ACCELERATE PROPERTY FUND LIMITED - Update in respect of the Agreement and potential disposal of a minority interest in FM & withdrawal of cautionary

Update in respect of the Agreement and potential disposal of a minority interest in FM & withdrawal of cautionary

ACCELERATE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2005/015057/06)
JSE share code: APF
ISIN: ZAE000185815
("Accelerate" or "the Company")


UPDATE IN RESPECT OF THE PROPERTY, DEVELOPMENT AND ASSET MANAGEMENT SERVICES AGREEMENT AND
POTENTIAL DISPOSAL OF A MINORITY INTEREST IN FOURWAYS MALL & WITHDRAWAL OF CAUTIONARY


Shareholders are referred to the announcement released on the Stock Exchange News Service ("SENS") on 20
August 2024, in terms of which shareholders were advised that the Company, Azrapart Proprietary Limited,
Flanagan & Gerard Frontiers Proprietary Limited ("F&G"), Fourways Precinct Proprietary Limited, Fourways Mall
Managing Agent Proprietary Limited and Luvon Investments Proprietary Limited ("Luvon") (part of the Moolman
Group) had entered into a Property, Development and Asset Management Services Agreement ("the Agreement"),
in relation to inter alia the appointment of F&G and Luvon as the joint property and asset manager,
as well as the development manager for the properties and letting enterprises that make up Fourways Mall ("the
Mall").

Shareholders are hereby advised that the suspensive conditions in the Agreement were not fulfilled on time and
as a result the Agreement is of no force and effect. Notwithstanding the non-fulfillment of the suspensive
conditions in the Agreement, shareholders should note that F&G and Luvon are and continue to remain on site
and continue to render the requisite services in respect of the Mall.

In this regard, the Company is engaging with the various parties to the Agreement in order to conclude a new
agreement on the same or substantially the same terms as the Agreement ("New Agreement"), which would
include an extension of the time period for the fulfilment of the suspensive conditions, and shareholders will be
notified of further developments in this regard in due course.

Shareholders are further referred to the cautionary announcement released on SENS on 1 November 2024
("Cautionary Announcement") and advised that the Cautionary Announcement is hereby withdrawn and
shareholders are no longer required to exercise caution when dealing in the Company's securities.

Johannesburg
22 November 2024


Transaction Sponsor
Valeo Capital (Pty) Limited

Date: 22-11-2024 10:20:00
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