Sharenet Sites 
Sharenet Sites
Finalisation Announcement
CAPITAL PROPERTY FUND
(a portfolio in Capital Property Trust Scheme, a collective investment scheme
in property registered as such in terms of the Collective Investment Schemes
Control Act, No. 45 of 2002) (“Act”)
(Approved as a REIT by the JSE)
JSE share code: CPL ISIN: ZAE000001731
(“Capital” or “the Fund”)
Managed by Property Fund Managers Limited
(Registration number 1980/009531/06)
(“PFM”)
CAPITAL PROPERTY FUND LIMITED
(previously Friedshelf 1497 Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2013/226575/06)
(Approved as a REIT by the JSE)
JSE share code: CPF ISIN: ZAE000186821
(“New Capital” or “the company”)
FINALISATION ANNOUNCEMENT
Capital unitholders are referred to the previous announcements, the last of which was published on SENS on 9 June 2014, relating
to the restructuring of Capital as a corporate REIT with the internalisation of the management of Capital in a manner that would
better align the interests of Capital’s management with those of investors (“the transaction”).
Capital unitholders are hereby advised that all conditions precedent to the transaction have been fulfilled and accordingly the
transaction is now unconditional.
The transaction will be implemented under the provisions of Financial Services Board Notice 42 of 2014 issued in terms of the
Collective Investment Schemes Control Act, 2002 and section 44 of the Income Tax Act, 58 of 1962, as amended
(“amalgamation transaction”).
The consideration payable by New Capital for the acquisition of the assets in the Fund will be effectively discharged by means of
the issue of shares by New Capital to Capital unitholders directly on behalf of the Fund. On this basis, rollover relief is obtained
and no immediate taxes will be payable by either the Capital unitholders, New Capital or the Fund pursuant to the amalgamation
transaction. Effectively, New Capital will acquire the assets of the Fund at their effective base cost or tax cost for tax purposes.
To the extent that the Fund held the assets on capital account, New Capital will continue to hold those assets on capital account.
This summary is only intended to be a brief and general guide dealing with the main fiscal consequences of the implementation of
the transaction for Capital unitholders. It is not intended to provide specific advice and no action should be taken or omitted to be
taken in reliance upon it. Capital unitholders are advised to seek professional tax advice in respect of the transaction, including the
substitution of their units for New Capital shares.
In order for the transaction to qualify as an amalgamation transaction it is a requirement that the Fund must have taken such steps
as necessary within a period of 36 months after the date of the amalgamation to liquidate, wind up or deregister. PFM intends
taking all such necessary steps for the winding up of Capital within that time frame.
The salient dates and times for the implementation of the transaction remain as previously announced on 9 June 2014.
20 June 2014
Corporate advisor and sponsor
Java Capital
Attorneys, tax and competition law advisors
Cliffe Dekker Hofmeyr
Date: 20/06/2014 10:41:00 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.
