FREEDOM PROPERTY FUND LIMITED - Communication from the CEO of Freedom Property Fund Limited

Communication from the CEO of Freedom Property Fund Limited

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”)

COMMUNICATION FROM THE CEO OF FREEDOM PROPERTY FUND LIMITED

Good day Shareholders


I will in future present a State Of Freedom assessment every month via SENS and the Freedom
Website to keep you appraised of the progress of the Group. So here goes for this month:


To say that my 1st 100 days have been more difficult than I imagined would be a huge
understatement. Besides some legacy issues we inherited, there was the now infamous Nene Gate
Saga that impacted all business in South Africa. Anyways in business you have to adapt or die, so
just to re-iterate, here is a summary of our proposed strategy for the next 12 months:


    1       No further acquisitions.

    2       No new property developments other than those where Freedom is contractually bound.

    3       Cost cutting and getting our gearing down to more manageable levels should any
            shocks occur that cause SA interest rates to spike.

    4       Sale of non - core assets.

            We have sold our stake in the Montana development (the subsidiary known Las Manos
            Investments 152 Proprietary Limited) for 2.1 million rand in cash and 7 million and fifty
            Freedom shares. The effective date of this transaction is 29 February 2016. As this
            disposal was not categorised under the JSE Listing Requirements no announcement has
            been made. Furthermore we accepted an offer on Portulan Place in Gonubie, East
            London The property is held by our subsidiary Clear Creek Trading 145 Proprietary
            Limited. A due diligence is currently being undertaken by the purchaser. Full details of
            the transaction are available via the SENS announcement released by Freedom on 24
            February 2016.

            We will continue to pursue the sales of other non - core assets in the same way as the
            two transaction referred to above. Shareholders will be advised when further sales are
            concluded.

    5       We are committed to a strategy of buying back a number of Freedom’s shares on the
            open market, via a treasury function, once funding is available (“General Repurchase”).
            A circular to Shareholders setting out the terms of the proposed General Repurchase
            and incorporating a notice of a General Meeting of Shareholders to approve the General
            Repurchase. We are targeting the end of May 2016 for this corporate action.

That's all for now and let’s hope that SA avoids a ratings downgrade.


Stephen Maritz


Johannesburg
15 March 2016

Sponsor
KPMG Service Proprietary Limited

Date: 15/03/2016 10:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.