RESILIENT REIT LIMITED - Update on independent review and unwind of cross-shareholding with Fortress REIT Limited

Update on independent review and unwind of cross-shareholding with Fortress REIT Limited

RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/016851/06)
JSE share code: RES  ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient” or “the Company”)


UPDATE, INDEPENDENT REVIEW AND UNWIND OF CROSS-SHAREHOLDING WITH FORTRESS REIT LIMITED


The independent review currently underway is being undertaken in terms of an agreed scope available on
Resilient’s website at www.resilient.co.za. Mr Fakie has informed the chair of Resilient’s audit committee that
he aims to report by the end of next week. The report will be made public and Mr Fakie’s working papers of the
review is available to the FSB, pursuant to the undertaking by the board and management of Resilient to co-
operate fully with all investigations. The board welcomes an investigation by the FSB of matters referred to it
and will do all it can to expedite the outcome.

The board reiterates that it has no information or knowledge that indicates any misconduct by management. The
executive team has co-operated fully with the board as well as with all reviews and investigative processes.

As indicated in the SENS announcements of 16 February 2018 and 7 March 2018, Resilient has noted the
consistent feedback from its shareholders that the cross-shareholding of Resilient with Fortress REIT Limited
should be unwound. Resilient management is currently engaging with shareholders to obtain their views on the
mechanism to effect the unwind and anticipates being in a positon to announce the way forward shortly.

A process to identify and appoint additional independent non-executive directors is underway.

Resilient remains in a sound financial position with strong liquidity and its underlying operations continue to
perform well. Be assured that the board and management of Resilient are fully focused on doing all that is
necessary to restore shareholder confidence in the Company.

Resilient welcomes on-going communication and engagement with shareholders and will provide regular
updates.

29 March 2018


Sponsor
Java Capital

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