ARROWHEAD PROPERTIES LIMITED - Proposed conversion to a single class of shares

ARROWHEAD PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2011/000308/06)
JSE share code: AWA ISIN: ZAE000203105
JSE share code: AWB ISIN: ZAE000203113
(Approved as a REIT by the JSE)
('Arrowhead' or 'the company')


PROPOSED CONVERSION TO A SINGLE CLASS OF SHARES



As shareholders are aware, Arrowhead currently has two classes of ordinary shares, Arrowhead A ordinary shares
('Arrowhead A shares') and Arrowhead B ordinary shares ('Arrowhead B shares'). The Arrowhead A shares receive
either 15 cents per quarter (60 cents per annum) or 50% of the total distributed income per combined Arrowhead A share
and Arrowhead B share, whichever is higher. The Arrowhead Memorandum of Incorporation provides that, when the
distribution per Arrowhead A share in respect of each income period for four consecutive income periods exceeds 30
cents, then the Arrowhead B shares automatically convert into Arrowhead A shares, creating a single class of Arrowhead
security. Arrowhead A shares and Arrowhead B shares have received the same distribution since the first quarter of the
2014 financial year (when the quarterly distribution per Arrowhead A share exceeded 15 cents for the first time) and there
is now no meaningful difference between the economic participation of the Arrowhead A shares and the Arrowhead B
shares.


In the circumstances, the Arrowhead executives believe that there is merit in accelerating the creation of a single class of
Arrowhead security, in order to simplify the structure and improve liquidity. The company has instructed its advisors to
begin working on the potential conversion to a single class of Arrowhead security and further announcements in this
regard will be made in due course.

7 October 2015


Sponsor
Java Capital


Date: 07/10/2015 04:20:00 Supplied by www.sharenet.co.za                     
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