ACCELERATE PROPERTY FUND LIMITED - Voluntary update: High Court Ruling on Separation of Issues in Business Interruption Claim

Voluntary update: High Court Ruling on Separation of Issues in Business Interruption Claim

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
LEI: 378900D514788C447E45
Share code: APF ISIN: ZAE000185815
Bond code: APFE
("Accelerate", "APF" or the "Company")
(Approved as a REIT by the JSE)


VOLUNTARY UPDATE: HIGH COURT RULING ON SEPARATION OF ISSUES IN BUSINESS INTERRUPTION
CLAIM

Shareholders are referred to the Company's pre-close update for the period to ended March 2022,
published on the JSE Limited's Stock Exchange News Service and on www.acceleratepf.co.za as well as
in the Company's Integrated Annual report for 31 March 2022, informing the market that the joint
owners of Fourways Mall (the "Joint Owners" or "the plaintiffs") engaged legal counsel and that the
legal process on a business interruption claim for the loss of rental income at Fourways Mall due to
lockdown restrictions during the Covid-19 pandemic had commenced. Accelerate is a 50% owner of
Fourways Mall.


Shareholders are now advised that on Friday, 03 May 2024, the Gauteng High Court delivered a
judgement in favour of the Joint Owners on each of three separated matters pending before it,
including:
-     That the contract of insurance consisted of the policy in its final form as pleaded by the plaintiffs,
      which provides for cover against business interruption as a result of infectious and contagious
      diseases;
-     That the contract of insurance did not stand to be rectified as pleaded by the defendants; and
-     That the dispute regarding the premium is decided in favour of the plaintiffs and the defence
      pleaded by the insurance companies failed.


The Court ruled that all costs associated with the determination of the separated issues, are to be paid
by the defendants jointly and severally, including the costs of two counsel.


Johannesburg
06 May 2024
Equity Sponsor
The Standard Bank of South Africa Limited


Debt Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 06-05-2024 09:42:00
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