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Response to Recent Media Commentary
TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
Incorporated in the Republic of South Africa
(Registration number 2005/019302/06)
Share code: TEX ISIN: ZAE000190542
(“Texton” or “the Company”)
RESPONSE TO RECENT MEDIA COMMENTARY
The Board of Directors of Texton (“the Board”) has noted a recent article relating to the Company published in
the Business Day on 17 April 2018 with the headline “Investors await release of Texton’s turnaround plan”.
The Board is disappointed that this article contains a number of factual inaccuracies and misrepresentations
of Texton’s operations and Management in the article. The Board would like to notify shareholders that Texton
was not the source of the article released by Business Day nor did Executive Management receive information
for comment or verification by the journalist.
The Board and Management are dealing with this matter to ensure all shareholders have accurate information
and remain abreast of developments. Texton has historically not commented on media articles however, the
Board and Management believes that the continual misrepresentation of the Company is not only damaging
to its valuation but also to Management’s advancement of Texton’s strategic initiatives.
The Board also refers to an article published in the Business Day on 9 April 2018 with the headline “Wiese
selling stake in underperforming fund”. As stated in Texton’s SENS announcement on 6 April 2018, the sale
of the shares by Dr Wiese and affiliated companies was a strategic re-alignment of the Wiese group’s
investment portfolios.
Furthermore, the Board takes exception to the false claim in the article that “Texton owns some South African
assets, but it sees these as secondary assets that need to be sold…”. Texton would like to confirm that it has
completed its portfolio rationalisation programme and that its South African portfolio has remained defensive
given weakened property fundamentals. As at end February 2018, overall property portfolio vacancies stood
at 7.9% which is significantly below SAPOA statistics. Management has made concerted efforts to retain office
occupancies of 98% in the Sandton node which is showing a massive oversupply of office space.
Whilst Texton’s share price performance has been under pressure, the Board has every confidence in
Management and believes that great progress is being made towards stabilising the Company and building a
platform that will ensure sustainable shareholder returns.
Texton will continue to engage transparently and directly with its stakeholders by providing regular and
accurate information on all Company-related developments. Any information regarding the Company’s
business strategy will be communicated together with the release of the annual results for the year ended
30 June 2018.
ENQUIRIES:
Instinctif Partners
Frederic Cornet or Hartwell Tshuma
+27 11 447 3030.
Johannesburg
17 April 2018
Sponsor
Merchantec Capital
Date: 17/04/2018 04:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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