06 Oct - 2 min read

Further disposal of shares in Industrials REIT Limited

Further disposal of shares in Industrials REIT 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 INDUSTRIALS REIT LIMITED


1.   INTRODUCTION

     1.1.   Shareholders are referred to the previous announcements published on SENS, the last of which was
            published on 5 October 2021, regarding the disposal of shares in Industrials REIT Limited (formerly
            Stenprop Limited) (“Industrials REIT” or “MLI”) by Zarclear (the “previous disposals”).

     1.2.   Shareholders are now advised that Zarclear has disposed of a further 1 000 000 MLI shares for a sale price
            of R37.20 per share and an aggregate sale consideration of R37 199 872, which sale was executed by way
            of an on-market block trade on the JSE on 5 October 2021 (the “latest disposal”).

     1.3.   Following the latest disposal, Zarclear now owns in aggregate 5 089 473 MLI shares, thus decreasing its
            shareholding to c.1.70% of the total MLI shares in issue. This shareholding will remain as Zarclear’s core
            position in Industrials REIT going forward.

2.   DESCRIPTION OF INDUSTRIALS REIT AND RATIONALE FOR THE LATEST DISPOSAL

     2.1.   Industrials REIT 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. Industrials REIT’s investment policy is
            to invest in a diversified portfolio of UK multi-let industrial properties with the strategic goal of becoming
            the leading multi-let industrial business in the UK.

     2.2.   Zarclear’s shareholding in Industrials REIT forms a disproportionately large part of the Zarclear portfolio.
            The latest 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 latest disposal will be held as cash and cash resources.

3.   FINANCIAL INFORMATION

     Industrials REIT’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 year ended 31 March 2021 were GBP425.8 million and GBP53.9 million,
     respectively.

4.   CATEGORISATION

     The latest disposal, when aggregated with the previous disposals, is classified as a category 2 transaction in terms
     of the JSE Listings Requirements and is, accordingly, not subject to approval by shareholders.

6 October 2021


Sponsor
Java Capital
Date: 06-10-2021 04:00:00
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