ACCELERATE PROPERTY FUND LIMITED - Announcement relating to: Further Trading Statement and update on Distribution and Changes to Company Secretary

Announcement relating to: Further Trading Statement and update on Distribution and Changes to Company Secretary

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
Share code: APF ISIN: ZAE000185815
(“Accelerate” or the “Company”)


ANNOUNCEMENT RELATING TO:

   •   FURTHER TRADING STATEMENT AND UPDATE ON DISTRIBUTION;
   •   CHANGES TO COMPANY SECRETARY; AND
   •   UPDATE ON PUBLICATION OF FINANCIAL RESULTS

Shareholders are referred to the trading statement published by the Company on
30 September 2019 in terms of which it advised that Accelerate anticipated negative
distributable income growth for the year ended 31 March 2020, resulting in a 10% to 15%
reduction in distribution per share (43,32 to 45.87 cents per share) compared to the 31 March
2019 full-year distribution of 50.97cents per share (27.26 cents per share at 30 September
2018 interims and 23.37 cents per share at 31 March 2019 year-end) .

Accelerate declared and paid an interim dividend distribution of 16.12934 cents per share after
allowing for a capital retention of 4,26491 cents per share on 3 February 2020.

Subsequently, the Covid-19 virus emerged and has spread across the world and South Africa.
Further to the announcements released by the Company in relation to the pandemic and the
impact it is currently having on the property section in particular and the intention of the
Company to retain cash, Accelerate would like to advise shareholders that the board of
directors of the Company has resolved not to declare a final distribution in respect of the 31
March 2020 financial year.


The Company intends to release its results for the year ended 31 March 2020 on or about
the 8 July 2020, and confirms that application for this postponement has been made
submitted to the JSE in terms of the Market notice dated 3 April 2020 to the JSE to allow for
the postponement of the publication of the Company’s audited financial results for the
financial year ended 31 March 2020.

Change to Company Secretary

The Company is pleased to announce the appointment of Ms Margi Pinto as company
secretary, effective from 19 June 2020 in order to have a seamless handover process in
replacing our present company secretary, Keystone Compliance, who will be stepping down
on 30 June 2020.

The financial information on which this announcement is based has not been reviewed or
reported on by Accelerate’s external auditors.


Johannesburg
18 June 2020

Sponsor
The Standard Bank of South Africa Limited

Date: 18-06-2020 05:35:00
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