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FORTRESS REIT LIMITED - Capital structure optimisation update

Release Date: 23/03/2020 08:50
Wrap Text
Capital structure optimisation update

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”)


CAPITAL STRUCTURE OPTIMISATION UPDATE

Shareholders are referred to Fortress’ announcement on 5 March 2020 of its condensed unaudited consolidated interim
financial results for the six months ended 31 December 2019 (“results announcement”),wherein the Company
advised that the board of directors (“board”) had established a special subcommittee to consider its capital structure
and make recommendations to the board on the optimisation thereof (“capital structure optimisation initiative”),
and that this might result in a proposal to shareholders.

In the light of feedback received from Fortress’ shareholders during engagements post the results announcement, as
well as the unprecedented volatility and extreme uncertainty currently prevailing in capital markets as a result of the
COVID-19 pandemic, the subcommittee has recommended to the board that the capital structure optimisation
initiative be discontinued and that no proposal regarding the Company’s capital structure be made to shareholders.

23 March 2020

Lead sponsor
Java Capital

Joint sponsor
Nedbank Corporate and Investment Banking

Date: 23-03-2020 08:50:00
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