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Finalisation Announcement in respect of the Mandatory Offer
TEXTON PROPERTY FUND LIMITED
Granted REIT status by the JSE
(Incorporated in the Republic of South Africa)
(Registration number 2005/019302/06)
JSE share code: TEX ISIN: ZAE000190542
(“Texton” or the “Company”)
FINALISATION ANNOUNCEMENT IN RESPECT OF THE MANDATORY OFFER
Texton shareholders (“Shareholders”) are referred to the joint firm intention announcement released on SENS on Friday,
30 October 2020 ("Firm Intention Announcement") in terms of which Shareholders were advised that Texton had
received a notification from Oak Tech Properties Proprietary Limited ("Oak Tech") and Oak Tech Trading Proprietary
Limited (“Oak Tech Trading”) (together the “Offeror”), that the Offeror and its concert parties (“Consortium”) had acquired
additional Texton shares from Coronation Asset Management (Pty) Ltd, such that the Consortium’s total beneficial interest
had increased from c.32% to c.40% of Texton’s issued ordinary share capital (net of treasury shares).
As such, the Consortium has proceeded with a mandatory offer (“Mandatory Offer” or the “Offer”) to all the holders of
Texton shares (other than the Consortium), as contemplated in section 123 of the Companies Act, for a cash consideration
of R1.20 per Mandatory Offer share (“Mandatory Offer Consideration”). The circular relating to the Offer had been posted
to Texton shareholders on 27 November 2020.
Shareholders are hereby advised that the Offer made by the Offerors closed at 12:00 on Friday, 15 January 2021.
RESULTS OF OFFER
Shareholders tendered 6 422 228 shares in the Offer, being 1.84% of the total number of Texton’s issued ordinary share
capital (net of treasury shares). Accordingly, the Offer has resulted in an increase in the shareholding of Texton controlled
by the Consortium of 10.35%. The Consortium now hold 42.35% of Texton’s issued ordinary share capital (net of treasury
shares).
INDEPENDENT BOARD AND TEXTON BOARD RESPONSIBILITY STATEMENT
The Texton independent board and Texton board collectively and individually accept responsibility for the information
contained in this announcement insofar as it relates to Texton. To the best of their collective knowledge and belief, the
information contained in this announcement is true and this announcement does not omit anything likely to affect the
importance of the information.
OFFEROR RESPONSIBILITY STATEMENT
The Offeror accepts responsibility for the information contained in this announcement insofar as it relates to detail around
the Offeror. To the best of their collective knowledge and belief, the information contained in this announcement is true
and this announcement does not omit anything likely to affect the importance of the information.
Sandton
18 January 2021
CORPORATE ADVISER AND SPONSOR TO TEXTON
Investec Bank Limited
CORPORATE ADVISER TO THE OFFEROR
Investec Bank Limited
LEGAL ADVISER TO THE OFFEROR
Bernadt Vukic Potash & Getz Attorneys
LEGAL ADVISER TO TEXTON
Cliffe Dekker Hofmeyr Incorporated
Date: 18-01-2021 12:01:00
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