FREEDOM PROPERTY FUND LIMITED - Withdrawal of cautionary announcements

Withdrawal of cautionary announcements

FREEDOM PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
Registration number: 2012/129186/06
Share code: FDP
ISIN: ZAE000185260
(“Freedom” or “the Company”)


WITHDRAWAL OF CAUTIONARY ANNOUNCEMENTS

Shareholders are referred to the announcements released on SENS on 2 September 2019, 18 October
2019, 29 November 2019, 18 December 2019, 3 February 2020, 9 March 2020, 6 April 2020, 14 May
2020, 26 June 2020, 7 July 2020 and 20 August 2020 (the “Prior Cautionary Announcements”) in which
they were referred to the receipt by the Company of a non-binding expression of interest from South
African Housing and Infrastructure Fund Proprietary Limited (“SAHIF”) to acquire all of the issued shares
of Freedom by way of a scheme of arrangement in terms of section 114 of the Companies Act 2008 (the
“Potential Transaction”).

Notwithstanding a lengthy engagement period to conclude the Potential Transaction, the parties agreeing
on all the terms and conditions of the Potential Transaction and SAHIF on 17 September 2020 informing
the Company in writing that it would deliver to the Takeover Regulation Panel an unconditional bank
guarantee in the prescribed form for the full purchase consideration (the “Guarantee”) in relation to the
Potential Transaction by not later than 30 September 2020, SAHIF failed to deliver the Guarantee on 30
September 2020. SAHIF has failed to communicate the reason for the non-performance, despite the
efforts of the board of directors of the Company (the “Board”) to contact SAHIF and its advisors regarding
the non-performance, no response from SAHIF was forthcoming. This has led the Board to believe that
SAHIF does not wish to complete the Potential Transaction.

In light of the aforementioned failures, the Board advises Freedom’s shareholders that the Board has
unilaterally terminated discussions regarding the Potential Transaction for the time being and that the
Prior Cautionary Announcements are accordingly withdrawn. If SAHIF again approaches the Board, an
appropriate announcement in this regard will be made on SENS.


Paarl
2 October 2020

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 02-10-2020 02:51:00
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