FREEDOM PROPERTY FUND LIMITED - Unreviewed condensed consolidated financial results for the six months ended 31 August 2018

Unreviewed condensed consolidated financial results for the six months ended 31 August 2018

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”)


UNREVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2018


The board of directors of the Company (the “Board”) hereby presents the unreviewed condensed
consolidated financial results for the six months ended 31 August 2018 (the “Interim Period”).

Operational review and results

The interim financial results of the Company for Interim Period, as compared to the six months ended
31 August 2017, are set out below:

                                                      31 August     % variance         31 August
                                                           2018                             2017
Revenue (R’000)                                          15 942          27.34            12 519
Earnings / (losses) per share (cents)                    (0.61)       (720.51)              0.10
Headline earnings / (losses) per share (cents)           (0.56)          52.25            (0.37)
Net asset value per share (cents)                          9.89           1.39              9.75

The Board has decided to continue to effect the following strategies in order for the Company to
preserve cash and to remain technically solvent:

    •   no further acquisitions to be made;
    •   no further property developments;
    •   continued reduction of costs and levels of gearing;
    •   continued sale of non-core assets; and
    •   continuation of share buy-backs and the subsequent cancellation of those shares.


Expression of interest from The South African Housing Infrastructure (“SAHIF”)

As per various announcements released on the JSE’s Stock Exchange News Service, SAHIF has issued
an expression of interest to acquire all of the issued shares of Freedom by way of a scheme of
arrangement in terms of section 114 of the Companies Act 2008 (the “Act”) (the “Potential
Transaction”). If implemented, the Potential Transaction would:

    •   unlock unrealised value currently sitting in Freedom; and
    •   alleviate current going concern pressures that the Company is experiencing.


Reportable Irregularities

The Company has not prepared, in terms of section 30(1) of the Act, within the relevant timeframe,
the annual results for the years ended 28 February 2019, interim results for the six month period
ended 31 August 2019, nor provided any notices of annual general meetings to its shareholders.

The Company is not aware of any other reportable irregularity.


Dividends

No dividends were declared or paid during the Interim Period.
This short-form announcement is the responsibility of the Board, is only a summary of the information
contained in the unreviewed condensed consolidated financial results for the Interim Period (the “Full Announcement”) and does not contain full or complete details.


Any investment decisions by investors and/or shareholders should therefore be based as a whole on
consideration of the Full Announcement, which may be downloaded from either:
https://senspdf.jse.co.za/documents/2020/jse/ISSE/FDP/Aug18Int.pdf or the Company’s website at:
http://www.freedomprop.co.za/financials/.

The Full Announcement may also be requested from the Company by contacting
info@freedomprop.co.za during ordinary business hours, for a period of 30 calendar days following
the date of this announcement.

Registered office: KWV Building, 57 Main Street, Paarl, Cape Province.


Paarl
27 August 2020

Sponsor:
Questco Corporate Advisory Proprietary Limited

Date: 27-08-2020 12:19:00
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.