BALWIN PROPERTIES LIMITED - Results of the Offer

Results of the Offer

BALWIN PROPERTIES LIMITED
(previously Balwin Properties Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2003/028851/06)
Share code: BWN
ISIN: ZAE000209532
("Balwin" or "the Company")


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UNLAWFUL TO DO SO

Results of the Offer

Unless otherwise indicated, defined terms used in this announcement are as set out in the Pre-listing Statement of
Balwin, dated 1 October 2015. This announcement has been prepared with reference to the Pre-listing Statement, the
abridged announcement for which was released on SENS on 2 October 2015.

1.   Results of the Offer

Balwin is pleased to announce that the private placement in relation to the Offer closed on Thursday, 8 October 2015.
In light of significantly strong demand, the amount of capital to be raised was increased to R1.76 billion. At this level,
the book was significantly oversubscribed and comprised:

-    R713 million to be received by Balwin to settle the Debt Facilities and provide the Company with added balance
     sheet capacity for future land acquisitions and development activities; and
-    R1.05 billion to be received by way of a secondary placement by Balwin’s existing shareholders.

Accordingly, Balwin successfully placed a total of 178,238,798 Offer Shares at a price of R9.88 per Offer Share.

As detailed in the Pre-listing Statement, in order to facilitate the strong demand for Balwin Shares, Stephen Brookes
(Balwin’s CEO) exercised his discretion to allocate an additional 23,123,531 Shares to Qualifying Investors (without
increasing the maximum number of Shares in the Company). As such, Mr Brookes’ total shareholding in Balwin will
amount to 35.1% of the total Shares in issue post the Offer (a lock-in period applies in respect of Mr Brookes’ remaining
shareholding).

The Settlement and Listing Date for the Offer is scheduled for Thursday, 15 October 2015 and is subject to achieving
a spread of shareholders acceptable to the JSE. Any change in these dates will be announced on SENS.

Based on a total of 472,192,592 Ordinary Shares outstanding at the Listing Date, it is anticipated that the Company will
have a free float of approximately 52.75%.


9 October 2015
Johannesburg

Investment Bank, Bookrunner and Sponsor
The Corporate Finance division of Investec Bank Limited

Company Secretary
CIS Company Secretaries Proprietary Limited (represented by Neville Toerien)

Transfer Secretaries
Computershare Investor Services Proprietary Limited

Legal Advisors
Edward Nathan Sonnenbergs Incorporated and Brian Kahn Incorporated

Independent Reporting Accountants and Auditors
Deloitte and Touche Registered Auditors

Communications Advisor
Instinctif Partners SA Proprietary Limited

Conveyancing Attorneys
Tonkin Clacey Incorporated and Smith Tabata Buchanan Boyes Incorporated

Independent Valuer
Peter Parfitt, Quadrant Properties Proprietary Limited

Date: 09/10/2015 05:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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