SA CORPORATE REAL ESTATE FUND - Posting of ballot circular and ballot form

Release Date: 17/01/2014 16:39
Code(s): SAC
 
Wrap Text
Posting of ballot circular and ballot form

SA Corporate Real Estate Fund
A Collective Investment Scheme in Property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 ("the Act") and managed by SA Corporate
Real Estate Fund Managers Limited (Registration number 1994/009895/06)("the Manager")
Share Code: SAC ISIN Code: ZAE000083614
(“SA Corporate” or "the Fund")
Registered as a REIT with effect from 1 January 2014


POSTING OF BALLOT CIRCULAR AND BALLOT FORM TO AMEND THE MANAGEMENT SERVICE CHARGES
AND TO INCREASE THE BORROWING LIMITS AND SALIENT DATES TO PARTICIPATE IN THE BALLOT


1.   INTRODUCTION

     SA Corporate unitholders (“Unitholders”) are referred to the announcement published by SA Corporate on SENS
     on 31 October 2013, wherein Unitholders were advised that SA Corporate intends to ballot Unitholders to obtain
     their approval to certain amendments ("Amendments") to the trust deed (the “Deed”) of SA Corporate Real
     Estate Trust Scheme, in terms of which:

     1.1. the existing service charge arrangement in respect of the Fund will be changed from a monthly charge
          based on a value of 0.4% of the aggregate market capitalisation of the Fund plus borrowings, to a monthly
          charge equal to the actual operating costs incurred by the Manager in administering the Fund as well as the
          scrapping of the initial charge of 5% on the value of any new participatory interests ("units") issued against
          the payment by the Fund to the Manager of a consideration of R185 million excluding VAT (“Amendment 1”);
         and

     1.2. as a separate amendment, the borrowing limits of the Fund will be increased from 30% to 60% of the value
          of its underlying assets (“Amendment 2”),

          which amendments will be incorporated in a 6th supplemental deed to the Deed.

      A circular (“Circular”) detailing the Amendments and the balloting procedure will be posted to Unitholders on or
      about Friday, 7 February 2014 and will be available on SA Corporate’s website at www.sacorporatefund.co.za
      from Monday, 10 February 2014 and includes, inter alia, details of the internalisation of the management of SA
      Corporate and the Amendments, and details of the conditions precedent still to be fulfilled or waived in respect
      of Amendment 1.

2.   SALIENT DATES AND TIMES RELATING TO THE AMENDMENTS


      The important dates and times relating to the Amendments are set out in the table below (“Timetable”). Words
      and expressions in the Timetable and notes thereto shall have the same meaning as assigned to them in the
      Circular.

                                                                                                                2014
      Last date to trade in order to be eligible to participate in the ballot                      Friday, 24 January
      Record date in order to be eligible to participate in the ballot                             Friday, 31 January
      Posting of the Circular to Unitholders by no later than                                      Friday, 7 February
      Closing date of the ballot at 17:00 on                                                         Monday, 24 March
      Results of the ballot anticipated to be released on SENS during the week                       Monday, 31 March
      commencing

Note:
1. All dates and times in the Timetable and the Circular are local dates and times in South Africa. The above
   dates and times are subject to change. Any changes will be released on SENS and published in the press.


Sandton
17 January 2014

Investment Bank
Investec Corporate Finance (A division of Investec Specialist Bank)

Sponsor
Nedbank Capital

Attorneys
DLA Cliffe Dekker Hofmeyr

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