ACCELERATE PROPERTY FUND LIMITED - Results of the Rights Offer

Results of the Rights Offer

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
Registration Number: 2005/015057/06
Share Code: APF ISIN: ZAE000185815
("the Company" or "APF")
(Approved as a REIT by the JSE)


NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN OR ANY
OTHER JURISDICTION WHERE EXTENSION OR MAKING THE RIGHTS OFFER WOULD
BE UNLAWFUL OR IN CONTRAVENTION OF APPLICABLE LAW. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED
STATES OR ANY OTHER JURISDICTION


RESULTS OF THE RIGHTS OFFER

1.    INTRODUCTION

Shareholders are referred to the declaration and finalisation announcements published on
SENS on Monday, 31 January 2023 and Wednesday, 2 February 2023, respectively, wherein
Shareholders were advised of, inter alia, APF’s intention to raise R50 million by way of a fully
underwritten renounceable rights offer to Qualifying Shareholders, of 71 428 571 Rights Offer
Shares at a Subscription Price of 70c per Rights Offer Share, in the ratio of 5.83357 Rights
Offer Shares for every 100 APF Shares held as at the close of business on Friday, 10
February 2023. The Rights Offer was fully underwritten by U Big Investments Proprietary
Limited (“Underwriter”). The Board is pleased to advise that APF has successfully raised a
total amount of R50 million pursuant to the Rights Offer. The Underwriter took up 54 619 575
Rights Offer Shares for a value of R38 233 702.50.

2.    RESULTS OF THE RIGHTS OFFER

The Rights Offer closed at 12:00 on Friday, 24 February 2023, the results of which are set out
below:
                                            Number of Rights Offer     Value of Rights
                                            Shares                     R0.70 per Rights Offer
                                                                       Share
 Rights Offer Shares available for          71 428 571                 R49 999 999.70
 subscription

 Certificated Number of Rights Offer        0                          R0.00
 Shares Taken Up
 Uncertificated Number of Rights Offer      16 808 996                 R11 766 297.20
 Shares Taken Up
 Total Number of Rights Exercised           16 808 996                 R11 766 297.20

 Number of rights available for             54 619 575                 R38 233 702.50
 underwriter’s portion



3.    ISSUE OF RIGHTS OFFER SHARES

3.1      Qualifying Dematerialised Shareholders (or their Renouncees or the purchasers of
their Letters of Allocation) who have followed their Rights and/or have been allocated excess
Rights Offer Shares, will have their Broker, CSDP, nominee, agent or trustee accounts debited
with the relevant aggregate Subscription Price and credited with the relevant Rights Offer
Shares, on Monday, 27 February 2023 and Wednesday, 29 February 2023, respectively.

3.2      Qualifying Certificated Shareholders (or their Renouncees or the purchasers of their
Letters of Allocation), who followed their Rights, and who:

            -   have an account with a Broker or CSDP and elected “Option 1” on Form D of
                the Form of Instruction, will have their account at their Broker or CSDP
                credited with the relevant Rights Offer Shares, on Monday, 27 February 2023
                and Wednesday, 29 February 2023, respectively;
            -   do not have an account with a Broker or CSDP and elected “Option 2” on
                Form D of the Form of Instruction, will be issued a statement of allocation in
                respect thereof as soon as possible and will be required to appoint a Broker or
                CSDP to enable the Rights Offer Shares to be made available to them; and
            -   do not wish to hold the Rights Offer Shares subscribed for in Dematerialised
                form and elected “Option 3” on Form D of the Form of Instruction, the
                Documents of Title in respect thereof will be posted to such Qualifying
                Certificated Shareholders, at their risk, as soon as possible.




Fourways
27 February 2023
Corporate Advisor and Transaction Sponsor: Bravura Capital (Pty) Limited


Legal Advisors: Glyn Marais Inc.


Sponsor: The Standard Bank of South Africa Limited

Date: 27-02-2023 02:19:00
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