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FORTRESS REIT LIMITED - Dealings in securities by a director of the company

Release Date: 24/01/2019 17:25
Code(s): FFB FFA FIFB08 FIFB09 FIFB10 FIFB11 FIFB12 FIFB14 FIFB15     PDF:  
Wrap Text
Dealings in securities by a director of the company

FORTRESS REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes:   FFA   ISIN: ZAE000248498
                   FFB   ISIN: ZAE000248506
Bond company code: FORI
(Approved as a REIT by the JSE)
("Fortress" or "the Company")


DEALINGS IN SECURITIES BY A DIRECTOR OF THE COMPANY


Shareholders are referred to the announcement released on SENS on 8 May 2018 wherein shareholders were advised
that Steven Brown, a director of Fortress, had re-structured an over-the-counter collar in respect of Resilient REIT
Limited ("Resilient") shares to an over-the-counter collar on a basket of 25 174 Resilient shares and 10 069 Fortress B
ordinary shares ("the collar") with a combined put strike price of R106.20 and a combined call strike price of
R144.27, with an expiry date of 24 January 2019 and in respect of which he has a direct beneficial interest.

Shareholders are advised that the expiry date of the collar is 21 January 2019 ("the expiry date") and the reference in
the 8 May 2018 SENS to 24 January 2019 was in fact the settlement date. As the price of the collar at the expiry date
was lower than the put strike price of R106.20, the collar was automatically settled off-market by the delivery of, in
aggregate 25 174 Resilient shares and 10 069 Fortress B ordinary shares to the relevant counterparty and payment by
the counterparty of R8 722 500, which was utilised in full to settle a loan advanced by the counterparty.

As the expiry date of the collar fell within Fortress' closed period, a dispensation for a dealing in securities by a
director during a closed period was sought and granted by the JSE on the basis that the collar is exercised
automatically unless, prior to the expiry date Steven Brown elected to settle the loan in cash, which he was not in a
position to do. The transaction was conducted off-market and the director no longer has a beneficial interest in the
10 069 Fortress B shares.

24 January 2019


Lead sponsor
Java Capital

Joint sponsor
Nedbank Corporate and Investment Banking

Date: 24/01/2019 05:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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