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INVESTEC AUSTRALIA PROPERTY FUND - ASX Listing and Offer

Release Date: 17/05/2019 11:03
Code(s): IAP     PDF:  
 
Wrap Text
ASX Listing 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”)

Not for release to US wire services or distribution in the United States



ASX LISTING AND OFFER



Investors are referred to the Product Disclosure Statement(1) (PDS) lodged with the Australian Securities and
Investment Commission on 3 May 2019 and SENS Announcement titled “Announcement bookbuild launch ANZ
active” dated 16 May 2019 in relation to the additional primary listing of the Fund on the Australian Securities
Exchange (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 Offer comprised a broker firm offer and institutional
offer.

Final Subscription Price

The Responsible Entity is pleased to announce the successful completion of the broker firm offer and institutional
offer and bookbuild. The Offer was very well received by both institutional and retail investors, closing
oversubscribed and raising approximately A$102 million through the issue of 76, 923, 077 new units at a final
subscription price of A$1.32 (ZAR 12.95). The proceeds of the Offer will be used to repay debt and to pay the
costs associated with the Offer.

IPF Sale

In order to satisfy oversubscriptions received under the Offer, Investec Property Fund Limited (IPF), the largest
unitholder of the Fund, will sell 45 million Units it holds to certain institutional investors (IPF Sale), being the
maximum amount contemplated in the PDS. The Responsible Entity is supportive of the IPF Sale as a means of
satisfying excess demand under the Offer, and reducing the concentration of the Fund’s register in order to
facilitate broader investor engagement in Australia and improved aftermarket liquidity. IPF will continue to hold
9.9% of the Fund on completion of the Offer and the IPF Sale (Completion) and has confirmed that it has no
current intention to reduce its unitholding in the Fund following Completion.

Graeme Katz, CEO of the Fund, said “we are delighted with the strong reception and support from both
institutional and retail investors, and in particular we are pleased to see such strong appetite from investors in
Australia to list on the ASX. The Fund’s primary listing on the ASX, in addition to its current primary listing on the
JSE, will set the Fund up for the future and will stand to benefit our unitholders, existing and new.”

The important dates and times in relation to the Offer and IPF Sale, following completion of the broker firm offer
and institutional bookbuild are set out below:

       Important dates                                                                                            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 basis)
       Transfer of units under IPF Sale
       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))

(1)
 As updated by the notices dated 14 May 2019 and 16 May 2019 available on the Fund’s website in accordance with ASIC
Corporations (Updated Product Disclosure Statements) Instrument 2016/1055.
  
   

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.

The PDS remains available electronically at www.iapf.com.au.

Johannesburg
17 May 2019


Joint Bookrunner, Financial Adviser and Sponsor
Investec Bank Limited


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

The issue of the Subscription Units to investors in terms of the Offer is conditional upon the ASX approving the Fund's
application for listing.

This announcement is for information purposes only, does not purport to be full or completion, is subject to change and
shall not constitute or form part of an offer or solicitation of an offer to purchase or subscribe for securities. The Offer is
not to be regarded as an offer or invitation to any person in any jurisdiction to the extent that any applicable legal
requirement in such jurisdiction has not been complied with or it is for any reason illegal or unlawful to make such an
offer or invitation in such jurisdiction.

This announcement has been issued by and is the sole responsibility of the Fund. No representation or warranty,
express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by
the Bookrunner or by any of their respective affiliates or agents as to, or in relation to, the accuracy or completeness of
this announcement or any other written or oral information made available to or publicly available to any interested
party or its advisers, and any liability therefore is expressly disclaimed.

This announcement does not purport to identify or suggest the risks (direct or indirect) which may be associated with
an investment in the securities. No representation or warranty is made by the Fund or the Bookrunner in connection
with the Offer, and any investment decision to buy securities in terms of the Offer must be made solely on the basis of
publicly available information which has not been independently verified by the Bookrunner.

The Bookrunner is acting for the Fund, and no one else, in connection with the Offer and will not be responsible to
anyone other than the Fund for providing the protections offered to clients of the Bookrunner, nor for providing advice
in relation to the Offer.

South Africa

Neither this announcement nor the Offer constitutes or is intended to constitute an offer to the public in South Africa in
terms of the South African Companies Act 71 of 2008 (as amended) (South African Companies Act). In South Africa,
the invitation to apply for the Subscription Units in terms of the Offer is only open to (i) persons who are acting as
principal and who apply for Subscription Units at a minimum acquisition cost of ZAR 1,000,000, as contemplated in
section 96(1)(b) of the South African Companies Act; or (ii) persons who comply with the requirements set out in section
96(1)(a) of the South African Companies Act.

Not for release or distribution in the United States

This announcement has been prepared for publication in Australia and may not be released to US wire services or
distributed in the United States. This announcement does not constitute an offer to sell, or a solicitation of an offer to
buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not
been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United
States except in transactions exempt from, or not subject to, the registration requirements under the US Securities Act
and applicable US state securities laws.

Date: 17/05/2019 11:03:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
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,
 information disseminated through SENS.

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