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ZARCLEAR HOLDINGS LIMITED - Further disposal of shares in Industrials REIT Limited

Release Date: 05/10/2021 08:55
Code(s): ZCL     PDF:  
Wrap Text
Further disposal of shares in Industrials REIT Limited

ZARCLEAR HOLDINGS LIMITED
(Incorporated in South Africa)
(Registration number 2000/013674/06)
Share code: ZCL ISIN: ZAE000262820
(“Zarclear” or the “Company”)


FURTHER DISPOSAL OF SHARES IN INDUSTRIALS REIT LIMITED


1.   INTRODUCTION

     1.1.   Shareholders are referred to the previous announcements published on SENS, the last of which was
            published on 3 August 2021, regarding the disposal of shares in Industrials REIT Limited (formerly
            Stenprop Limited) (“Industrials REIT” or “MLI”) by Zarclear (the “previous disposals”).

     1.2.   Shareholders are now advised that Zarclear has disposed of a further:

            1.2.1. 105 519 MLI shares for a sale price of R37.81 per share and an aggregate sale consideration of
                   R3 989 718.51, which sale was executed by way of an on-market block trade on the JSE on
                   1 October 2021; and

            1.2.2. 400 000 MLI shares for a sale price of R37.44 per share and an aggregate sale consideration of
                   R14 976 467.04, which sale was executed by way of an on-market block trade on the JSE on
                   4 October 2021,

            collectively referred to herein as (the “latest disposals”).

     1.3.   Following the latest disposals, Zarclear now owns in aggregate 6 089 473 MLI shares, thus decreasing its
            shareholding to c.2.04% of the total MLI shares in issue.

2.   DESCRIPTION OF INDUSTRIALS REIT AND RATIONALE FOR THE LATEST DISPOSALS

     2.1.   Industrials REIT is a Guernsey-registered UK REIT with a dual-primary listing on the Main Board of the
            JSE and on the Specialist Fund Segment of the Main Market of the London Stock Exchange, whose
            objective is to deliver sustainable growing income to its investors. Industrials REIT’s investment policy is
            to invest in a diversified portfolio of UK multi-let industrial properties with the strategic goal of becoming
            the leading multi-let industrial business in the UK.

     2.2.   Zarclear’s shareholding in Industrials REIT forms a disproportionately large part of the Zarclear portfolio.
            The latest disposals were effected at an attractive price to reduce Zarclear’s exposure to the listed property
            sector and create additional liquidity in the Company.

     2.3.   The proceeds of the latest disposals will be held as cash and cash resources.

3.   FINANCIAL INFORMATION

     Industrials REIT’s last reported net asset value and its net profit after tax, as disclosed in its audited results,
     prepared in terms of IFRS, for the year ended 31 March 2021 were GBP425.8 million and GBP53.9 million,
     respectively.

4.   CATEGORISATION

     The latest disposals, when aggregated with the previous disposals, is classified as a category 2 transaction in terms
     of the JSE Listings Requirements and is, accordingly, not subject to approval by shareholders.

5 October 2021


Sponsor
Java Capital

Date: 05-10-2021 08:55:00
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