SAFARI INVESTMENTS (RSA) LIMITED - Update on Specific Issue of Shares for Cash, Disclosure of Acquisition of Securities and Dealing in Securities by As

Update on Specific Issue of Shares for Cash, Disclosure of Acquisition of Securities and Dealing in Securities by As

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”)

UPDATE ON SPECIFIC ISSUE OF SHARES FOR CASH, DISCLOSURE OF
ACQUISITION OF SECURITIES AND DEALING IN SECURITIES BY
ASSOCIATES OF DIRECTOR
1. UPDATE

Safari shareholders (“Shareholders”) are referred to the
circular dated 19 June 2017 wherein various subscription
agreements for a total subscription amount of R756.6 million
were set out (“the Subscriptions”).

The Company is pleased to advise Shareholders that the
conditions precedent to the Subscriptions have been fulfilled
and the Company has received the subscription amounts.

The issue was amongst others taken up by a new investor,
Southern Palace Capital (“Southern Palace”), which thereby
holds a 21% share in Safari. Safari is proud to be associated
with this South African company and look forward to unlock
synergies in the South African real estate sector. Southern
Palace is a wholly black owned and managed South African,
diversified operating industrial company established in 2002
with interests in numerous well-established businesses.
Southern Palace has built up a track record of successful
investment transactions. It has presence in steel products
manufacturing and recycling, automotive trading and
manufacturing, real estate and technology and
telecommunications.

At conclusion of the share issue, and after taking into
account a scrip dividend and share issue to SA Corporate Real
Estate under the Company’s general authority in July 2017, the
total issued Safari shares are 311 185 616. The net asset
value, at share issue value, is R2,365 billion and the gearing
ratio of the Company decreases to 8%. Through these
transactions, Safari also anticipates improved liquidity of
its share and is cognisant that effective management of its
debt level is now key. The additional funds will enable the
Company to unlock further portfolio value and to grow its
assets. Safari’s strong emphasis on quality assets and
sustainable income streams will remain in delivering its
pipeline of projects.

2. 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 Subscriptions:

Southern Palace Capital (Proprietary) Limited has acquired an
interest in the securities of the Company, such that the total
interest in the securities of the Company held by Southern
Palace Capital (Proprietary) Limited amounts to 21.21% of the
total issued share capital of the Company.

3. DEALING IN SECURITIES BY ASSOCIATES OF DIRECTOR

In compliance with rules 3.63 to 3.74 of the JSE Limited
Listings Requirements, the following information is
disclosed:

NAME OF DIRECTOR:            FJJ MARAIS
STATUS:                      EXECUTIVE DIRECTOR
COMPANY:                     SAFARI INVESTMENTS RSA LIMITED
TYPE OF SECURITIES:          ORDINARY SHARES
DATE OF TRANSACTION:         25 AUGUST 2017
PRICE PER SHARE:             R7.60
NUMBER OF SECURITIES
TRANSACTED:                   657 895
TOTAL RAND VALUE OF
SECURITIES:                  R5 000 002.00
NATURE OF TRANSACTION:       SUBSCRIPTION OF SHARES BY AN
                             ASSOCIATE OF A DIRECTOR
                             (OFF-MARKET TRANSACTION)
NAME OF ASSOCIATE            SAFARIHOLD PROPRIETARY LIMITED
RELATIONSHIP WITH THE        DIRECTOR IS A DIRECTOR AND
DIRECTOR:                    SHAREHOLDER OF THE ASSOCIATE
NATURE AND EXTENT OF
DIRECTOR'S INTEREST IN
THE TRANSACTION:              INDIRECT BENEFICIAL
CONFIRMATION THAT
CLEARANCE HAS BEEN
GIVEN IN TERMS OF
PARAGRAPH 3.66:               YES

Pretoria
28 August 2017

Sponsor
PSG Capital Proprietary Limited

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