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Proposed equity placement of up to 125 million accelerate shares
ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2005/015057/06)
Share code: APF ISIN: ZAE000185815
(“Accelerate” or the “Company”)
PROPOSED EQUITY PLACEMENT OF UP TO 125 MILLION ACCELERATE SHARES AND DISTRIBUTION GUDIANCE
Accelerate shareholders (“Shareholders”) are referred to the announcement released by the Company on the Stock
Exchange News Service of the JSE Limited as well as the circular posted to Shareholders, both on Monday, 24 October
2016, which contained details regarding the acquisition of an offshore property portfolio (“Offshore Portfolio Acquisition”).
Accelerate is pleased to announce its intention to implement an equity raise via a private placement (“Private Placement”)
for the issue of up to 125 million new Accelerate shares at an issue price in the range of R6.10 to R6.50 per Accelerate
share, to be issued in terms of a vendor consideration placing. The pricing range represents an estimated 7.1 – 12.9%
discount to Accelerate’s net asset value per share after the Offshore Portfolio Acquisition and reflects an implied 12-month
forward yield of approximately 9.7%% to 10.3%, from the projected issue date, after taking into account the impact of the
Offshore Portfolio Acquisition. Accelerate expects growth in distributions of between 7% - 8% for the financial years ending
31 March 2017 and 31 March 2018 before taking into account the expected accretionary impact of the Offshore Portfolio
Acquisition on distributions for the same periods.
The Private Placement is subject to the requisite approval being obtained by shareholders to place the required shares
under the control of Accelerate directors at the general meeting to be held on 22 November 2016.
Given recent exchange rate volatility, Accelerate will be looking to secure irrevocable commitments to participate in the
Private Placement at a predetermined price by Friday, 18 November 2016.
The Private Placement will open during or after the week beginning 28 November 2016, and the company reserves the right to
close it at any time. The new shares, when issued, will be credited as fully paid and will rank pari passu in all respects with
existing shares.
Investec Bank Limited are acting as sole bookrunner.
Contact details and enquiries:
Tomi Amosun
tomi.amosun@investec.co.za
011 291 3269
OR
Andrew Parker
andrew.parker@investec.co.za
011 286 8077
Johannesburg
11 November 2016
Bookrunner and Transaction Sponsor
Investec Bank Limited
Sponsor
The Standard Bank of South Africa Limited
Date: 11/11/2016 02:40:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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