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FORTRESS REIT LIMITED - Update on request for independent investigation from institutional investors

Release Date: 15/11/2018 17:02
Code(s): FFB FFA FIFB15 FIFB08 FIFB10 FIFB09 FIFB11 FIFB14 FIFB12     PDF:  
Wrap Text
Update on request for independent investigation from institutional investors

FORTRESS REIT LIMITED
(previously Fortress Income Fund Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share codes:   FFA       ISIN: ZAE000248498
                   FFB       ISIN: ZAE000248506
Bond Company code: FORI
(Approved as a REIT by the JSE)
("Fortress" or "the Company")


UPDATE ON REQUEST FOR INDEPENDENT INVESTIGATION FROM INSTITUTIONAL INVESTORS


Shareholders are referred to the announcement released on SENS on 6 September 2018 regarding a request from several
institutional investors (the "signatories") for an independent investigation into allegations relating to the Company, its
directors and shareholders (the "request"). A special ad hoc subcommittee of the board of directors comprising three
independent non-executive directors was constituted to consider the issues raised in the request (the "subcommittee").

The subcommittee has since engaged with all of the signatories other than one who did not require it, and with other
investors, the Company's attorneys, auditors, sponsors and the relevant regulators.

The subcommittee has communicated to the signatories that, while the request for a joint all-encompassing investigation
is not practicable or feasible, the subcommittee is reviewing the documentation and information available to it in order
to investigate the allegations relating to all the major issues of common concern raised by the signatories during the
engagements. The defined scope of the subcommittee investigation has been posted on the Company's website at
https://cmsignition.co.za/download/files_1184/DefinedscopeoftheSubcommitteeinvestigation15.11.2018.pdf.

To assist it, the subcommittee has engaged PricewaterhouseCoopers in accordance with this defined scope of
investigation.

The subcommittee anticipates that it will be able to provide, at least, an interim update on the subcommittee investigation
to shareholders at the Fortress pre-close webcast which will be held on 4 December 2018. Instructions for participating
in the pre-close webcast will be announced on SENS in due course.

The Company has established an independent whistleblowers hotline, whereby submissions made in relation to the
allegations (via toll-free number 0802 028 887 or to fortress@tip-offs.com) are routed directly and exclusively to the
members of the subcommittee, the chairperson of the Company's social & ethics committee, and
PricewaterhouseCoopers.

15 November 2018


Lead sponsor
Java Capital

Joint sponsor
Nedbank Corporate and Investment Banking
Date: 15/11/2018 05:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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