ASCENSION PROPERTIES LIMITED - Update regarding salient dates for implementation of the scheme of arrangement in respect of the Ascension B units

Update regarding salient dates for implementation of the scheme of arrangement in respect of the Ascension B units

ASCENSION PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2006/026141/06)
JSE share code: AIA   ISIN: ZAE000161881
JSE share code: AIB   ISIN: ZAE000161899
(Approved as a REIT by the JSE)
(“Ascension” or “the company”)


UPDATE REGARDING SALIENT DATES FOR IMPLEMENTATION OF THE SCHEME OF ARRANGEMENT IN RESPECT OF THE ASCENSION B LINKED UNITS


Ascension B linked unitholders are referred to the announcement released on SENS on Friday, 22 May 2015 wherein linked
unitholders were advised that all resolutions required to approve the scheme of arrangement in terms of which Rebosis Property
Fund Limited (“Rebosis”) would acquire the entire issued B linked unit capital of Ascension (“B scheme”) were approved by the
requisite majority of Ascension B debenture holders and B shareholders respectively and all previous announcements relating to
the B scheme.

Ascension B linked unitholders are advised that the B scheme remains subject to the fulfilment of the following key conditions
precedent:

-      the implementation of the conversion of Rebosis’ current linked unit capital structure to an all-share capital structure; 
       and
-      the consent of the lenders in terms of the debt funding agreements entered into by Ascension to the acquisition of
       Ascension by Rebosis

The revised salient dates for the B scheme will be announced following fulfilment of these conditions precedent.


11 June 2015


Corporate advisor, debenture trustee and sponsor                          
Java Capital


Independent reporting accountants
Sizwe Ntsaluba Gobodo


Independent expert                                                         
Mazars Corporate Finance (Pty) Ltd


Legal advisor to the transaction
DLA Cliffe Dekker Hofmeyr 
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