SIYATHENGA PROPERTY FUND LIMITED

SIYATHENGA PROPERTY FUND LIMITED

Previous company name

Name change date

Company Overview
Siyathenga Property Fund Limited, with registered office located in Craighall, South Africa, is a property loan stock company which derives its revenue primarily from retail property rentals. The company offers investors an opportunity to invest directly in a retail-focused property portfolio, which is characterized by regular income escalations and strong capital growth. Siyathenga Property Fund, formerly known as Persona Retail Properties (Proprietary) Limited and before that, Newshelf 762 (Proprietary) Limited, was incorporated in 2004. It was listed as a retail property fund on the JSE Limited in the “Financial – Real Estate” sector in August 2005.
Siyathenga Property Fund’s market capitalization, as of June 2007, was R992 million compared to the R377 million at listing. The company distributes 99,9% of its pre-tax profits as debenture interest to its linked unitholders. The debenture interest, in the case of South African taxpayers, is generally taxable in the hands of linked unitholders.
Business Summary
The Company is structured as a variable loan stock company that derives revenue primarily from retail property rentals. The Company’s issued share capital consists of ordinary shares linked to a variable rate debenture. One ordinary share, with a par value of 0.01 cent, is linked to a debenture with a face value of R4,60 in the ratio of one share for every one debenture held. The Company has 116 746 704 linked units in issue as of 30 June 2007.
The market capitalization of the Company, as of 30 June 2007, was R992 million compared to the R377 million at listing.
The Company distributes 99,9% of its pre-tax profits as debenture interest to its linked unitholders. The debenture interest, in the case of South African taxpayers, is generally taxable in the hands of linked unitholders.
The Company offers investors an opportunity to invest directly in a retail-focused property portfolio, which is characterized by distribution escalations.
Description and history
The Company was listed in August 2005 as a retail property fund on the JSE Limited in the “Financial – Real Estate” sector. Pangbourne Properties Limited had acquired various properties which would be better suited to a predominantly retail fund.
These properties, along with its newly acquired properties, were transferred to Siyathenga subsidiaries. The Company was listed on August 5, 2005 by way of a rights offer to Pangbourne unitholders.
Since listing, the Company has increased its asset base from R800 million to the current value of R1,77 billion through the acquisition of high quality properties. During the period under review, the Company acquired an additional 25% in The Willowbridge Shopping Center in Cape Town.
Subsequent to year-end, agreements were signed with two black empowerment consortia in a R184 million transaction in terms of which an effective 15% of the Company’s linked units will be held by the consortia.
On June 9, 2008, the Company was taken over by Pangbourne Properties Limited.

Formerly known as Persona Retail Properties (Proprietary) Limited and before that, Newshelf 762 (Proprietary) Limited

Business Line
Property loan stock company which derives its revenue primarily from retail property rentals
Subsidiary

Advisor
ABSA BANK LIMITED
IPO date
8/5/2005
US SIC Code
6798
Company Address
Pangbourne House , 2nd Floor
382, Jan Smuts Avenue
City province or state postal code
2196, Craighall
Phone:
Fax:
Country address: SOUTH AFRICA
Website url: www.siyathenga.co.za