ACCELERATE PROPERTY FUND LIMITED - Results of the Rights Offer

Results of the Rights Offer

 ACCELERATE PROPERTY FUND LIMITED
 (Incorporated in the Republic of South Africa)
 Registration Number: 2005/015057/06
 LEI: 378900D514788C447E45
 Share Code: APF ISIN: ZAE000185815
 ("the Company" or "APF")
 (Approved as a REIT by the JSE)


 NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY,
 IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN OR
 ANY OTHER JURISDICTION WHERE EXTENSION OR MAKING THE RIGHTS OFFER WOULD
 BE UNLAWFUL OR IN CONTRAVENTION OF APPLICABLE LAW. THIS ANNOUNCEMENT
 DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES IN THE UNITED STATES
 OR ANY OTHER JURISDICTION


 RESULTS OF THE RIGHTS OFFER

 1.   INTRODUCTION

 Shareholders are referred to the declaration and finalisation announcements
 published on SENS on Friday, 12 April 2024 and Tuesday, 14 May 2024,
 respectively, wherein Shareholders were advised of, inter alia, APF's 
 intention to raise R200 million by way of a fully underwritten renounceable
 rights offer to Qualifying Shareholders, of 500 000 000 Rights Offer Shares
 at a Subscription Price of 40c per Rights Offer Share, in the ratio of 
 38.59528 Rights Offer Shares for every 100 APF Shares held as at the close
 of business on Friday, 24 May 2024. The Rights Offer was fully underwritten
 by K2016336084 (South Africa) Proprietary Limited ("Underwriter"). The 
 Board is pleased to advise that APF has successfully raised a total amount
 of R200 million pursuant to the Rights Offer. The Underwriter took up 
 135 059 908 Rights Offer Shares for a value of R54 023 963.20.

 2.   RESULTS OF THE RIGHTS OFFER

 The Rights Offer closed at 12:00 on Monday, 10 June 2024, the results of 
 which are set out below:

                                      Number of Rights    Value of Rights
                                      Offer Shares        R0.40 per Rights
                                                          Offer Share
 
 Rights Offer Shares available        500 000 000         R200 000 000.00
 for subscription

 Certificated Number of Rights        0                   R0.00
 Offer Shares Taken Up
 Dematerialised Number of             364 940 092         R145 976 036.80
 Rights Offer Shares Taken Up
 Total Number of Rights               364 940 092         R145 976 036.80
 Exercised

 Number of rights available           135 059 908         R54 023 963.20
 for Underwriter's portion


 3.    ISSUE OF RIGHTS OFFER SHARES

 3.1     Qualifying Dematerialised Shareholders (or their Renouncees or
         the purchasers of their Letters of Allocation) who have followed 
         their Rights and/or have been allocated excess Rights Offer Shares, 
         will have their Broker, CSDP, nominee, agent or trustee accounts
         debited with the relevant aggregate Subscription Price and credited
         with the relevant Rights Offer Shares, on Tuesday, 11 June 2024.

 3.2     Qualifying Certificated Shareholders (or their Renouncees or the
         purchasers of their Letters of Allocation), who followed their 
         Rights, and who:

           -   have an account with a Broker or CSDP and elected "Option
               1" on Form D of the Form of Instruction, will have their
               account at their Broker or CSDP credited with the relevant
               Rights Offer Shares, on Tuesday, 11 June 2024;
           -   do not have an account with a Broker or CSDP and elected
               "Option 2" on Form D of the Form of Instruction, will be
               issued a statement of allocation in respect thereof as soon
               as possible and will be required to appoint a Broker or
               CSDP to enable the Rights Offer Shares to be made available
               to them; and
           -   do not wish to hold the Rights Offer Shares subscribed for
               in Dematerialised form and elected "Option 3" on Form D of
               the Form of Instruction, the Documents of Title in respect
               thereof will be posted to such Qualifying Certificated
               Shareholders, at their risk, as soon as possible.

 Fourways
 11 June 2024


 Corporate Advisor and Transaction Sponsor: Bravura Capital (Pty) Limited

Date: 11-06-2024 03:00:00
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