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HPA HPB
HPA
HPA/HPB - Hospitality Property Fund Limited - Clarification of Hospitality`s A-
Linked unit (HPA) distribution policy
Hospitality Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/014211/06)
Share code for A-linked units: HPA
ISIN for A-linked units: ZAE000076790
Share code for B-linked units: HPB
ISIN for B-linked units: ZAE000076808
("Hospitality" or "the company")
CLARIFICATION OF HOSPITALITY`S A-LINKED UNIT (HPA) DISTRIBUTION POLICY
As a result of apparent confusion around Hospitality`s A-linked unit
distribution profile and certain comments in the press in this regard, this SENS
announcement is being issued for clarification purposes only.
Unitholders are referred to Hospitality`s trust deed and supplementals for
clarity on the distribution policy of the A-linked units.
The A-linked unitholders` rights are governed by the terms of the debenture
trust deed. Specifically concerning the distribution profile, clause 5.4 of the
first supplemental debenture trust deed provides that "In determining the
interest distributions with reference to a prior period`s distribution, the
prior period`s distribution shall be the determined or calculated distribution
for the equivalent period in the prior year, whether or not such amount was paid
having regard to the availability of funds."
The effect of this is that if the actual distribution to A-linked unitholders
falls below their preferential entitlement to interest in any one distribution
period, the distribution entitlement continues to grow at the lower of CPI and
5% from the entitlement in the prior comparable period and not from the actual
amount received for such period.
It should further be noted that there is no clawback in subsequent periods in
respect of any variance between preferential distribution entitlement and actual
distributions in any one period.
Copies of the debenture trust deed and supplementals are available for download
from the company`s website http://www.hpf.co.za/investor-centre/regulatory-
documents
Johannesburg
3 February 2012
Corporate advisor
Java Capital
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Date: 03/02/2012 15:40:01 Produced by the JSE SENS Department.
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