FREEDOM PROPERTY FUND LIMITED – Quarterly Update – SENS

                             
Quarterly Update
 
FREEDOM PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number: 2012/129186/06
Share code: FDP
ISIN: ZAE000185260
(“Freedom” or “the Company”)
 
QUARTERLY UPDATE
 
Shareholders are referred to the:
• last quarterly update, dated 14 August 2020; and
• the SENS announcement, dated 30 June 2016, relating to the suspension of the Company’s shares on
the JSE Limited (“JSE”) (“Suspension”).
 
In line with paragraph 1.11(c) of the JSE Listing Requirements, the Company is obliged to give an update to the
market of the state of the affairs of the Company until the Suspension is lifted.
 
1. Finalisation of annual financial statements
The Company released its audited annual financial statements for the year ended 28 February 2019 on SENS
on 31 August 2020. The Company is in the process of preparing:
a) its interim financial results for the six months ended 31 August 2019; and
b) its annual financial results for the year ended 28 February 2020.
 
2. Receipt of an expression of interest
On 2 September 2019 the Company announced that it had received an expression of interest from the South
African Housing and Infrastructure Fund (“SAHIF” or the “Offeror”) to acquire all of the issued shares of
Freedom by way of a scheme of arrangement, subject to a due diligence investigation (“the Potential
Transaction”).
 
Notwithstanding:
a) a lengthy engagement period to conclude the Potential Transaction;
b) the parties reaching in-principle agreement on all the terms and conditions of the Potential
Transaction; and
c) the Offeror, on 17 September 2020, informing the Company in writing that it would deliver to the
Takeover Regulation Panel an unconditional bank guarantee in the prescribed form for the full
purchase consideration (the “Guarantee”) in relation to the potential transaction by not later than 30
September 2020,
the Offeror failed to deliver the Guarantee on 30 September 2020. and discussions with SAHIF were
terminated.
 
3. Changes to the Board
Shareholders are referred to the SENS announcements dated 3 and 11 November 2020 in which they were
advised of the following changes to the Board:
 
Resignation of the following directors:
• Mr Stephen Naudé as an independent non-executive director;
• Mr Willem Stephanus Grobbelaar as an independent non-executive chairman;
• Mr Hugo Amos Lambrechts as a non-executive director; and
• Dr Phillip David Dexter as an independent non-executive director.
 
Appointment of the following directors:
• Mr Jacobus Johannes Vos as an independent non-executive director;
• Mr Sipho Lloyd Mpila as an independent non-executive director;
• Mr Allan Groll as an independent non-executive director; and
• Mr Izak Johannes Botha as a non-executive director and chairman.
 
Paarl
16 November 2020
 
Sponsor
 
Questco Corporate Advisory (Pty) Ltd
 
Date: 16-11-2020 12:15:00
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