Further disposal of shares in Stenprop 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 STENPROP LIMITED
1.1. Shareholders are referred to:
1.1.1. the announcement published on SENS on 12 June 2020, where shareholders were advised that
Zarclear had disposed of 6 400 000 shares in Stenprop Limited (“Stenprop”) for an aggregate sale
consideration of R128 000 000.00 (the “first disposal”); and
1.1.2. the announcement published on SENS on 5 November 2020, where shareholders were advised that
Zarclear had disposed of 2 148 475 shares in Stenprop for an aggregate sale consideration of
R58 043 374.90 (the “second disposal”).
1.1.3. the announcement published on SENS on 24 November 2020, where shareholders were advised
that Zarclear had disposed of 945 269 shares in Stenprop for an aggregate sale consideration of
R24 747 142.42 (the “third disposal”)
1.2. Shareholders are now advised that Zarclear has disposed of a further 1 384 703 Stenprop shares for a sale
price of R29.25 per share and an aggregate sale consideration of R40 502 562.75, which sale was executed
by way of an on-market block trade on the JSE on 5 March 2021 (the “fourth disposal”).
1.3. Following the fourth disposal, Zarclear now owns in aggregate 10 000 030 Stenprop shares, thus decreasing
its shareholding to c.3.35% of the total Stenprop shares in issue.
2. DESCRIPTION OF STENPROP AND RATIONALE FOR THE SECOND DISPOSAL
2.1. Stenprop 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. Stenprop’s investment policy is to invest in a
diversified portfolio of UK multi-let industrial (“MLI”) properties with the strategic goal of becoming the
leading MLI business in the UK.
2.2. Zarclear’s shareholding in Stenprop forms a disproportionately large part of the Zarclear portfolio. The
fourth disposal was 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 fourth disposal will be held as cash and cash resources.
3. FINANCIAL INFORMATION
Stenprop’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 six months ended 30 September 2020 were GBP409.9 million and GBP23.97 million,
The fourth disposal, when aggregated with the first disposal, the second disposal and the third disposal, is
classified as a category 2 transaction in terms of the JSE Listings Requirements and is, accordingly, not subject
to approval by shareholders.
9 March 2021
Date: 09-03-2021 09:29:00
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