DIPULA INCOME FUND LIMITED - Dealing in securities by an associate of a director of the Company

Dealing in securities by an associate of a director of the Company

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
(“Dipula” or the “Company”)


DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR OF THE COMPANY


The Dipula BEE Trust (“BEE Trust”) is an associate of Izak Petersen, in that Izak is a trustee and is directly and
indirectly a beneficiary of the BEE Trust. Dipula BEE Trust Holdings (RF) Proprietary Limited (“BEE Trust Co”) is
a wholly-owned subsidiary of the BEE Trust.

The Company does not provide any financial assistance to the BEE Trust or BEE Trust Co (the “BEE Structure”).

BEE Trust Co entered into loan and security agreements dated 30 May 2018 with The Standard Bank of South Africa
Limited (“Standard Bank”) in terms of which Standard Bank advanced loans to refinance a previous debt facility
(which was originally used to acquire the below mentioned Company shares) as well as to fund the exit of a
beneficiary of the BEE Trust.

Under this agreement, in the event of a breach of financial covenants linked to the Dipula A and Dipula B share prices,
Standard Bank has an embedded option to subscribe for debentures in BEE Trust Co that effectively affords it the full
economic interest to all the Dipula shares held by the BEE Structure, being 5 000 Dipula A shares and 58 017 520
Dipula B shares (collectively, the “Dipula BEE Trust shares”).

On 12 August 2020, Standard Bank gave notice of its intention to exercise its debenture option, which was exercised
on 26 August 2020 after the BEE Trust Co was unable to remedy the situation. Accordingly, through what is in effect
an off-market transaction, on 26 August 2020 the Dipula BEE Trust ceased to have any effective interest in the Dipula
BEE Trust shares, with a deemed value of R5.89 per Dipula A share and R1.20 per Dipula B share.

1 September 2020


Sponsor
Java Capital

Date: 01-09-2020 05:00:00
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