aReit PROP LIMITED - Notification in Accordance with Section 45 of the Companies Act, 2008

Notification in Accordance with Section 45 of the Companies Act, 2008

AREIT PROP LIMITED
Approved as a REIT
(Incorporated in the Republic of South Africa)
(Registration number 2021/837953/06)
(“aReit Prop” or “the Company”)
ISIN Code: ZAE000306585 | JSE Code: APO

NOTIFICATION IN ACCORDANCE WTIH SECTION 45 OF THE COMPANIES ACT, 2008 (“THE ACT”)

Shareholders of the Company are referred to the special resolution tabled and approved by the
shareholders prior to the listing of aReit Prop held on 16 November 2021, authorising, inter alia, directors to
provide financial assistance to or for the benefit of any company or corporation which is related or inter-
related to the Company.

Shareholders are advised that the leasehold acquisition agreement was conditional on the listing of aReit
Prop on the JSE which was achieved on 1 March 2022. In the interim the vendors have collected the
rental income on behalf of aReit Prop, which has resulted in a loan receivable owing to the Company
pursuant to the successful listing. The Company is busy attending to all the administrative functions to
collect the rentals directly, including VAT registration.

In terms of section 45(2) of the Act, the board has authorised the Company to provide a variable loan to
the vendors, who currently own just under 80% in aReit Prop, which will be recovered through quarterly
dividend distributions. The loan bears interest at the same money market rate that the Company would
receive on cash held in the bank thereby ensuring that the Company is in the same financial position.

The board has satisfied itself that the origination of the loan and terms thereof are fair and reasonable
and that the Company satisfies the solvency and liquidity test after extending such facility, in terms of
section 4 of the Act. Shareholders are advised that the total facility value exceeds 1/10th of 1% of the
Company’s net worth as at the date of the approval of the resolution, being 7 April 2022.


BY ORDER OF THE BOARD
Cape Town
14 April 2022

Sponsor
AcaciaCap Advisors Proprietary Limited

Date: 14-04-2022 02:50:00
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