CAPITAL PROPERTY FUND LIMITED - Capital Property Fund Ltd / Fortress Income Fund Ltd - Apportionment of Proceeds

Release Date: 25/11/2015 12:55
Code(s): CPF FFA FFB
 
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Capital Property Fund Ltd / Fortress Income Fund Ltd - Apportionment of Proceeds

CAPITAL PROPERTY FUND LIMITED                               FORTRESS INCOME FUND LIMITED
(previously Friedshelf 1497 Proprietary Limited)            (Incorporated in the Republic of South Africa)
(Incorporated in the Republic of South Africa)              (Registration number 2009/016487/06)
(Registration number 2013/226575/06)                        JSE share codes: FFA ISIN: ZAE000192787
JSE share code: CPF ISIN: ZAE000186821                                       FFB ISIN: ZAE000192795
(Approved as a REIT by the JSE)                             (Approved as a REIT by the JSE)
(“Capital”)                                                 (“Fortress”)


APPORTIONMENT OF PROCEEDS


Capital shareholders are referred to the joint announcements released on SENS on Thursday, 16 July 2015,
Wednesday, 19 August 2015, Monday, 28 September 2015, Wednesday, 7 October 2015, Wednesday,
28 October 2015 and Thursday, 12 November 2015 regarding, inter alia, the offer by Fortress to acquire all of the
issued shares in Capital that Fortress does not already own in exchange for Fortress A shares and Fortress B shares, by
scheme of arrangement in terms of section 114 of the Companies Act, 71 of 2008 between Capital and all of its
shareholders (the “Fortress scheme”).

As consideration for the Capital shares acquired by Fortress pursuant to the Fortress scheme, Capital shareholders
have received 0.35 Fortress A ordinary shares (“Fortress A ordinary consideration shares”) and 0.35 Fortress B
ordinary shares (“Fortress B ordinary consideration shares”) for every Capital share held on the scheme
consideration record date (the “disposed Capital share”).

The purpose of this announcement is to notify Capital shareholders of Capital’s calculation of the apportionment of
the proceeds received by Capital shareholders pursuant to the Fortress scheme between the Fortress A ordinary
consideration shares and the Fortress B ordinary consideration shares.

The apportionment of the proceeds has been calculated based on the closing prices of Fortress A shares and Fortress B
shares on 20 November 2015, being the last day to trade in Capital shares in order to participate in the Fortress
scheme. For each disposed Capital share, the amount received is R17.61 relating to the Fortress A ordinary
consideration share (29.05941% of the proceeds per disposed Capital share) and R42.99 relating to the Fortress B
ordinary consideration share (70.94059% of the proceeds per disposed Capital share).

The tax treatment for Capital shareholders participating in the Fortress scheme is dependent on the individual
circumstances and jurisdiction of such Capital shareholders. It is recommended that if Capital shareholders are
uncertain about the tax treatment of the receipt of the Fortress A ordinary consideration shares and the Fortress B
ordinary consideration shares, they seek appropriate advice in this regard.

25 November 2015


Corporate advisor and sponsor
Java Capital
Date: 25/11/2015 12:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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