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Navigare Report
RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/016851/06)
JSE share code: RES ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient” or “the company”)
NAVIGARE REPORT
The board responds, where appropriate, to the Navigare report of this morning.
The report does not correctly analyse the financial and voting implications of Resilient’s holding in Fortress REIT
Limited (“Fortress”) B shares, which is more complex than presented because Fortress has two classes of issued shares.
What is relevant is that it is Resilient’s policy to acquire equities when its investment committee and board see value.
The company’s acquisitions and disposals are subject to its stringent governance processes and the company observes
all disclosure requirements.
Resilient is satisfied that its participation in the accelerated bookbuild by Greenbay Properties Limited (“Greenbay”)
in August 2017 met its investment requirements.
Navigare identified a director of private companies that acquired Greenbay shares. The board and management of
Resilient, and Resilient itself, have no interest in or arrangement of any sort with the private companies or director in
question. The board has authorised Mr Bryan Hopkins, the head of its audit committee, to review all investment activities
of and associated with the company and its directors and management.
Resilient has no financial interest in or association with any private companies that hold shares in Resilient or the
companies it is invested in, other than the following wholly-owned subsidiaries: Resilient Properties Proprietary
Limited, Diversified Properties 2 Proprietary Limited, Resilient 1 Proprietary Limited (formerly Norma Jean Square
Property Investments Proprietary Limited), Resilient 2 Proprietary Limited (formerly K2017408359 (South Africa)
Proprietary Limited), Resilient 3 Proprietary Limited and Resilient 4 Proprietary Limited.
The trustees of the Siyakha Education Trusts have provided Resilient with broker statements that confirm the trusts did
not acquire any shares in Resilient or Fortress during December 2017 and January 2018 other than 512 970 Fortress A
shares bought in the market on 12 December 2017. The Navigare observation that the trusts bought large numbers of
shares in Resilient and Fortress in December 2017 and January 2018 is incorrect and appears to be derived from
movements in public share registers that, broker statements confirm, do not result from trading but from collateral or
scrip lending arrangements. The trusts have confirmed their policy not to lend scrip.
5 February 2018
Sponsor
Java Capital
Date: 05/02/2018 02:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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