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Update on Special Subcommittee Investigation
FORTRESS REIT 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 SPECIAL SUBCOMMITTEE INVESTIGATION
Shareholders are referred to the announcement released on SENS on 6 September 2018 wherein shareholders were
advised that, in response to a request from several institutional shareholders, the Company has established a Special
Subcommittee (the “Subcommittee”) to undertake an investigation into allegations made about the Company and its
directors, and that the Subcommittee has appointed PricewaterhouseCoopers (“PwC”) to review share trading activities
by and in the Company, as well as certain historic property transactions by Fortress and its directors.
The Company considers it appropriate to provide shareholders with an update on progress made on and anticipated
completion of the Special Subcommittee investigation.
Shareholders will further be aware from statements made in the Company’s pre-close presentation held on
4 December 2018 and indications given in its interim results announcement on 5 March 2019 that the Subcommittee
had targeted the end of March 2019 for the completion by PwC of their review and for presentation of their report to the
Board.
The Subcommittee is satisfied with progress made on the several workstreams as published on the Company’s website,
but has agreed to allow PwC further time in order to allow all parties an opportunity for further engagement, review and
comment before the report is finalised.
The Subcommittee considers these steps to be important to the completeness and credibility of PwC’s review, and has
therefore agreed a revised timeline with PwC for the completion of their review that will enable the Subcommittee to
consider PwC’s report and make its recommendations to the Board on the findings of the report around the end of
April 2019.
The update to the Subcommittee on PwC’s progress to date on the review has not revealed any price sensitive
information or provided the Subcommittee with cause to caution shareholders, such that the Company would be required
to make any further announcement.
As communicated to shareholders in the publication of the Subcommittee’s terms of reference, it is the stated intention
of the Board to make public the outcome of the Subcommittee’s investigation, as informed by PwC’s review and report.
4 April 2019
Lead sponsor
Java Capital
Joint sponsor
Nedbank Corporate and Investment Banking
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