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
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”);
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
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
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.
17 January 2014
Investec Corporate Finance (A division of Investec Specialist Bank)
DLA Cliffe Dekker Hofmeyr
Date: 17/01/2014 04:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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