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NEW FRONTIER PROPERTIES LIMITED - New Frontier raises approximately GBP84 million in new equity capital, changes to the board and cautionary

Release Date: 26/03/2015 15:19
Code(s): NFP     PDF:  
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New Frontier raises approximately GBP84 million in new equity capital, changes to the board and cautionary

New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)                                                              
(Registration number 123368C1/GBL)
SEM share code: NFP.N000
JSE share code: NFP    ISIN: MU0453N00004
(“New Frontier” or “the company”)


NEW FRONTIER RAISES APPROXIMATELY GBP84 MILLION IN NEW EQUITY CAPITAL, CHANGES TO THE BOARD OF DIRECTORS AND CAUTIONARY ANNOUNCEMENT


Reference is made to the announcement issued on the Stock Exchange of Mauritius by New Frontier on
16 December 2014. The directors of New Frontier are pleased to announce that the company has closed a private
placement of New Frontier shares to invited investors (“the private placement”). Through the private
placement, the company has placed 83 759 264 new New Frontier shares with investors as follows:

-     6 500 000 New Frontier shares at an issue price of GBP1.00 per share, raising GBP6.5 million through the
      company’s Mauritian share register; and
-     77 259 264 New Frontier shares at an issue price of ZAR18.2507 per share at an exchange rate of
      GBP1.00/ZAR18.2507, raising approximately ZAR1.4 billion (approximately GBP77.3 million) through
      the company’s South African share register.

The proceeds raised from the private placement will be used to settle part of the aggregate purchase consideration
and transaction costs for the acquisition of two retail centres situated in the UK. Further details in respect of the
acquisition are expected to be announced shortly.

In addition, the company will simultaneously issue 19 565 860 new shares at an issue price of GBP0.01 per share
to various parties who undertook promotional activities in regard to the establishment of the company and its
business.

The new shares will be issued and listed against payment of the subscription proceeds, on or about Thursday,
26 March 2015. The new shares will rank pari passu in all respects with existing New Frontier shares in issue.
Following the issue of the new shares, the company will have a total of 104 389 870 shares in issue.

CHANGES TO THE BOARD OF DIRECTORS

Shareholders are advised that the following directors have resigned from the board, with effect from Wednesday,
25 March 2015:

-     Brendon Jones;
-     Gary Fourie;
-     Peter Todd; and
-     Diane Bosman.

The board wishes to thank Mr Jones, Mr Fourie, Mr Todd and Ms Bosman for their valuable contributions to the
company.

The following directors have been appointed to the board, with effect from Wednesday, 25 March 2015:

-     Sisa Ngebulana has been appointed as non-executive chairman. Sisa founded the Billion Group Limited in
      1998 and Rebosis in 2010. Sisa has won various awards: Entrepreneur of the Year Award (2006), Pioneer
      award (2014), African Business Excellence (2014). He is a past president of the South African Council of
      Shopping Centres, and has been a director of the Attfund Group, Truworths International and the
      Construction Industry Development Board. Sisa has single handedly developed a number of regional
      shopping malls in South Africa, including Hemingways Mall, Forrest Hill City, Mdantsane City, B.T.
      NGebs City and Bay West City. Sisa is an admitted attorney of the High Court of South Africa.

-     Andile Mazwai has been appointed as a non-executive director. Andile is the CEO of the National Stokvel
      Association of South Africa, a non-executive director of the JSE Limited and of Rebosis Property Fund
      Limited. He was formally CEO of Barnard Jacobs Mellet Holdings, before it was acquired by First
      National Bank in 2011.

-     Kameel Keshav has been appointed as a non-executive director. Kameel is chief financial officer of
      Rebosis. Before joining Rebosis Kameel headed up the commercial function for Orica Limited, where he
      oversaw all commercial activity in Africa, Middle East and Continental Europe. Prior to that Kameel was a
      finance business partner for Kraft Foods in Central and East Africa where he was responsible for financial
      compliance together with a strong focus on alignment through financial review to the strategic objectives
      of the business. Kameel is a qualified chartered accountant.

The following directors have been appointed to the board, with effect from Tuesday, 7 April 2015:

-     Mike Riley has been appointed as chief executive officer. Mike is the joint managing director of UK based
      Waypoint Asset Management Limited. Mike has worked in the property industry since 1986, having
      trained as a chartered surveyor. Mike has held various roles as director and chief executive in a number of
      private and public property companies.

-     Vickie Whitehouse has been appointed as chief financial officer. Vickie has been a director of both public
      and private companies. She qualified as a chartered accountant in 1997 and has worked in various
      accounting and accounting roles in property companies situated in the UK and the United States of
      America.

CAUTIONARY ANNOUNCEMENT

Until a further announcement is released in regard to the acquisition referred to above, and other related
matters, shareholders are advised to exercise caution when dealing in the company’s securities.


South African and lead corporate advisor, sole bookrunner
and JSE sponsor
Java Capital                                              +27 11 283 0042

Company secretary
Osiris Corporate Solutions (Mauritius) Limited              +230 650 4030


26 March 2015

This announcement is issued pursuant to SEM Listing Rules 11.3 and the Securities Act 2005 of Mauritius. The
board of directors of New Frontier Properties Ltd accepts full responsibility for the accuracy of the
information contained in this announcement.

Date: 26/03/2015 03:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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