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SYCOM PROPERTY FUND - Successful completion of over-subscribed Rights Offer

Release Date: 27/05/2013 12:25
Code(s): SYC     PDF:  
Wrap Text
Successful completion of over-subscribed Rights Offer




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

SUCCESSFUL COMPLETION OF OVER-SUBSCRIBED RIGHTS OFFER 

Holders (Unitholders) of participatory interests (Units) in Sycom are referred to
the announcement published on SENS on 11 April 2013 and in the South African press 
on 12 April 2013, wherein Sycom announced its intention to raise R900 000 002 by 
way of a fully underwritten renounceable rights offer (the Rights Offer) of 
33 027 523 new Sycom units (the Rights Offer Units) to qualifying Unitholders at 
a subscription price of 2 725 cents (R27.25) per Rights Offer Unit, at a ratio 
of entitlement of 13.28519 Rights Offer Units for every 100 Units held on the 
Rights Offer record date, being Friday, 26 April 2013. 

The Rights Offer closed on Friday, 24 May 2013 and the Board of Directors of SPFM 
is pleased to announce that it was significantly over-subscribed, as set out in the
table below.


                               Number of Rights         Rand value    % of Rights
                               Offer Units                            Offer Units
 
  
Acceptances                    32 481 054             885 108 721.50      98.4

Excess applications            15 096 792             411 387 582.00      45.7

Total                          47 577 846             1 296 496 303.50    144.1


Excess applications

A total of 546 469 Rights Offer Units which were not taken up will be allotted to 
satisfy excess applications. Excess Rights Offer Units will be allocated in an 
equitable manner, taking cognisance of the number of Units held by each applicant 
prior to such allocation (including those taken up as a result of the Rights 
Offer) and the number of Rights Offer Units for which application has been made.

Allotment and payment

Unit certificates will be posted to certificated Unitholders who have followed 
their rights in terms of the Rights Offer and/or who have subscribed for, and been 
allocated, excess Rights Offer Units on or about Wednesday, 29 May 2013. 
Certificated Unitholders will be refunded monies in respect of their excess 
applications not allocated, or in respect of incomplete or invalid applications 
on or about Wednesday, 29 May 2013.

The Central Securities Depository Participant (“CSDP”) or broker accounts of 
dematerialised Unitholders who have followed their rights in terms of the Rights 
Offer will be credited with their Rights Offer Units allotted and debited with any
payments due in respect of incomplete or invalid applications on or about today, 
Monday, 27 May 2013.

The CSDP or broker accounts of dematerialised Unitholders who have applied for 
excess Rights Offer Units will be credited with the excess Rights Offer Units 
allocated and debited with any payments due in respect of their excess applications
not allocated on or about Wednesday, 29 May 2013.




Cape Town
27 May 2013

Corporate adviser and transaction sponsor 
QuestCo (Pty) Ltd


Legal advisor
Cliffe Dekker Hofmeyr Inc.


Reporting accountants
KPMG Inc.


Sponsor 
Absa Bank Limited 
(acting through its Corporate and Investment Banking Division)





Date: 27/05/2013 12:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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