| Fri 30 Nov 2018, 7:05 | | REBOSIS PROPERTY FUND LIMITED - Notification in respect of financial covenant with respect to REBC09 |
|
REBC09 201811300001A
Notification in respect of financial covenant with respect to REBC09
REBOSIS PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2010/003468/06)
Alpha code: REBI
(Approved as a REIT by the JSE)
(?Rebosis? or the ?Company? or the ?Rebosis Group?)
NOTIFICATION IN RESPECT OF FINANCIAL COVENANT WITH RESPECT TO REBC09
1. Holders of Note REBC09 (?Noteholders?) are advised, in terms of paragraph 7.38(c) of the JSE Debt
Listings Requirements that the Company has issued a compliance certificate (the ?Certificate?) as
required by clause 10.5.5 of the Rebosis Property Fund Limited ZAR3,000,000,000 Domestic
Medium Term Note Programme Memorandum (the ?Programme Memorandum?).
2. The Certificate is available for inspection at the Company?s registered office, 2nd Floor, Roland
Garros Building, The Campus, Corner Main and Sloane Streets, Bryanston, Johannesburg.
3. Noteholders are referred to the unmodified reviewed provisional results announcement for the
year ended 31 August 2018 released by Rebosis on SENS on 12 November 2018, where the loan
to value ratio, in terms of REIT best practice, for the Rebosis Group was 51.6% at 31 August 2018
(?Year End?), and subsequently improved to 49.4% post the Boxwood property disposal.
4. In terms of the Programme Memorandum, which is not in line with REIT best practice, the
Company confirms that as at Year End:
a. the loan to value ratio was 53.99% for the Rebosis Group;
b. post Year End, and prior to the calculation of the financial covenant under clause 10.5 of
the Programme Memorandum, the Rebosis Group disposed of the Boxwood property and
the loan to value ratio subsequently reduced to 51.88%; and
c. post the disposal of the Grand Central property, the loan to value ratio is estimated to be
50.47%.
5. If the Programme Memorandum covenant definition was aligned with the definition per REIT best
practice, the Company notes that the Rebosis Group?s loan to value ratio would have been 51.58%
under 4(a), 49.44% under 4(b) and 48.02% under 4(c).
Sandton
30 November 2018
Debt Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 30/11/2018 07:05:00 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.
