THE PIVOTAL FUND LIMITED - Pivotal / Redefine - Updated salient dates and times in respect of scheme of arrangement

Pivotal / Redefine - Updated salient dates and times in respect of scheme of arrangement

THE PIVOTAL FUND LIMITED                                   REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)             (Incorporated in the Republic of South Africa)
(Registration number 2005/030215/06)                       (Registration number 1999/018591/06)
JSE share code: PIV   ISIN: ZAE000196440                   JSE share code: RDF ISIN: ZAE000190252
(“Pivotal”)                                                (Approved as a REIT by the JSE)
                                                           (“Redefine”)


UPDATED SALIENT DATES AND TIMES IN RESPECT OF SCHEME OF ARRANGEMENT


Shareholders are referred to the announcements released on SENS on 30 August 2016, 31 October 2016 and 29 November 2016
regarding, inter alia, a scheme of arrangement (“scheme”) in terms of section 114 of the Companies Act (read with section 115 of
the Companies Act) proposed by the Pivotal board (on recommendation of the independent board) between Pivotal and the Pivotal
shareholders (“scheme participants”), in terms of which, as indivisible components:

-      Redefine will acquire the entire issued share capital of Pivotal in exchange for the issue of, in aggregate, 460 000 000
       Redefine shares to the scheme participants; and

-      Redefine will in addition deliver 31 153 281 Echo Polska Properties N.V. shares to the scheme participants.

Shareholders are advised that as the scheme remains subject, inter alia, to the conclusion of the Setso BEE transaction, the salient
dates for the scheme will therefore need to be revised. Set out below are the updated salient dates and times in respect of the
scheme.
                                                                                                                           2016

Finalisation date expected to be on                                                                      Wednesday, 21 December
Finalisation date announcement expected to be released on SENS on                                         Thursday, 22 December
Finalisation date announcement expected to be published in the press on                                     Friday, 23 December

                                                                                                                           2017

Expected last day to trade in order to participate in the scheme                                              Tuesday, 3 January
Suspension of listing of Pivotal shares on the JSE expected to take place at the
commencement of trade on                                                                                    Wednesday, 4 January
Commencement of trade in Redefine consideration shares and EPP settlement shares
expected to take place at the commencement of trade on or about                                             Wednesday, 4 January
Announcement on SENS of cash payment due to shareholders in terms of the fractional
entitlement principle, determined with reference to the VWAP of Redefine shares and EPP
shares respectively on the JSE on Wednesday, 4 January 2017, less 10% (as prescribed by
the Listings Requirements)                                                                                   Thursday, 5 January
Expected scheme record date                                                                                    Friday, 6 January
EPP transfer date/second operative date                                                                        Monday, 9 January
Certificated shareholders expected to have their accounts (held at their CSDP or broker)
credited with the Redefine consideration shares and EPP settlement shares to which they are
entitled (provided their form of surrender and transfer (blue) and documents of title are
received on or before 12:00 on the scheme record date) on or about                                            Monday, 9 January
Dematerialised shareholders expected to have their accounts (held at their CSDP or broker)
credited with the Redefine consideration shares and EPP settlement shares to which they are
entitled on or about                                                                                          Monday, 9 January
Cash payment due to shareholders in terms of the fractional entitlement in respect of the
Redefine consideration shares and EPP settlement shares                                                       Monday, 9 January
Termination of listing of Pivotal shares on the JSE expected to take place at the
commencement of trade on or about                                                                            Tuesday, 10 January

15 December 2016


Corporate advisor and sponsor to Redefine
Java Capital


Sponsor to Pivotal
Java Capital


Legal advisor to Redefine
Cliffe Dekker Hofmeyr


Legal advisor to Pivotal
enS Africa

Date: 15/12/2016 05:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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