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AREIT:  299   0 (0.00%)  01/01/1970 00:00

aReit PROP LIMITED - Notification in Accordance with Section 45 of the Companies Act, 2008

Release Date: 20/10/2023 10:25
Code(s): APO     PDF:  
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Notification in Accordance with Section 45 of the Companies Act, 2008

AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
("aReit Prop"or "the Company")
ISIN Code: ZAE000306585 | JSE Code: APO

NOTIFICATION IN ACCORDANCE WTIH SECTION 45 OF THE COMPANIES ACT, 2008 ("THE ACT")

Shareholders of the Company are referred to the special resolution tabled and approved by the
shareholders who attended the AGM of aReit Prop held on 31 August 2023, authorising, inter alia,
directors to increase the financial assistance provision to or for the benefit of any company or corporation
which is related or inter-related to the Company.

Shareholders are advised that the leasehold acquisition agreement was conditional on the listing of aReit
Prop on the JSE which was achieved on 1 March 2022. In the interim the vendors have collected the
rental income on behalf of aReit Prop, which has resulted in a loan receivable owing to the Company
pursuant to the listing. The Company is still attending to certain administrative functions to collect the
rentals directly, including VAT registration, which became problematic due to profile conflicts. The VAT
registration is now expected to be finalised during October 2023, where after the Company will liaise with
the tenants regarding the new invoicing process. The cession agreement has been signed in the interim.

In terms of section 45(2) of the Act, the board has authorised the Company to increase the variable loan
to the vendors to R40 million. This will continue to be recovered through dividend distributions. The loan
bears interest at the same money market rate that the Company would receive on cash held in the bank
thereby ensuring that the Company is in the same financial position.

The board has satisfied itself that the origination of the loan and terms thereof are fair and reasonable
and that the Company satisfies the solvency and liquidity test after extending such facility, in terms of
section 4 of the Act. Shareholders are advised that the total facility value exceeds 1/10th of 1% of the
Company's net worth as at the date of the approval of the resolution, being 29 September 2023.


BY ORDER OF THE BOARD
Cape Town
20 October 2023

Sponsor
AcaciaCap Advisors

Date: 20-10-2023 10:25:00
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