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SYCOM PROPERTY FUND - Fulfillment of further condition precedent

Release Date: 29/07/2013 16:21
Code(s): SYC     PDF:  
Wrap Text
Fulfillment of further condition precedent

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)

FULFILLMENT OF FURTHER CONDITION PRECEDENT

Sycom unitholders are referred to the announcement published on the Stock Exchange News Service
of the JSE Limited ("SENS") on 16 July 2013 and in the press on 17 July 2013 wherein unitholders
were advised that the ordinary and special resolutions tabled at the general meeting to approve;
(i)     the proposed acquisition of the remaining 50% of the Somerset Mall Shopping Centre ("the
        AECIA PF Share") not already held by Sycom from AECI Pension Fund ("the AECI PF
        Transaction"); and
(ii)    the conclusion of an agreement with Hyprop Investments Limited ("Hyprop") in respect of
        various matters, including the disposal of the entire Somerset Mall Shopping Centre to
        Hyprop and a specific repurchase of Sycom participatory interests from Hyprop ("the Hyprop
        Transaction"),
(collectively the”Transactions”) were passed, with 99.9% of those unitholders voting on the
resolutions, voting in favour of the Transactions.

Unitholders are hereby advised that the Competition Authorities have granted their approval to the
Transactions.

Consequently, all the conditions precedent to the AECIA PF Transaction have been met and
accordingly, the AECI PF Transaction has become unconditional as of 29 July 2013.

The Hyprop Transaction is now only conditional upon the transfer of the AECI PF Share to Sycom.
This is anticipated to occur in the next few months.

Uniholders will be advised when the Hyprop Transaction becomes unconditional.

Cape Town
29 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: 29/07/2013 04:21:00 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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