SAFARI INVESTMENTS (RSA) LIMITED - Subscription by way of a General Issue of Shares for Cash and Disclosure of Acquisition of Securities

Subscription by way of a General Issue of Shares for Cash and Disclosure of Acquisition of Securities

SAFARI INVESTMENTS RSA LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2000/015002/06
Approved as a REIT by the JSE Limited
Share code: SAR
ISIN number: ZAE000188280
(“Safari” or “the Company”)

SUBSCRIPTION BY WAY OF A GENERAL ISSUE OF SHARES FOR CASH AND
DISCLOSURE OF ACQUISITION OF SECURITIES
1. Introduction

Safari shareholders (“Shareholders”) are advised that the
Company has entered into a subscription agreement with SA
Corporate Real Estate Limited (“SA Corporate”), whereby the
Company has issued 20,000,000 ordinary shares to SA Corporate
for a total cash amount of R152,000,000 (“the Subscription”),
in terms of the Company’s general authority to issue shares
for cash, which was approved by Shareholders at the Company’s
annual general meeting which was held on 27 July 2016.

The Subscription has been executed at an issue price of R7.60
per share, which represents a premium of 9.76% to the
Company’s 30 day volume weighted average traded price of R6.92
prior to the date of issue.

2. Rationale

The rationale for the Subscription and use of proceeds is in
line with the rationale for the imminent specific issue of
shares for cash amounting to R756 million as set out in the
circular posted to Shareholders on 7 June 2017, which includes
inter alia enabling Safari:
- to settle most of its existing bond debt, which was incurred
- to significantly expand Safari’s property portfolio in order
- to establish the properties as dominant in the market; and
- to continue further expansion of its property portfolio into
existing and new markets.

Furthermore, Safari believes that:
- there is a common culture between itself and SA Corporate;
  and
- having SA Corporate as a shareholder will potentially result
  in synergies for both parties over the long term.

As a result of the Subscription, the Company has issued
cumulatively 14.59% of the authorised share capital at the
date of approval of the Company’s general authority to issue
shares.

3. DISCLOSURE OF ACQUISITION OF SECURITIES

In accordance with section 122 (3)(b) of the Companies Act No.
71 of 2008, as amended, and section 3.83(b) of the Listings
Requirements of the JSE Limited, shareholders are hereby
advised that the Company has received formal notification in
the prescribed form of the following movement in securities of
the Company as a result of the Subscription:

SA Corporate has acquired an interest in the securities of the
Company, such that the total interest in the securities of the
Company held by SA Corporate amounts to 9.47% of the total
issued share capital of the Company.

Pretoria
4 July 2017

Bookrunner
Tenurey BSM Proprietary Limited

Sponsor
PSG Capital Proprietary Limited

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