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GREENBAY PROPERTIES LIMITED - Settlement of Greenbay's accelerated book build; dividend guidance

Release Date: 21/08/2017 12:36
Code(s): GRP     PDF:  
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Settlement of Greenbay's accelerated book build; dividend guidance

GREENBAY PROPERTIES LTD
(Incorporated in the Republic of Mauritius on 14 August 2014)
(Registration number: C124756 C1/GBL)
SEM share code: GFP.N0000
JSE share code: GRP
ISIN: MU0461N00007
(“Greenbay” or “the Company”)


SETTLEMENT OF GREENBAY’S ACCELERATED BOOK BUILD; DIVIDEND GUIDANCE


On 8 August 2017, Greenbay undertook an accelerated book build (the “ABB”) in order to raise approximately
R4.5 billion through the placing of 2 196 591 333 new shares at a price of ZAR1.97 per share on the Johannesburg
Stock Exchange (“JSE”) and 87 672 626 new shares (the “new shares”) at a price of EUR0.126 on the Stock
Exchange of Mauritius (“SEM”).

Greenbay confirms that the issuance of the new shares will settle on Tuesday, 22 August 2017.

In announcing the opening of the ABB, Greenbay affirmed its dividend guidance of 0,236 EUR cents per share for the
second half of the financial year to September 2017, on the basis that the Company’s distributable earnings will
exceed this expected dividend and, in line with its dividend policy, the Company will retain excess earnings. Greenbay
also advised shareholders that it expects 25% growth in dividends per share for the 2018 financial year.

The forecasts underlying Greenbay’s guidance are the responsibility of its board and have not been reviewed or
reported on by the Company’s external auditors. The key assumptions and/or bases that were used in arriving at the
forecasts are that a stable global macro-economic environment will prevail; that there will be no failures of listed real
estate or infrastructure securities or of investment counterparties to the Company; that the Company will make further
investments in listed real estate and infrastructure securities in line with its investment policy (with no assumption that
the Company will acquire further direct property in the forecast periods); that the further investments in listed
securities will be funded through a combination of gearing and capital (with adherence to the Company’s policy not to
exceed gearing of 45% on an LTV basis and with no assumption that further capital will be raised by the Company
including the amount of approximately R4.5 billion raised in the ABB as referred to above); and that the direct
properties acquired in the Portugese joint venture with effect from 1 June 2017 are brought to account in the 2017
forecast for four months and in the 2018 forecast for the full 12 months.

The Company has primary listings on both the Official Market of the SEM and the Main Board of the JSE.

By order of the board


21 August 2017


This notice is issued pursuant to JSE Listings Requirements, SEM Listing Rule 11.3 and Rule 5(1) of the Securities
(Disclosure Obligations of Reporting Issuers) Rules 2007. The board of directors of Greenbay accepts full
responsibility for the accuracy of the information in this announcement.
   
                                      
Sole bookrunner and JSE sponsor     
Java Capital 
Tel: +27 11 722 3052


SEM authorised representative and sponsor
Perigeum Capital
Tel: +230 402 0890                        


Company secretary
Intercontinental Trust Ltd
Tel: +230 403 0800


Date: 21/08/2017 12:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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