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SYCOM PROPERTY FUND - SYC - Results of General Meeting

Release Date: 16/07/2013 16:56
Code(s): SYC     PDF:  
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SYC - Results of General Meeting

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
("SPFM")
(Registration number 1986/002756/06)
JSE Share code: SYC
ISIN: ZAE000019303
("Sycom” or the “Fund”)
(Granted REIT status by the JSE, effective 1 April 2013)

RESULTS OF GENERAL MEETING

1.    INTRODUCTION

      In announcements published on the Stock Exchange News Service of the JSE Limited
      ("SENS") on 28 March 2013, 31 May 2013 and 14 June 2013, and in the South African Press
      on 2 April 2013, 3 June 2013 and 18 June 2013, respectively, holders of participatory
      interests(“Units”) in Sycom ("Unitholders") were advised of –
      (i)      the proposed acquisition of the remaining 50% of the Somerset Mall Shopping Centre
               not already held by Sycom from AECI Pension Fund;
      (ii)     the conclusion of an agreement with Hyprop Investments Limited ("Hyprop") in respect
               of various matters, including the disposal of the Somerset Mall Shopping Centre to
               Hyprop, and
      (iii)    a specific repurchase of Sycom participatory interests from Hyprop;
      collectively (the ”Transactions”).
      
      A circular incorporating details of the Transactions and the notice of the general meeting was
      posted to all Unitholders on 14 June 2013.

2.    RESULTS OF THE GENERAL MEETING

      Unitholders are advised that the ordinary and special resolutions tabled at the general meeting
      to approve the Transactions were passed, with 99.9% of those Unitholders voting on the
      resolutions, voting in favour.
      
      Accordingly Sycom will (i) acquire the remaining 50% of the Somerset Mall Shopping Centre
      not already held by Sycom from AECI Pension Fund for a purchase consideration of R1.15
      billion and (ii) dispose of the Somerset Mall Shopping Centre to Hyprop for a total consideration
      of R2.3 billion discharged by the specific repurchase of 81 500 000 Sycom Units from Hyprop.


Cape Town
16 July 2013

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

Legal advisor
DLA Cliffe Dekker Hofmeyr

Date: 16/07/2013 04:56:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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