Settlement Of Rebuilt Claim By The Developer Of Fourways Mall Shopping Centre, Azrapart (Pty) Ltd Of R300 million
Settlement Of Rebuilt Claim By The Developer Of Fourways Mall Shopping Centre, Azrapart (Pty) Ltd Of R300 million Accelerate Property Fund Limited (Incorporated in the Republic of South Africa) Registration number: 2005/015057/06 Share code: APF ISIN: ZAE000185815 Bond company code: APFE (“Accelerate” or the “Company”) (Approved as a REIT by the JSE) SETTLEMENT OF REBUILT CLAIM BY THE DEVELOPER OF FOURWAYS MALL SHOPPING CENTRE, AZRAPART (PTY) LTD (“AZRAPART”) OF R300 MILLION As indicated in the Company's annual financial statements, a dispute had arisen between APF and Azrapart (the developer of the Fourways Mall Shopping Centre) in respect of what is known as the rebuilt portion matter. Shareholders and noteholders are advised that the dispute has now been settled to the satisfaction of Accelerate and Azrapart and, accordingly, to ensure equalisation of the Fouways Mall Shopping Centre, Accelerate will pay the amount of R300 million to Azrapart. Given Accelerate’s current liquidity constraints, the rebuilt claim will be settled wholly or partially through the allocation of Accelerate shares to Azrapart or its nominee and, where appropriate, the necessary shareholder approvals will be sought. Fourways 17 September 2021 Equity Sponsor The Standard Bank of South Africa Limited Debt Sponsor Rand Merchant Bank (a division of FirstRand Bank Limited) Date: 17-09-2021 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.