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Finalisation announcement in respect of the dividend election for the six months ended 31 December 2025
FORTRESS REAL ESTATE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2009/016487/06)
JSE share code: FFB
ISIN: ZAE000248506
Bond company code: FORI
LEI: 378900FE98E30F24D975
("Fortress" or the "Company")
FINALISATION ANNOUNCEMENT IN RESPECT OF THE DIVIDEND ELECTION FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Fortress B shareholders are referred to the declaration announcement released on 13 March 2026 and the circular
(the "circular") distributed to shareholders in respect of a cash dividend of 87.89 cents per Fortress B share (the
"cash dividend"), with an option for eligible Fortress B shareholders to elect to receive new fully paid-up Fortress
B shares (the "capitalisation shares") for all or part of their Fortress B shareholding as at the record date, being
Thursday, 2 April 2026 (the "record date").
Shareholders are advised that the reference price to be used to calculate the number of capitalisation shares to which
each eligible Fortress B shareholder will be entitled pursuant to the capitalisation issue is 2 185.12493 cents per share
(the "reference price"), being a 3% discount to the volume weighted average price ("VWAP") of a Fortress B
share traded on the JSE during the fifteen day period ended Friday, 20 March 2026 (less the cash distribution of
87.89 cents).
Accordingly, assuming that a Fortress B shareholder holds 1 000 Fortress B shares at the close of business on the
record date and elects to receive the capitalisation shares for their entire Fortress B shareholding, that shareholder
will be entitled to receive 40 new fully paid-up Fortress B shares, as can be seen by the following calculation:
New Fortress B share entitlement = (1 000 x 87.89 cents) / 2 185.12493 cents
= 40 capitalisation shares per 1 000 shares held (subject to
the rounding principle as described below)
The allocation of new Fortress B shares will be such that any eligible Fortress B shareholders electing to receive
capitalisation shares will not be allocated a fraction of a new Fortress B share. Any entitlement to receive a fraction
of a new Fortress B share will be rounded down to the nearest whole number, resulting in only whole Fortress B
shares being allocated in respect of the capitalisation issue, and a cash payment will be made for the fraction. The
cash payment in respect of the fraction will be determined with reference to the VWAP of a Fortress B share on
the JSE on Tuesday, 31 March 2026, discounted by 10%, which amount will be announced on SENS on
Wednesday, 1 April 2026.
Shareholders are referred to the tax implications as set out in the circular and in the declaration announcement
released on SENS on 13 March 2026.
The salient dates and time as announced on 13 March 2026 remain unchanged.
As at the date of this announcement, Fortress has 1 218 250 389 Fortress B shares in issue. Should all eligible
shareholders elect to receive the capitalisation shares, a maximum number of 49 000 414 new Fortress B shares
would be issued. If no Fortress B shareholders elected to receive the capitalisation shares, the total value of the
cash dividend will amount to R1 070 720 266.89.
23 March 2026
Lead sponsor Debt sponsor and joint equity sponsor
Java Capital Nedbank Corporate and Investment Banking,
a division of Nedbank Limited
Date: 23-03-2026 10:45:00
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