| Mon 12 Aug 2013, 11:50 | | INGENUITY PROPERTY INVESTMENTS LTD - Board decision to convert to a REIT |
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ING 201308120024A
Board decision to convert to a REIT
INGENUITY PROPERTY INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/018084/06)
ISIN: ZAE 000127411 JSE share code: ING
(“Ingenuity” or “the Company”)
Board decision to convert to a REIT
Shareholders are hereby advised that at the Company’s most recent quarterly board meeting, a
decision was taken to convert to a Real Estate Investment Trust (“REIT”) (“the Conversion”). The
request to the JSE Limited to apply for REIT status will only be made by Ingenuity following
compliance with certain REIT criteria, including, but not limited to, the Company’s gearing ratio being
at most 60% (“the Gearing Ratio”).
In this regard, shareholders are referred to the announcements relating to the acquisition of eight
properties and a 67% interest in Insight Property Developments (Palmyra Road) Proprietary Limited
(“the Properties” or “the Acquisitions”), and more specifically the vendor placement related thereto
(“the Vendor Placement”). The Acquisitions are unconditional, as announced on 2 August 2013, and
are not dependent on the Vendor Placement, and the expected transfer date of the Properties is 1
September 2013. The Company is in the process of concluding the Vendor Placement, the results of
which will have an impact on the Gearing Ratio. Once the Company has concluded the Vendor
Placement, which is expected to occur on or about 30 August 2013, Ingenuity will assess its Gearing
Ratio in light of the proposed Conversion. Shareholders will be informed timeously of steps taken to
convert to REIT status.
Cape Town
12 August 2013
Sponsor
Nedbank Capital
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