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Provisional Financial Results, Distribution Finalisation announcement and update on Acucap Restructure and Offer
Sycom Property Fund
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
Registration number 1986/002756/06
Share code: SYC ISIN: ZAE000019303
Sycom receipts: SYCR ISIN: ZAE000189551
Approved as a REIT by the JSE
AUDITED PROVISIONAL FINANCIAL RESULTS, FINALISATION ANNOUNCEMENT IN RESPECT OF THE FINAL DISTRIBUTION
FOR THE YEAR ENDED 31 MARCH 2014 AND UPDATE ON TIMING OF ACUCAP RESTRUCTURE AND SYCOM OFFER
The directors of Sycom Property Fund Managers Limited, the management company of Sycom
Property Fund (Sycom or the Fund), submit their report on the audited summary consolidated
results of Sycom for the year ended 31 March 2014.
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Audited at Audited at
31 Mar 2014 31 Mar 2013
(R'000) (R'000)
ASSETS
Property assets 8 196 492 8 378 608
Investment properties and related receivables 7 528 383 8 378 608
Investment properties 7 307 028 8 120 486
Non-current straight-lining lease receivable 182 052 232 662
Current straight-lining lease receivable 39 303 25 460
Investment properties held for sale and
related receivables 668 109 -
Investment properties held for sale 659 244 -
Straight-lining lease receivable 8 865 -
Other non-current assets 461 121 310 722
Listed investment 409 224 310 722
Derivative financial instruments 51 897 -
Current assets 393 807 298 019
Rental and other receivables 80 185 82 894
Cash and cash equivalents 303 304 206 745
Dividends receivable 10 318 8 380
Total assets 9 051 420 8 987 349
UNITHOLDERS' FUNDS AND LIABILITIES
Unitholders' funds 5 776 880 6 707 343
Unitholders' capital 1 947 048 2 579 048
Non-distributable reserves 3 829 832 4 128 295
Non-current liabilities 2 903 795 1 933 545
Borrowings 2 903 795 1 900 808
Derivative financial instruments - 32 737
Current liabilities 370 745 346 461
Trade and other payables 125 652 111 409
Derivative financial instruments 54 643 9 820
Unitholders for distribution 190 450 225 232
Total equity and liabilities 9 051 420 8 987 349
Net asset value per unit - cents 2 887 2 698
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Audited at Audited at
31 Mar 2014 31 Mar 2013
(R'000) (R'000)
Cash utilised in operating activities
Cash generated from operations 532 933 296 620
Dividend received 833 7 654
Distributions paid (503 315) (422 730)
Interest paid (151 928) (82 399)
Interest received 42 236 36 825
Taxation paid (556) -
Net cash utilised in operating activities (79 797) (164 030)
Cash flows utilised in investing activities
Subsequent expenditure on investment properties (23 801) (34 339)
Subsequent expenditure on investment properties held for sale (7 918) -
Acquisition of investment properties (1 679 596) (1 479 522)
Selling costs on disposal of investment properties* (3 403) -
Subscription to rights issue - (64 967)
Net cash outflow from investing activities (1 714 718) (1 578 828)
Cash flows from financing activities
Gross proceeds from the issue of units in May 2013 900 000 -
Unit issue costs (11 117) -
Share buyback costs (1 434) -
Borrowings raised 1 002 987 1 067 342
Net cash inflow from financing activities 1 890 436 1 067 342
Net increase/(decrease) in cash and cash equivalents 95 921 (675 516)
Cash and cash equivalents at the beginning of the year 206 745 882 055
Effect of exchange rate fluctuations on cash held 638 206
Cash and cash equivalents at end of the year 303 304 206 745
* Somerset Mall was sold to Hyprop on 1 October 2013. No cash proceeds were received on the disposal
as Hyprop settled the purchase price through the tender of 81.5 million units held in Sycom. These units
have been cancelled and their listing terminated.
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN UNITHOLDERS FUNDS
AUDITED
Non-
distributable Retained
Capital reserve earnings Total
(R'000) (R'000) (R'000) (R'000)
Balance at 31 March 2012 2 579 048 3 383 147 - 5 962 195
Transactions with owners, recorded directly
in equity - - - -
Total comprehensive income for the year - - 1 180 277 1 180 277
Transfer to non-distributable reserve - 745 148 (745 148) -
Unitholders distribution - - (435 129) (435 129)
Balance at 31 March 2013 2 579 048 4 128 295 - 6 707 343
Transactions with owners, recorded directly
in equity
Issue of 33 027 523 units in May 2013 849 468 - 9 492 858 960
Proceeds 900 000 - - 900 000
Capitalised unit issue costs (11 117) - - (11 117)
Prepaid distribution to 31 March 2013 (29 923) - 29 923 -
Payment of prepaid distribution in July 2013 - - (29 923) (29 923)
Prepaid distribution 2014 period (9 492) - 9 492 -
Buyback of 81.5 million units in October 2013 (1 481 468) (819 966) - (2 301 434)
Reduction in equity as a result of buyback (1 480 034) (819 966) - (2 300 000)
Incremental costs attributable to buyback of
unitholder capital (1 434) - - (1 434)
Total comprehensive income for the year
Profit for the year - - 898 724 898 724
Other comprehensive income for the year - 51 897 - 51 897
Net change in fair value of cash flow hedge
recognised directly in other comprehensive
income - 51 897 - 51 897
Total comprehensive income for the year - 51 897 898 724 950 621
Transfer to non-distributable reserve - 469 606 (469 606) -
Unitholders' distribution - - (438 610) (438 610)
Balance at 31 March 2014 1 947 048 3 829 832 - 5 776 880
Audited twelve Audited twelve
months to months to
31 Mar 2014 31 Mar 2013
(R'000) (R'000)
SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Revenue 685 699 651 352
Contractual rental revenue and recoveries 701 389 621 425
Straight-lining of rental revenue adjustment (15 690) 29 927
Direct property operating expenses (133 589) (109 791)
Loss on disposal of investment property (19 431) -
Selling costs on investment properties held for sale (553) -
Dividend from listed investment 19 973 15 961
Fair value changes on investment property and listed investment 517 922 721 507
Fair value gain on investment properties 436 400 719 667
Fair value gain on listed investment 81 522 1 840
Administrative expenses (42 131) (38 429)
Service charge (39 067) (37 178)
Other administrative expenses (3 064) (1 251)
Profit before net finance costs 1 027 890 1 240 600
Net finance costs (128 610) (60 227)
Interest income 43 561 37 500
Interest expense (160 085) (91 537)
Net change in fair value of derivative financial
instruments at fair value through profit and loss (12 086) (6 190)
Profit before taxation 899 280 1 180 373
Taxation (556) (96)
Profit for the year 898 724 1 180 277
Other comprehensive income for the year
Net change in fair value of cash flow hedges 51 897 -
Other comprehensive income for the year 51 897 -
Total comprehensive income for the year 950 621 1 180 277
Number of units in issue ('000) 200 132 248 604
Weighted number of units ('000) 237 531 248 604
Earnings per unit - cents 378.36 474.76
RECONCILIATION OF EARNINGS TO HEADLINE EARNINGS AND
DISTRIBUTABLE EARNINGS
Profit for the period 898 724 1 180 277
Fair value adjustment to investment properties, net of deferred tax (436 400) (719 571)
Loss on disposal of investment property 19 431 -
Secondary tax on companies 556 -
Headline earnings 482 311 460 706
Selling costs on investment properties held for sale 553 -
Straight-lining rental income accrual 15 690 (29 927)
Unrealised deficit on derivative financial instruments 12 086 6 190
Fair value adjustment to listed investment (81 522) (1 840)
Prepaid distribution 9 492 -
Distributable earnings 438 610 435 129
Annual earnings per unit:
Basic earnings* per unit- cents 378.36 474.76
Headline earnings* per unit - cents 203.05 185.32
Annual distribution per unit - cents 183.28 175.03
Interim distribution - cents 88.12 84.43
Final distribution - cents 95.16 90.60
*Sycom does not have any dilutionary instruments in issue.
SUMMARISED CONSOLIDATED SEGMENTAL RESULTS
Segmental information is based on the nature of the business activities for which the properties are used.
While investment properties are managed on an individual basis, the group comprises the following main
reportable industry recognised operating segments:
Segmental earnings:
Year ended 31 March 2014
Audited
RETAIL OFFICES TOTAL
(R'000) (R'000) (R'000)
Segment rental revenue and recoveries 297 783 403 606 701 389
Straight-line rental income accrual 888 (16 578) (15 690)
Dividend income 19 973 - 19 973
Total revenue 318 644 387 028 705 672
Operating expenditure (56 350) (77 239) (133 589)
Loss on disposal of investment property (19 431) - (19 431)
Selling costs on investment properties held for sale (362) (191) (553)
Net finance cost 2 461 1 683 4 144
Segmental net operating income 244 962 311 281 556 243
Fair value adjustments 274 155 243 767 517 922
South Africa 192 633 243 767 436 400
International 81 522 - 81 522
Segmental earnings 519 117 555 048 1 074 165
Reconciliation of segmental results to profit for the year in the statement of profit or loss and other comprehensive income:
Allocated Unallocated Total
Rental revenue and recoveries 701 389 - 701 389
Straight-line rental income accrual (15 690) - (15 690)
Dividend income 19 973 - 19 973
Total revenue 705 672 - 705 672
Operating expenditure (133 589) (42 131) (175 720)
Loss on disposal of investment property (19 431) - (19 431)
Selling costs on investment properties held for sale (553) - (553)
Net finance cost 4 144 (120 668) (116 524)
Net operating income 556 243 (162 799) 393 444
Fair value gain on investment properties 436 400 - 436 400
Fair value gain on listed investment 81 522 - 81 522
Fair value adjustment on interest rate and cross currency
swaps - (12 086) (12 086)
Profit before taxation 1 074 165 (174 885) 899 280
Taxation - (556) (556)
Profit for the year 1 074 165 (175 441) 898 724
Segmental earnings:
Year ended 31 March 2013
Audited
RETAIL OFFICES TOTAL
(R'000) (R'000) (R'000)
Segment rental revenue and recoveries 343 670 277 755 621 425
Straight-line rental income accrual 6 605 23 322 29 927
Dividend income 15 961 - 15 961
Total revenue 366 236 301 077 667 313
Operating expenditure (55 191) (54 600) (109 791)
Net finance cost 2 025 1 024 3 049
Segmental net operating income 313 070 247 501 560 571
Fair value adjustments 597 613 123 894 721 507
South Africa 595 773 123 894 719 667
International 1 840 - 1 840
Taxation - (96) (96)
Segmental earnings 910 683 371 299 1 281 982
Reconciliation of segmental results to profit for the year in the statement of profit or loss and other comprehensive income:
Allocated Unallocated Total
Rental revenue and recoveries 621 425 - 621 425
Straight-line rental income accrual 29 927 - 29 927
Dividend income 15 961 - 15 961
Total revenue 667 313 - 667 313
Operating expenditure (109 791) (38 429) (148 220)
Net finance cost 3 049 (57 086) (54 037)
Net operating income 560 571 (95 515) 465 056
Fair value gain on investment properties 719 667 - 719 667
Fair value gain on listed investment 1 840 - 1 840
Fair value adjustment on interest rate and cross currency
swaps - (6 190) (6 190)
Profit before taxation 1 282 078 (101 705) 1 180 373
Taxation (96) - (96)
Profit for the year 1 281 982 (101 705) 1 180 277
Segmental assets, liabilities and reserves
Year ended 31 March 2014
Audited
RETAIL OFFICES TOTAL
(R'000) (R'000) (R'000)
Segmental assets
Property assets 3 633 092 4 563 400 8 196 492
Listed investment 409 224 - 409 224
Current assets 49 834 76 975 126 809
4 092 150 4 640 375 8 732 525
Segmental liabilities
Current liabilities (37 592) (55 454) (93 046)
Net segmental assets 4 054 558 4 584 921 8 639 479
Reconciliation of segmental results to statement of financial position:
Allocated Unallocated Total
Assets
Property assets 8 196 492 - 8 196 492
Listed investment 409 224 - 409 224
Derivative financial instruments - 51 897 51 897
Current assets 126 809 266 998 393 807
Total assets 8 732 525 318 895 9 051 420
Liabilities
Borrowings - (2 903 795) (2 903 795)
Derivative financial instruments - (54 643) (54 643)
Unitholders for distribution - (190 450) (190 450)
Trade and other payables (93 046) (32 606) (125 652)
Total liabilities (93 046) (3 181 494) (3 274 540)
Net assets 8 639 479 (2 862 599) 5 776 880
Segmental assets, liabilities and reserves
Year ended 31 March 2013
Audited
RETAIL OFFICES TOTAL
(R'000) (R'000) (R'000)
Segmental assets
Property assets 4 055 608 4 323 000 8 378 608
Listed investment 310 722 - 310 722
Current assets 56 607 69 528 126 135
4 422 937 4 392 528 8 815 465
Segmental liabilities
Current liabilities (34 855) (42 133) (76 988)
Net segmental assets 4 388 082 4 350 395 8 738 477
Reconciliation of segmental results to statement of financial position:
Allocated Unallocated Total
Assets
Property assets 8 378 608 - 8 378 608
Listed investment 310 722 - 310 722
Current assets 126 135 171 884 298 019
Total assets 8 815 465 171 884 8 987 349
Liabilities
Borrowings - (1 900 808) (1 900 808)
Derivative financial instruments - (42 557) (42 557)
Unitholders for distribution - (225 232) (225 232)
Trade and other payables (76 988) (34 421) (111 409)
Total liabilities (76 988) (2 203 018) (2 280 006)
Net assets 8 738 477 (2 031 134) 6 707 343
BASIS OF PREPARATION AND AUDIT OPINION
The audited summary consolidated financial statements are prepared in accordance with the
requirements of the JSE Limited Listings Requirements for provisional reports, and the
requirements of the Collective Investments Schemes Control Act, 2002, applicable to summary
financial statements. The Listings Requirements require provisional reports to be prepared in
accordance with the framework concepts and the measurement and recognition requirements of
International Financial Reporting Standards (IFRS) and the SAICA Financial Reporting Guides as
issued by the Accounting Practices Committee and Financial Pronouncements as issued by the
Financial Reporting Standards Council and to also, as a minimum, contain the information
required by IAS 34 Interim Financial Reporting. The accounting policies applied in the preparation
of the audited consolidated financial statements, from which the audited summary consolidated
financial statements were derived, are in terms of International Financial Reporting Standards.
The audited consolidated financial statements are prepared on the historical cost basis, except
for investment properties, investment properties held for sale, derivative financial instruments,
and financial assets carried at fair value through profit or loss which are measured at fair value.
The audited consolidated financial statements are prepared on the going-concern basis. Sycom
has adopted the following new standards and amendments to standards, with an initial
application date of 1 April 2013: IFRS 10 Consolidated Financial Statements, IFRS 11 Joint
Arrangements, IFRS 12 Disclosure of Interests in Other Entities, IFRS 13 Fair Value Measurement.
These audited summary consolidated financial statements for the year ended 31 March 2014
have been audited by KPMG Inc., who expressed an unmodified opinion thereon. The auditor
also expressed an unmodified opinion on the audited consolidated financial statements from
which these audited summary consolidated financial statements were derived.
A copy of the auditor’s report on the audited summary consolidated financial statements and of
the auditor’s report on the audited consolidated financial statements are available for inspection
at the company’s registered office, together with the audited consolidated financial statements
identified in the respective auditor’s reports.
The information contained in the commentary below does not form part of the audit opinion. The
auditor’s report does not necessarily report on all of the information contained in this
announcement/financial results. Shareholders are therefore advised that in order to obtain a full
understanding of the nature of the auditor’s engagement they should obtain a copy of the
auditor’s report together with the accompanying financial information from the issuer’s
registered office.
The preparation of the consolidated year-end results for the year ended 31 March 2014 and this
summarised report were supervised by the Financial Director, Mr CB Marlow, CA (SA).
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
The board of Sycom Property Fund Managers Limited is pleased to report a distribution of 95.16 cents per
unit (cpu) for the six months ended 31 March 2014. Together with the interim distribution of 88.12 cpu,
this gives unitholders an annual distribution of 183.28 cpu, an increase of 4.7% over the 2013 financial year.
2. CORPORATE ACTION
Merger with Acucap Properties Limited (‘Acucap’)
On 31 March 2014, Acucap launched a general offer to holders of Sycom units to swap
these for shares in Acucap on a ratio of 0.58 Acucap shares for every Sycom unit held. The
offer closed on 16 May 2014, and the acceptance rate was approximately 95%, excluding
the effects of the Growthpoint position referred to below. The board considers this a
successful and highly satisfactory outcome.
Acquisition by Growthpoint Properties Limited (‘Growthpoint’)
Between 10 and 11 April 2014, Growthpoint acquired approximately 31% of the issued units in Sycom,
settling the purchase consideration by issuing 1.102 Growthpoint shares for every Sycom unit acquired.
Although publicly supportive of the merger between Acucap and Sycom, for regulatory reasons, Growthpoint
could not swap all of its Sycom units for Acucap units under the terms of the offer referred to above,
and is accordingly left holding approximately 23% of Sycom’s issued units. Growthpoint has also acquired
a material interest in Acucap.
3. PORTFOLIO INVESTMENT ACTIVITY
Vaal Mall
The expansion is set to commence in September 2014, following delays in obtaining
necessary approvals, some of which may affect the final sizing of the project. The delays are
not expected to impact the forecast return on the development.
Paarl Mall
A 2 850m2 expansion of Paarl Mall has been approved, driven largely by a 1 900m2
expansion of Woolworths. The total capital commitment is in the order of R68 m with an
anticipated first year return of 8%.
Greenacres
Phase 1 of the redevelopment of Greenacres has been approved and is expected to
commence in August 2014. This phase comprises the construction of 3 340m2 of retail area
in a new link mall on the southern side of Greenacres, which will join the current
Woolworths with the Shoprite Hyper entrance. The total capital commitment for this phase
is in the order of R86 m (Sycom share R43 m) with an anticipated first year return of 13,9%.
Once completed, this phase will reflect the modern and contemporary standard to which
the rest of the mall will be upgraded when the second and third phases are completed. The
total capital commitment for the Greenacres project, including all non-income producing
refurbishment work and mall revitalisation, is in the order of R280 m (Sycom share
R140 m) with an anticipated yield of 7,5%, and is expected to be complete by March 2017.
167 on the Square
This building is nearing completion, and Sycom expects to take transfer from the developer
before the end of August. There has been a steady flow of good quality leasing enquiries,
although the full rental for the first two years after transfer is covered by a cash underpin
from the developer.
4. BORROWINGS
Sycom has an approved total facility of R2.9 billion. Sycom’s gearing level is presently 33.9%.
Taking into account the swaps contracted as per the table below, Sycom’s hedged position
at year end was 18% and it will rise to 72% of current borrowings by the time all contracted
forward starting swaps become effective.
Interest rate hedging
Maturity Notional Effective Fair value Fair value
Start date date Fixed rate amount rate at 31.03.14 at 31.03.13
R'000 R'000 R'000
31-Mar-14 31-Mar-17 5.790% 200 000 7.290% 8 128 -
17-Mar-14 17-Mar-17 5.785% 200 000 7.285% 7 990 -
9-Apr-14 9-Apr-18 6.095% 100 000 7.595% 5 259 -
30-Sep-14 29-Sep-17 6.045% 200 000 7.545% 8 852 -
30-Sep-14 30-Sep-16 7.180% 500 000 8.680% - -
31-Mar-15 29-Mar-18 6.305% 300 000 7.805% 13 402 -
30-Sep-15 28-Sep-18 7.650% 300 000 9.150% 5 067 -
31-Mar-16 31-Mar-20 8.150% 100 000 9.650% 1 601 -
31-Mar-16 31-Mar-21 8.340% 100 000 9.840% 1 598 -
Total 2 000 000
5. LEASE EXPIRIES
The lease expiry profile by rental income is reflected in the table below. The lease with
Deloitte at The Woodlands has been extended to 31 March 2020.
Total Retail Offices
Mar-15 17.5% 8.5% 9.0%
Mar-16 15.9% 12.6% 3.3%
Mar-17 27.2% 12.1% 15.1%
Mar-18 7.2% 3.4% 3.8%
Mar-19 12.1% 3.2% 8.9%
thereafter 20.1% 1.7% 18.4%
100.0% 41.5% 58.5%
6. VACANCIES AND BAD DEBTS
The table below provides details of Sycom’s vacancies at March 2012, 2013 and 2014,
expressed by gross lettable area.
The increase in Retail vacancies is largely attributed to planned vacancies at Vaal Mall to
accommodate the expansion.
The increase in Office vacancies is largely as a result of an individual tenant failure at
Harrowdene Office Park.
Mar-14 Mar-13 Mar-12
Retail vacancy 3.0% 1.6% 2.4%
Office vacancy 4.4% 2.7% 3.9%
Total vacancy 3.8% 2.2 % 3.1%
The impairment provision at 31 March 2014 amounted to R2.7m compared to R1.28 m at
31 March 2013. Bad debts written off decreased to R0.7m in the current year from the
R1.25 m written off in the 2013 year.
7. EVENTS AFTER THE REPORTING DATE
Other than the Corporate Action detailed above there have been no significant events after the
reporting date.
8. PROSPECTS
Sycom unitholders exchanging their Sycom units for Acucap units are referred to the offer
document, dated 31 March 2014 and available on the fund’s website (www.sycom.co.za), and
the joint announcement released by Acucap and Sycom on SENS on 27 March 2014, for the
forecast financial information on Sycom and Acucap, post the Acucap Sycom merger ("Forecast
Financial Information"). The Forecast Financial Information was, at the time, reviewed by KPMG
Inc.
The board expects Sycom’s distribution growth to be in line with the Forecast Financial
Information for the year ending 31 March 2015, that is, between 6% and 7%. This guidance has
not been reviewed or reported on by Sycom’s auditors.
9. DISTRIBUTION
Notice is hereby given of the declaration of distribution number 58 in respect of the six
months to 31 March 2014. The final distribution of 95.16 (ninety five comma one six)
cents per unit has been approved in respect of the six-month period ended 31 March
2014. The last date to trade the units cum distribution is Friday, 20 June 2014 and the
record date will be Friday, 27 June 2014. The units will start trading ex-distribution from
Monday, 23 June 2014. Distributions will be made to unitholders on Monday, 30 June
2014.
Unit certificates may not be dematerialised or rematerialised between Monday, 23 June
2014 and Friday, 27 June 2014 both days inclusive.
Unitholders are referred to the distribution declaration announcement released on SENS on
5 June 2014 for further information regarding the distribution, including the tax effects.
From 1 January 2014, any qualifying distribution received by a non-resident from a REIT will be
subject to dividend withholding tax at 15%, unless the rate is reduced in terms of any applicable
agreement for the avoidance of double taxation ("DTA") between South Africa and the country of
residence of the unitholder.
Assuming dividend withholding tax will be withheld at a rate of 15%, the net amount due to non-resident
unitholders will be 80.886 cents per unit. A reduced dividend withholding tax rate in
terms of the applicable DTA, may only be relied on if the non-resident unitholder has provided
the following forms to their CSDP or broker, as the case may be, in respect of the uncertificated units,
or the Transfer Secretaries, in respect of certificated units:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the Transfer Secretaries, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial owner cease to be
the beneficial owner, both in the form prescribed by the Commissioner for the South African Revenue Service.
Unitholders are referred to the announcement of 5 June 2014 for further information regarding the
abovementioned documents.
Local tax resident unitholders as well as non-resident unitholders are encouraged to consult their
professional advisors should they be in any doubt as to the appropriate action to take.
UPDATE ON TIMING OF ACUCAP RESTRUCTURE AND SYCOM OFFER
Sycom unitholders are referred to the announcements released by Acucap Properties Limited ("Acucap") and
Sycom on 19 May 2014 and 5 June 2014 in terms of which unitholders were advised that the Acucap restructure
remained subject to the following conditions precedent-
a) the new memorandum of incorporation of Acucap being acknowledged by the Companies and Intellectual
Property Commission ("CIPC") as having been placed on file; and
b) the Takeover Regulation Panel issuing the requisite compliance certificate in respect of the Acucap
restructure under section 121 of the Companies Act No 71 of 2008.
Unitholders are hereby advised that the new memorandum of incorporation of Acucap was lodged with the CIPC
immediately following the Acucap general meeting, however Acucap has, to date, not received the
acknowledgement of filing from the CIPC.
Accordingly, the abovementioned conditions precedent to the Acucap restructure have not yet been fulfilled.
A further announcement will be made in due course confirming the revised salient dates and times applicable to
the Acucap restructure and the Acucap offer to Sycom unitholders, including the record date and pay date.
On behalf of the Board
GK EVERINGHAM PA THEODOSIOU
Chairman CEO
Sycom Property Fund Managers Limited Sycom Property Fund Managers Limited
12 June 2014
Registered Office:
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services Proprietary Limited
70 Marshall Street
JOHANNESBURG
Sponsor:
Questco Proprietary Limited
http://www.sycom.co.za
Directors: GK Everingham (Chairman), MS Moloko (Deputy Chairman), FM Berkeley, JPD Flanagan,
BM Stocks, PA Theodosiou*# (CEO), CB Marlow*, GR Jones*
Company Secretary: HH-O Steyn
* Executive, # British
Date: 12/06/2014 05:14:00 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
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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.