To view the PDF file, sign up for a MySharenet subscription.

FREEDOM PROPERTY FUND LTD - Cautionary announcement, assessment and adoption of BEE share participation scheme an correction to PLS

Release Date: 22/07/2014 15:45
Code(s): FDP     PDF:  
Wrap Text
Cautionary announcement, assessment and adoption of BEE share participation scheme an correction to PLS

Freedom Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2012/129186/06)
Share code: FDP
ISIN: ZAE000185260
(“Freedom” or “the Company”)


CAUTIONARY ANNOUNCEMENT,ASSESSMENT AND ADOPTION OF BLACK ECONOMIC
EMPOWERMENT (“BEE”) SHARE PARTICIPATION SCHEME AND CORRECTION TO PRE-LISTING
STATEMENT (“PLS”)


1. CAUTIONARY ANNOUNCEMENT


   Shareholders are advised that Freedom has entered into negotiations, which if successfully
   concluded, may have a material effect on the price of the Company's securities.


   Accordingly, shareholders are advised to exercise caution when dealing in the Company's
   securities until a further announcement is made.


2. ASSESSMENT AND ADOPTION OF BLACK ECONOMIC EMPOWERMENT (“BEE”) SHARE
   PARTICIPATION SCHEME


   During a meeting of the Freedom board of directors held on Friday, 18 July 2014, it was resolved
   that executive management should proceed with the assessment and adoption of a BEE share
   participation scheme, which will result in ownership of ordinary shares in Freedom by previously
   disadvantaged individuals through a BEE structure.


   The details of the BEE share participation scheme will be presented to Freedom shareholders for
   approval In due course.


3. CORRECTION TO PLS
   Shareholders’ are referred to the PLS of the Company issued on 5 June 2014 and are advised that
   the formulas set out in paragraph 5.2.4 – Guarantee Shares contained an error. The formulas
   reflected are utilised to calculate the possible payment to the vendors under the Guarantee
   Shares and incorrectly reflected the number of shares to which the potential top up payment
   relates as 67,000 and 33,000 shares for the Christo Trust and Lafras Trust and should have
   reflected 67,000,000 and 33,000,000 shares for the Christo Trust and Lafras Trust, respectively.
   Accordingly the correct formula is as follows:


   Formula for the Christo Trust     and      Formula for the Lafras Trust
   P = 67,000,000 x (RP – V)                  P = 33,000,000 x (RP – V)


   The remainder of the information relating to the Guarantee Shares contained in paragraphs 5.2.3
   and 5.2.4 of the PLS has been reflected correctly. The incorrect formulas understate the potential
   top up payments made to vendors under the Guarantee Shares.


   Notwithstanding the aforementioned, shareholders are advised that the acquisition agreements
   that were available for inspection, as set out in paragraph 34 of the PLS contain the correct
   formula as set out above.


Johannesburg
22 July 2014


Sponsor                                 Corporate Advisor
PSG Capital                             Base Capital

Date: 22/07/2014 03:45:00 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.

Share This Story