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RESILIENT REIT LIMITED - Independent Review

Release Date: 16/02/2018 14:31
Code(s): RES     PDF:  
Wrap Text
Independent Review

RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2002/016851/06)
JSE share code: RES ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient” or the “Company”)


INDEPENDENT REVIEW


Resilient has noted the consistent feedback from its shareholders that the cross-shareholding of Resilient with Fortress
REIT Limited should be unwound and the need to reconsider its relationship with the Siyakha Education Trusts.
Resilient has prioritised these issues and is considering various options to undertake this.

Furthermore, the board of the Company is committed to taking every step necessary to address allegations and
commentaries from all sources. The board also believes that there is a need for a prompt independent review of the
information available to it. Accordingly, the board has resolved to commission their own independent review and to
make the outcome of this review public. The scope of the review will not be narrowly constrained and will prioritise a
review of all available information regarding listed share activity since 1 July 2017 by the Company and its executives
and senior management in Resilient shares and in the listed shares Resilient holds.

The review will be led by Mr Shauket Fakie. Mr Fakie was an independent director of ABSA Group, was the Auditor
General of South Africa for a period of seven years and served as chairperson of the UN Panel of External Auditors and
Secretary General for the Auditors General Association in the African Continent. He currently serves on the boards of
various MTN and other companies and on the executive committees of several community-based and non-profit
organisations.

In addition, the board notes that any investigation of share transactions by regulators would be undertaken with broad
access to information not available to the Company, including from third parties not related to the Company, and likely
to take place over an extended period of time. The Company will support and cooperate fully with any such investigation.

16 February 2018


Sponsor
Java Capital

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