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INVESTEC AUSTRALIA PROPERTY FUND - ASX listing proposal and offer

Release Date: 03/05/2019 08:05
Code(s): IAP     PDF:  
 
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ASX listing proposal and offer

INVESTEC AUSTRALIA PROPERTY FUND
Incorporated and registered in Australia in terms of ASIC (ARSN 162 067 736)
Registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act
No.45 of 2003 and operated by Investec Property Limited (ACN 071 514 246; AFSL 290 909) (“Responsible
Entity”)
Share code: IAP
ISIN: AU60INL00018
(the “Fund”)



    ASX LISTING PROPOSAL AND OFFER



    Unitholders are referred to the announcement released this morning, 3 May 2019, referencing the approvals
    given by unitholders on 5 September 2018 in relation to a number of resolutions to facilitate a listing of the
    Fund on the Australian Securities Exchange (ASX) and associated capital raising (ASX Listing Proposal).

    In accordance with those approvals, the Responsible Entity has decided to pursue an additional primary listing
    of the Fund on the ASX together with an associated offer involving the issue by the Responsible Entity of
    76 923 077 new units (Subscription Units) in the Fund (Offer). The Responsible Entity has lodged a product
    disclosure statement (PDS), dated 3 May 2019, in connection with the Offer with the Australian Securities and
    Investment Commission. The PDS is available electronically at www.iapf.com.au. Unitholders should consider
    the PDS in deciding whether to acquire or continue to hold units in the Fund.

    The Offer will consist of:

        •    A broker firm offer that is open to retail investors in Australia and New Zealand who have received a
             firm allocation through their broker (Broker Firm Offer); and
        •    An institutional offer which is an invitation to certain institutional investors in Australia, New Zealand,
             South Africa, Hong Kong and Singapore to bid for Subscription Units (Institutional Offer).

    The final subscription price will be determined under an institutional bookbuild conducted by the joint lead
    managers (being J.P. Morgan Securities Australia Limited and Macquarie Capital (Australia) Limited), subject
    to a minimum subscription price of AUD 1.30.1 The final subscription price is expected to be within the
    indicative price range of AUD 1.30 to AUD 1.35, and is expected to raise approximately AUD 100 million (at the
    lower end of this range). The proceeds from the Offer will be used to repay debt and pay the costs associated
    with the Offer.

    Currently, the Fund has a primary listing on the Johannesburg Stock Exchange (JSE) and a secondary listing
    on the Bermuda Stock Exchange (BSX). Following the implementation of the ASX Listing Proposal, the Fund
    will delist from the BSX and will be dual primary listed on the JSE and ASX.

    The important dates and times in relation to the Offer and the ASX Listing Proposal are set out below:

     Important dates                                                               Sydney, Australia time (unless other
                                                                                                              specified)
     PDS date                                                                                        Friday, 3 May 2019
     Broker Firm Offer Opening Date                                                                 Monday, 13 May 2019 
     Broker Firm Offer Closing Date                                                                 Monday, 20 May 2019
     Institutional Offer and bookbuild conducted                                       Monday, 20 May 2018 (4:00 pm) to
                                                                                           Tuesday 21 May 2019 (5:00pm)
     Final Subscription Price and allocation announced on SENS                       Tuesday, 21 May 2019 (Johannesburg
                                                                                                                  time)
     Settlement of Subscription Units on Australian Register                                        Monday, 27 May 2019
     Settlement and issue and Allotment of Subscription Units on South                Monday, 27 May 2019 (Johannesburg
     African Register, which commence trading on the JSE (on a normal                                             time)
     settlement (T+3) basis)
     Issue and allotment of Subscription Units on Australian Register,                             Tuesday, 28 May 2019
     which commence trading on the ASX (on a deferred settlement

1
  The minimum subscription price represents the Fund’s NAV per unit as at 31 March 2019 as reported in the Fund’s 2019 annual
report, being the minimum subscription price calculated in accordance with the Fund’s constitution.
 basis)
 Despatch of holding statements                                                                  Wednesday, 29 May 2019
 Subscription Units commence trading on the ASX (on a normal                                      Thursday, 30 May 2019
 settlement basis (T+2)) and continue trading on the JSE (on a
 normal settlement basis (T+3))

The timetable above is indicative only and may change without notice. Normal settlement of securities traded on the  ASX is on a
T+2 basis while normal settlement of securities traded on the JSE is on a T+3 basis.




Johannesburg
3 May 2019


Joint Bookrunner, Financial Adviser and Sponsor
Investec Bank Limited

Joint Lead Managers
J.P. Morgan Securities Australia Limited
Macquarie Capital (Australia) Limited

Date: 03/05/2019 08:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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