TEXTON PROPERTY FUND LIMITED - Repurchase of ordinary shares in Texton

Repurchase of ordinary shares in Texton

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”)




REPURCHASE OF ORDINARY SHARES IN TEXTON




1. Introduction

    In terms of a general authority granted by Texton shareholders at the Company’s annual general
    meeting held on 17 November 2015, a special resolution was passed to approve the repurchase of its
    ordinary shares.

    In terms of the special resolution:
    - The general authority is limited to a maximum of 20% of Texton’s issued ordinary share capital,
         being 75 213 353 ordinary shares;
    - Any repurchase may not be made at a price greater than 10% above the weighted average of the
         market value of the ordinary shares for the five business days immediately preceding the date of
         such repurchase; and
    - The repurchase of shares has to be affected through the order book operated by the JSE trading
         system and done without any prior understanding or arrangement between Texton and the counter
         party.

2. Implementation

    The salient details relating to the share repurchases are included in the table below:

    23 - 28 December 2015


     Total number of ordinary shares repurchased during the period                                8 276 143
     Total value of ordinary shares repurchased                                              R74 485 287.00
     Highest price paid per ordinary share                                                            R9.00
     Lowest price paid per ordinary share                                                             R9.00

    2 - 6 September 2016


     Total number of ordinary shares repurchased during the period                                6 529 145
     Total value of ordinary shares repurchased                                              R54 174 173.00
     Highest price paid per ordinary share                                                            R8.40
     Lowest price paid per ordinary share                                                             R8.00

   Additional information required in terms Listings Requirements of the JSE Limited:

     The number of ordinary shares which may still be repurchased by Texton
     in terms of the general authority                                                           60 408 065
     The percentage of ordinary shares which may still be repurchased by
     Texton in terms of the general authority                                                       16.06%
    Ordinary shares in issue on 30 June 2016, the date of Texton’s most recent
    financial year end                                                                       376 066 766
    Treasury shares held after the share repurchases                                          14 805 288



3. Opinion of the directors

   The directors of Texton have considered the impact of the share repurchase and are of the opinion
   that:
   - Texton and its subsidiaries will be able, in the ordinary course of business, to repay its debts for a
      period of 12 months from the date of this announcement;
   - The assets of Texton and its subsidiaries are in excess of the liabilities, measured in accordance
      with the accounting policies used in the audited results for the financial year period ended 30 June
      2016;
   - The ordinary share capital and reserves of Texton and its subsidiaries will be adequate for a period
      of 12 months from the date of this announcement; and
   - The working capital of Texton and its subsidiaries will be adequate for a period of 12 months from
      the date of this announcement.

4. Impact on financial information of Texton and source of funding

   The impact of the repurchase of the ordinary shares on the financial information of the Company is
   immaterial. The repurchases to date have been funded from available cash resources and it is intended
   that all future purchases will also be funded from available cash resources.

5. JSE listing

   The repurchased shares will be held in a wholly-owned subsidiary as treasury shares.



   Hyde Park
   8 September 2016

   Investment Bank and Sponsor
   Investec Bank Limited

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