial effects of the issue of the new A- and B-linked units.
Accordingly the table below sets out the unaudited pro forma financial effects of the private placement based
on Ascension’s unaudited consolidated statement of comprehensive income for the 6 months ended
31 December 2012 and Ascension’s unaudited consolidated statement of financial position as at 31 December
2012. These financial effects are the responsibility of the directors of Ascension and they have been prepared
for illustrative purposes only, in order to provide information about the financial results and the financial
position of Ascension assuming that the private placement had been implemented on 1 July 2012 and
31 December 2012, respectively.
Due to their nature the unaudited pro forma financial effects may not give a fair reflection of Ascension’s
financial position, changes in equity, results of operations and cash flows subsequent to the private placement.
The unaudited pro forma financial effects have not been reviewed or reported on by the independent reporting
accountants or external auditors.
The unaudited pro forma financial effects have been prepared in accordance with the accounting policies of the
Ascension group that were used in the preparation of the results for the 6 months ended 31 December 2012.
The table below reflects the unaudited pro forma financial effects of the private placement on an Ascension
unitholder:
Before the After the Change after
private private the private
placement placement placement
(cents) (cents) (%)
Note 1
Distribution per A-linked unit 19.00 19.00 -
Distribution per B-linked unit 8.45 8.48 0.4
Basic and fully diluted loss per share (0.08) (0.07) 12.4
Basic and fully diluted headline earnings per share 1.54 1.35 12.0
Basic and fully diluted earnings per A-linked unit 23.49 22.65 (3.6)
Basic and fully diluted earnings per B-linked unit 8.88 8.88 -
Headline and fully diluted earnings per A-linked unit 25.10 24.08 (4.1)
Headline and fully diluted earnings per B-linked unit 10.49 10.30 (1.8)
NAV per A-linked unit 423.4 423.4 -
NAV per B-linked unit 130.8 137.4 6.4
NAV per A-linked unit (excluding deferred taxation) 423.4 423.4 -
NAV per B-linked unit (excluding deferred taxation) 139.8 145.8 4.3
Weighted average number of A-linked units in issue 77 607 889 95 215 827 22.7
Weighted average number of B-linked units in issue 271 370 489 300 256 338 10.6
Number of A-linked units in issue 176 931 082 194 539 020 10.0
Number of B-linked units in issue 340 473 165 369 359 014 8.5
Notes and assumptions:
1. The figures set out in the “Before the private placement” column above have been extracted, without
adjustment, from the unaudited consolidated statement of comprehensive income for the 6 months ended
31 December 2012 and the unaudited consolidated statement of financial position as at 31 December 2012.
2. The private placement is assumed to have been implemented on 1 July 2012 for statement of
comprehensive income purposes and on 31 December 2012 for statement of financial position purposes.
3. 17 607 938 new A-linked units and 28 885 849 new B-linked have been issued in terms of the private
placement, thereby raising capital of R150 million.
4. It has been assumed that the net proceeds of the private placement of R148 million (after payment of
estimated costs of R2 million) have been used to settle third party interest-bearing liabilities.
5. A saving in interest paid is assumed to result from the repayment of approximately R148 million of
interesting-bearing liabilities. A cost of debt of 8%, being the historical interest rate on the liabilities which
are assumed to be repaid, is assumed to apply throughout the 6 months ended 31 December 2012.
6. Estimated costs relating to the private placement of approximately R2 million have been written off against
stated capital.
7. Distributable earnings are assumed to be earned evenly throughout the 6 months ended 31 December 2012.
8. All statement of comprehensive income adjustments have a continuing effect.
9 April 2013
Sponsor
Java Capital
Date: 09/04/2013 05:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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