TEXTON PROPERTY FUND LIMITED - Rights offer results announcement

Rights offer results announcement

TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
Registration number: 2005/019302/06
JSE code: TEX
ISIN: ZAE000190542
(“Texton” or “the Company”)


RIGHTS OFFER RESULTS ANNOUNCEMENT

1.   Introduction

     Texton shareholders (“Shareholders”) are referred to the finalisation announcement released on the Stock
     Exchange News Service (“SENS”) on Tuesday, 8 September 2015, as well at the circular to Shareholders dated
     Tuesday, 22 September 2015, relating to a partially underwritten rights offer to raise up to R986 million through
     the issue of 100 000 000 new Texton shares (“Rights Offer Shares”) in the ratio of 36.22312 for every 100 Texton
     shares held on Friday, 18 September 2015, being the rights offer record date (“Record Date”), at an issue price
     of R9.86 per Rights Offer Share (“Rights Offer”).

     The Rights Offer closed on Friday, 2 October 2015 and the board of directors of Texton (“Board”) is pleased to
     advise that Rights Offer was fully subscribed.

2.   Results of the Rights Offer

     The Company has successfully raised R986 million from Shareholders or any other person in whose favour a
     Shareholder has renounced all or a portion of their rights pursuant to the Rights Offer (“Renouncees”). The results
     of the Rights Offer are set out below:


                                                                                  Number of Rights           % of Rights
                                                                                      Offer Shares          Offer Shares

      Rights Offer Shares available for subscription                                   100 000 000                 100%

      Total number of Rights Offer Shares applied for by Shareholders                   68 927 757               68.93%
      or their Renouncees pursuant to letters of allocation


      Total applications received from Shareholders wishing to acquire                     193 986                0.19%
      Rights Offer Shares in addition to their rights entitlements
      (“Excess Applications”)

      Rights Offer Shares allocated to Shareholders or their                               193 986                0.19%
      Renouncees pursuant to Excess Applications

      Rights Offer Shares allocated to Luna Group Proprietary Limited                   30 878 257               30.88%
      (the “Underwriter”)


3.   Allocation of Excess Applications

     The Board applied the provisions of paragraph 5.33 of the JSE Listings Requirements for the purposes of
     allocating Rights Offer Shares pursuant to Excess Applications (“Excess Shares”). Excess Shares were first
     allocated in respect of each Excess Application for which an Excess Application was made equating to a ratio of
     100% to all those who applied for Excess Shares. Thereafter, the remainder of the Excess Shares were allocated
     to the Underwriter, which represents 99.38% of the total available Excess Shares.

     The Board is satisfied that this is the most equitable basis as it has satisfied, in full, all of the Excess Applications.

4.   Issue of Rights Offer Shares

     Dematerialised Shareholders registered as such on the Record Date (or their Renouncees), who validly
     subscribed for Rights Offer Shares, will have their accounts at their CSDP or broker debited and updated with the
     Rights Offer Shares to which they are entitled, on Monday, 5 October 2015.

     Certificated Shareholders registered as such on the Record Date (or their Renouncees), who validly subscribed
     for Rights Offer Shares, will have new share certificates in respect of the Rights Offer Shares to which they are
     entitled, posted to them at their own risk, on Monday, 5 October 2015.

     The Excess Shares that have been allotted will be issued against payment, on Wednesday, 7 October 2015.

     The refund payments in respect of unsuccessful applications for Excess Shares by certificated Shareholders (or
     their Renouncees) will be made on or about Wednesday, 7 October 2015 in accordance with the instructions on
     the form of instruction and at the unsuccessful applicants’ own risk.

     No interest will be paid on monies received in respect of unsuccessful applications for Excess Shares.



     Dunkeld West
     5 October 2015


     Investment Bank and Sponsor
     Investec Bank Limited

     Legal Advisor
     Glyn Marais Incorporated

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