Fairvest Property Holdings Limited entered into an agreement on January 18, 2016 with Vilhas Property CC (Seller) to acquire, as a going concern, the rental enterprise operated by the Seller in respect of the property at Erf 3429, Heidelberg, situated at 61 Voortrekker Street, Heidelberg, Gauteng, being the shopping centre more commonly known as Shoprite Heidelberg. The effective date of the Acquisition shall be the date of registration of transfer of ownership of the Property to Fairvest which is expected to occur on or about 1 May 2016. The purchase consideration for the Acquisition is ZAR 54,954,500, which includes VAT at the rate of 0%, payable on the Effective Date against registration of transfer of ownership of the Property into the name of Fairvest.

The Company will settle the purchase consideration an amount of ZAR 4,500,000 will be paid in cash; and the balance will be settled by the issue of new Fairvest ordinary shares to the Seller at a price per share (“Issue Price”) equal to the higher of ZAR 1.90 per share or 95% of the 5 day volume weighted average price (“VWAP”) of a Fairvest share calculated up to (and including) the last business day before the effective date.