SPEAR REIT LIMITED - R749 Million Of New Equity Raised

R749 Million Of New Equity Raised

SPEAR REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/407237/06)
Share Code: SEA
ISIN: ZAE000228995
LEI: 378900F76170CCB33C50
Approved as a REIT by the JSE
("Spear" or "the Company")


R749 MILLION OF NEW EQUITY RAISED


Spear is pleased to announce that it has successfully concluded a vendor consideration and shares
for cash placement and has received commitments to subscribe for R749 million of new equity
("Placement").

In terms of the Placement a total of 74 900 000 new shares will be issued to public shareholders at
a price of R10.00 per share, reflecting a premium of 1.06% to the volume weighted average price
over the 30 trading days immediately prior to 4 June 2025.

It is anticipated that the listing and issue of the new Spear shares will commence on Tuesday, 17
June 2025.

The proceeds of the Placement will be utilised in the short term to settle debt and to fund further
solar projects and growth opportunities.

Spear's management will continue to incorporate bolt on investment and development opportunities
into the core portfolio, whilst also exploring portfolio acquisition opportunities within the Western
Cape, in line with its investment strategy.

Following the Placement, it is estimated that the loan to value ratio of the Spear group will be within
a range of 18% - 20%.

Of the shares issued in terms of the Placement, 6 210 881 shares were issued in terms of the general
authority to issue shares for cash granted at the annual general meeting on 31 July 2024. Taken
together with the 6 593 406 shares issued on 26 August 2024 and 200 000 treasury shares sold on
21 August 2024, the Company has now utilised the full 5% authority granted by shareholders, being
13 004 287 shares.

Cape Town
06 June 2025

Corporate Advisor and Sponsor

PSG Capital 

Date: 06-06-2025 01:40:00
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