STOR-AGE PROPERTY REIT LIMITED - Results of the General Meeting

Results of the General Meeting

Stor-Age Property REIT Limited
Incorporated in the Republic of South Africa
Registration number 2015/168454/06
Share code: SSS ISIN ZAE000208963
(Approved as a REIT by the JSE)
(“Stor-Age”)



RESULTS OF THE GENERAL MEETING



1. INTRODUCTION


  Shareholders are referred to the announcements released on SENS on Tuesday, 5 September 2017 and
  Monday, 18 September 2017 as well as the circular issued to shareholders on Monday, 18 September 2017
  (“the Circular”), regarding the proposed acquisition by Stor-Age (through its wholly owned subsidiary, Roland
  Street Investments Proprietary Limited) of 97.3% of the issued share capital of Betterstore Self Storage
  Holdings Limited (“Storage King”) (“the Proposed Transaction”).


2. RESULTS OF THE GENERAL MEETING


  At the general meeting held today, 17 October 2017, to approve the Proposed Transaction (“General
  Meeting”), all of the resolutions as set out in the notice of the General Meeting enclosed with the Circular,
  were passed, without modification, by the requisite majority of votes cast by shareholders.


  The following information is provided:
    Total number of shares that can be exercised at the meeting                                 179 552 420
    Number of shares represented at the General Meeting, in person or by proxy                  119 221 016
    Shares represented at the General Meeting as a percentage of shares in issue                        66%
 
 Details of the results of the General Meeting are as follows:

                                                                                                      
      Resolution proposed                               For(1)     Against(1)      Abstain(2)         Shares
                                                                                                      voted

      Special resolution number 1
      Authority to issue shares as required in
      terms of the Companies Act, No. 71 of        119 197 056             0           23 960        119 197 056
      2008                                             100.00%          0.00%           0.01%             66.39%

                                                      
      Ordinary resolution number 1
      Approval of the Proposed Transaction         119 197 056             0           23 960        119 197 056
      as a category 1 transaction                      100.00%          0.00%           0.01%             66.39%

                                              
      Ordinary resolution number 2
       Authority of directors                      119 197 056             0           23 960        119 197 056
                                                      100.00%          0.00%            0.01%             66.39%

                                                   
  Notes:
  (1)    Disclosed as a percentage of shares voted
  (2)    Disclosed as a percentage of shares in issue


3. CONDITIONS PRECEDENT


  The Proposed Transaction remains subject to the fulfillment or waiver of the following conditions precedent:
  -          Debt funding agreements for a minimum of £25m becoming unconditional; and
  -          Stor-Age successfully raising cash in an amount of c.R900m, through the issue of new shares.
  -          Shareholders will be advised as and when the Proposed Transaction becomes unconditional.


  Johannesburg
  17 October 2017


  Corporate Advisor and Transaction Sponsor
  Investec Bank Limited


  Sponsor
  Questco Corporate Advisory Proprietary Limited

Date: 17/10/2017 11:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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