SPEAR REIT LIMITED - Update On The Implementation Of The Disposal Of 15 On Orange

Update On The Implementation Of The Disposal Of 15 On Orange

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
(“Spear”)


UPDATE ON THE IMPLEMENTATION OF THE DISPOSAL OF 15 ON ORANGE 


Shareholders are referred to the announcement released by Spear on SENS on
24 October 2022 (“Announcement”), in which Spear advised shareholders of the conclusion
of a sale of shares agreement (“Agreement”) with Erf 18 Zimbali Coastal Resort Proprietary
Limited (“Purchaser”) for the disposal of 100% of the issued shares in Spear’s wholly-owned
subsidiary Blend Property 15 Proprietary Limited (which owns the immovable property known
as 15 on Orange), to the Purchaser for a disposal consideration of R246 000 000, as adjusted
in terms of the Agreement (“Disposal”).

As detailed in the Announcement, the Disposal was subject to certain conditions precedent
(“Conditions Precedent”), including the approval of the Disposal by the applicable
competition authorities in terms of the Competition Act, No. 89 of 1998 (“Competition
Authorities”).

Shareholders are advised that on 7 December 2022 the Competition Authorities
unconditionally approved the Disposal and that all the Conditions Precedent have now been
fulfilled. Accordingly, the Agreement has become unconditional and the Disposal will be
implemented on the effective date, being 15 December 2022.


Cape Town
8 December 2022

Sponsor                                            Legal Advisor
PSG Capital                                        Cliffe Dekker Hofmeyr

Date: 08-12-2022 11:45:00
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