THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ... · THIS DOCUMENT IS IMPORTANT AND...

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION

If you are in doubt as to the action you should take in relation to this document, please consult your stockbroker, banker, legal advisor or other professional advisor immediately. This document is issued in compliance with the Listings Requirements of the Botswana Stock Exchange to the Unitholders of PrimeTime Property Holdings Limited (“PrimeTime”), for the purpose of explaining the proposed disposal of two properties to a related party.

Action required:• IfyouhavedisposedofallofyourPrimeTimeLinkedUnits,thisCircularshouldbesenttotheagentthroughwhomyouhavedisposed

ofsuchPrimeTimeLinkedUnits,foronwarddeliverytothepurchaserofthosePrimeTimeLinkedUnits.• AnoticeconveninganextraordinarygeneralmeetingofPrimeTimeUnitholders(“EGM”),tobeheldattheofficesofPrimeTimeat

10amTuesday22ndSeptember2015atAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBD,Gaborone,isattachedhereto,whichnoticeformsanintegralpartofthisCircular.Therelevantformofproxyisalsoattached.

• Unitholderswhoareunable toattend theEGMshould complete theattached formofproxyand return it to theofficeof theCompanySecretarysoastobereceivedbynolaterthan3pmFriday18thSeptember2015.AproxyneednotbeaholderofPrimeTimeLinkedUnits.SubmissionofaformofproxywillnotprecludeUnitholdersfromattendingandvotinginpersonattheEGM,shouldtheysodesire.

PrimeTime Property Holdings Limited(“PrimeTime”orthe“Company”)

Sharecode:PrimeTimeISIN:BW0000000603IncorporatedintheRepublicofBotswanaon29August2007

CompanyNo.2007/4760

CIRCULAR TO UNITHOLDERS

Relating to: •atransactionwitharelatedparty

and •incorporatinganoticeoftheEGMandaformofproxy.

Transaction Advisor and Transfer Secretaries

Legal Advisor Sponsoring Broker

Date of issue: 27 August 2015

PrimeTime Circular 2015 3

Board of Directors:PetronellaMatumo(Chairman)Alexander(Sandy)LeesKellyMmolokiTurnieMorolongCrossKgosidiileSifelaniThapelo

Trustee:JohnHinchliffeUnitG,Plot129GaboroneInternationalFinanceParkP.O.Box2378Gaborone

Auditors:Deloitte&TouchePlot64518FairgroundOfficeParkPOBox778Gaborone

Asset and Property Managers:TimeProjects(Botswana)(Proprietary)LimitedAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBDPOBox1395Gaborone

Transaction Advisor and Transfer Secretary:TransactionManagementServices(Proprietary)Limitedt/aCorpserveBotswanaTransferSecretariesSecondFloor,Unit206,ShowgroundsClose,Plot64516,Fairgrounds.POBox1583AADGaborone,Botswana

CORPORATE INFORMATION

Company Secretary:JoannaJonesAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBDPOBox1395Gaborone

Registered Office:PricewaterhouseCoopersPlot50371,FairgroundOfficeParkPOBox249Gaborone

Legal Advisors:Armstrongs2ndFloorAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBDPOBox1368Gaborone

Sponsoring Brokers:StockbrokersBotswanaLimitedGroundFloor,Marula,PrimePlaza,Plot74358,NewCBDPrivateBag00113Gaborone

Independent Valuers:KnightFrankBotswana(Proprietary)LimitedPlot183QueensRoadGaboronePOBox655,Gaborone

4 PrimeTime Circular 2015

TABLE OF CONTENTS

1. The Transaction 62. Nature Of The Business 63. Related Parties 64. Directors’ Interests In Primetime 65. Financial Effects Of The Disposal 7 5.1. Financial Information 7 5.2. Statement Of Indebtedness 7 5.3. Impact On Net Asset Value Per Share 7 5.4. Impact On Earnings Per Share 7 5.5. Medium To Long Term Impact 76. Major Unitholders 77. Financial Information 78. Pro Forma Statement Of Financial Position At 28 February 2015 79. Other Information 7 9.1.Significantcontractsotherthanintheordinarycourseofbusiness 7 9.2. Experts and advisors consents 7 9.3. Documents available for inspection 7 9.4. Litigation 8 9.5. Directors’ remuneration 810. Directors’ opinions and recommendations 811. Directors’ responsibility statement 812. VotingattheEGM 8

Proformastatementoffinancialpositionat28February2015 9

Annexure 1: 10 Summaryindependentvaluer’sreportonthetransactions 10 Valuationcertificate-BarclaysPlaza 11 Valuationcertificate-BlueJacketSquare 12

Notice of an extraordinary general meeting of unitholders 13Form of proxy for unitholders 14


SALIENT DATES AND TIMES 2015CircularpostedtoUnitholderson Tuesday1stSeptemberLastdaytolodgeformsofproxyby16:30on Friday18thSeptemberEGMheldon Tuesday22ndSeptember ResultsofEGMpublishedinthepresson Thursday24thSeptember

Note:Theabovedatesandtimesaresubjecttochange.Anysuchchangeswillbepublishedinthepress.

INTERPRETATIONS AND DEFINITIONSIn thisCircularandtheannexureshereto,unless thecontext indicatesacontrary intention,anexpressionwhichdenotesanygenderincludestheothergenders,anaturalpersonincludesajuristicpersonandviceversa,thesingularincludesthepluralandviceversaandthe

“Board”

“BSE”

“Circular”

“EGM”

“IndependentValuer”

“LinkedUnits”

“ListingRequirements”

“Material”

“PrimeTime”or“theCompany”

“Properties”

“Purchaser,”

“RegisteredOffice”

“RelatedParty”

“Unitholders”

TheBoardofdirectorsofPrimeTime.

TheBotswanaStockExchangeasestablishedbytheBotswanaStockExchangeActCap56:08;

Thiscirculardated27thAugust2015includingtheannexuresandattachments,thenoticeoftheEGMandaformofproxy; TheextraordinarygeneralmeetingofUnitholders,tobeheldat22ndSeptember2015atAcacia,PrimePlaza,Plot74358,CnrKhamaCrescentExtension&PGMatanteRoad,CBDGaborone;

KnightFrankBotswana(Proprietary)Limited

OneDebentureandoneordinaryshareinthedebentureandsharecapitaloftheCompany,indivisiblylinkedasaunit;

TheListingRequirementsoftheBSE;

Material,asdefinedintheBSEListingRequirementsfortransactions(para9.18),beingnomorethan3%;

PrimeTimePropertyHoldingsLimitedacompanyincorporatedwithlimitedliabilityandregisteredaccordingtothelawsofBotswanaandlistedonTheBSE;

Lot6142,Francistown(knownasBarclaysPlaza)andLot662-666,Francistown(knownasBlueJacketSquare)

Botswana Public Officers Pension Fund (BPOPF), a defined Government pension contribution schemeregisteredin2001.

c/oPricewaterhouseCoopers,Plot50371,FairgroundOfficePark,P.OBox249,Gaborone;

AsdeterminedbytheBSEListingRequirementsandasmorefullydisclosedinparagraph4;

HoldersofLinkedUnits.


Sharecode:PrimeTimeISIN:BW0000000603IncorporatedintheRepublicofBotswana

RegistrationNo.2007/4760(“PrimeTime”or“theCompany”)

DirectorsPetronellaMatumo(Chairman)Alexander(Sandy)LeesKellyMmolokiTurnieMorolong

CrossKgosidiileSifelaniThapelo

1. THE TRANSACTION

PrimeTimehasenteredintoanagreementtoselltwopropertiesinFrancistowntotheBPOPF.TheagreementtodisposeofthesepropertiesisconditionalonapprovalbyLinkedUnitholdersastheBPOPFisarelatedpartytoPrimeTime.

The sale of the subject properties has been agreed for aconsiderationofP71million,payableincash.ThelastindependentvaluationsofthesePropertieswereconductedasat14August2015foracombinedtotalofP59.75million,thevaluationcertificatesforwhichareincludedinAnnexure1ofthisdocument.Inlightofthisinformation,theboardofPrimeTimeacceptedtheoffer.

Whilethepropertiespresentlyprovideagoodreturnonvaluation,itisanticipatedfuturegrowthwillberelativelyflat.Itistheviewof the Board that the capital tied up in the buildingswould bebetterdeployedintocurrentprojects,suchasthePilaneCrossingdevelopment, and the expansion of the company’s footprint inZambia,inlinewithPrimeTime’splannedstrategyfordiversificationandgrowth.

2. NATURE OF THE BUSINESS

PrimeTimeisavariablerateloanstockcompanyincorporatedinBotswanaon29August 2007, the issuedLinkedUnitsofwhichwerelistedontheBSEon20December2007.

TheexistingpropertyportfoliooftheCompanywasindependentlyvalued at P732million as at 31August 2014. PrimeTime is inthe business of investing in properties in Botswana and beyonditsborders.Initscourseofbusiness,itmaybuyandsell,asinthisinstance,aswellasdeveloppropertiesaswasthecasewithPrimePlaza and the current Pilane Crossing project. Its strategy is tocreatelongtermwealthandsuperiorreturns.

3. RELATED PARTIES

OtherthanasdisclosedinthiscircularorpreviousannouncementstoUnitholders, therehavenotbeenanyother transactionswiththeRelatedParty.

TherelatedpartyistheBPOPFbyvirtueofthefactthatitisthepurchaser through its direct property investment fundmanager,MessidorInvestments(Pty)Ltd,andthatitisaunitholderthroughits investment fundmanagers, principallyAllan Gray.Through itsfundmanagers, includingAllanGray, theBPOPFholds a totalof19.07%ofthelinkedunitsinPrimeTime.

AstherelatedpartytheBPOPF,oritsinvestmentfundmanagersontheirbehalf,shallnotbeentitledtovoteattheEGM,norwilltheybetakenintoaccountwhendeterminingthequorum.

Other thandisclosed in thiscircularorpreviousannouncementstounitholders, therehavenotbeen anyother transactionswiththerelatedparty.

4. DIRECTORS’ INTERESTS IN PRIMETIME

The number of LinkedUnits held directly and indirectly by theDirectorsandfamily,atthelastyearendof31August2014andasatthelastpracticabledatebeforeprintingthiscircular,being31July2015wasasfollows:

Directors Asat31August2014 Asat31July2015HeldDirectly

HeldIndirectly

HeldDirectly

HeldIndirectly

PMatumo 661729 - 661729 -ALKelly 332264 46755269 332264 46755269MTMorolong 6000 - 6000 -CKgosidiile* - -- - -SThapelo - - -

CIRCULAR TO PRIMETIME UNITHOLDERS


*Note: Mr Cross Kgosidiile is managing director of the Motor Vehicle Accident Fund that holds 2,358,827 Linked Units at all of the dates indicated above

TheUnitholders represented either directly or indirectly by thedirectorsintendtovoteinfavouroftheresolution.

5. FINANCIAL EFFECTS OF THE DISPOSAL

5.1. FINANCIAL INFORMATION

The following table is a summary of the financial informationrelating to the sale, thedetail ofwhich is includedelsewhere inthiscircular :

Sale Details

ProformanetprofitaftertaxP9.052million

5.2. STATEMENT OF INDEBTEDNESS

As at 28 February 2015, the Company’s interim period end,PrimeTimehad thirdpartydebtofP277.4millionandcashandcashequivalentsofP9.2million.ThevalueofPrimeTime’sassetsat28February2015wasP749million.

5.3. IMPACT ON NET ASSET VALUE PER SHARE

The cash proceeds will initially reduce the finance costs of thecompanyandgoing forwardprovidegreater fundingcapacity forfutureinvestments.

The impact of thisDisposal on the net assets of theCompanyisnotmaterial (3%beingrecognisedasmaterial in termsof theListingRequirementsoftheBotswanaStockExchange).

5.4. IMPACTONEARNINGSPERSHARE

The impactof thisDisposalon thenetprofitsof theCompanywill be material (3% being recognised as material in terms oftheListingRequirementsoftheBotswanaStockExchange).TheprofomaimpactonnetprofitaftertaxaccruingfromthisDisposalisestimatedtobeP9mwhichequatestoearningsof5.03thebeperlinkedunit.Theauditedearningsfortheyearended31August2014were39.76thebeperlinkedunit.

5.5. MEDIUMTOLONGTERMIMPACT

TheBoardbelievesthatwhiletheeffectonnetassetvaluewillnotbematerialintheshortterm,themedium-termimpactofthere-investmentoftheproceedswillbemeaningfulasthenewrentalandassetvalues rise in linewith inflationandgeneraleconomicgrowth.

6. MAJOR UNITHOLDERS

InsofarasitisknowntothedirectorsofPrimeTime,thefollowingUnitholders held more than 5% of the issued Linked Units of

PrimeTimeas at the lastpracticabledatebeforeprintingof thisCircularbeing31July2015.

Name Holding PercentageLinwoodServicesLtd 46,755,269 25.99%FNBNominees(Pty)LtdRe:agrayBPOPF 30,360,924 16.88%TatiCompanyLimited 25,600,000 14.23%Scbn(Pty)LtdRe:Metlife 13,513,378 7.51%

7. FINANCIAL INFORMATION

Allrelevantfinancialinformation,includingafullcopyoftheauditedresultsfortheyearended31August2014andunauditedinterimfinancialresultsfor the sixmonthperiodended28February2015,haspreviouslybeendisclosed and is available for inspection at the Company’s RegisteredOffices.Theauditor’sreportwasunmodified.

TherehavebeennomaterialchangestothefinancialortradingpositionoftheCompanysincethereleaseoftheunauditedinterimfinancialresultsdisclosedabove.

8. PRO FORMA STATEMENT OF FINANCIAL POSITION AT 28 FEBRUARY 2015

Theproformastatementoffinancialpositionsetoutonpage9ispresentedfor illustrative purposes only, to provide information about how theDevelopmentmayaffectthestatementoffinancialpositionofPrimeTimeat28February2015,hadthetransactionsbeeneffectiveonthatdate.Dueto thenatureof apro forma statementof financial position, itmaynotaccuratelyreflectthefinancialpositionofPrimeTimeafterthesale.

9. OTHER INFORMATION

9.1. SIGNIFICANTCONTRACTSOTHERTHANIN THE ORDINARY COURSE OF BUSINESS

Other than as disclosed in this Circular there have been no significantcontractsenteredintootherthanintheordinarycourseofbusiness.

9.2. EXPERTS AND ADVISORS CONSENTS

Thetransactionadvisorandtransfersecretaries, independentvaluer, legaladvisorandthesponsoringbrokerhaveeachconsentedinwritingtoactinthecapacitiesstatedandtotheirnamesbeingstatedinthisCircularandhadnotwithdrawntheirconsentpriortothepublicationofthisCircular.

9.3. DOCUMENTS AVAILABLE FOR INSPECTION

The following documents are available for inspection at the RegisteredOfficeoftheCompanyduringworkinghoursfrom8.00amto5.00pm.

• TheConstitutionofPrimeTime• TheTrustDeedofdebentureholders• ThevaluationreportsoftheIndependentValuerontheexisting

propertiesownedbyPrimeTimeandthosesubjecttothesaletowhichthiscircularpertains

• Saleagreement


• Agreements pertaining to the acquisition of properties,financing agreements andunderwriting agreements fromthe listing of PrimeTime to the date of issuance of thisCircular

• AuditedAnnualFinancialStatementsofPrimeTimefortheyearsended31August2009through31August2014

• Allcircularspublishedwithinthelastthreeyears

9.4. LITIGATION

There are no legal or arbitrationproceedings against theCompany, nor,as far theBoard is aware, are thereany legalor arbitrationproceedingspendingorthreatenedagainsttheCompanywhichhavehadormayhave,asignificanteffectonthefinancialpositionoftheCompany.

9.5. DIRECTORS’ REMUNERATION

ThedirectorsoftheCompanywerepaidP416408inrespectoffeesinthefinancialyearend31August2014.

10. DIRECTORS’ OPINIONS AND RECOMMENDATIONS

ThedirectorsofPrimeTime(“thedirectors”)areoftheopinionthatthesaleofthePropertieswillbetothelong-termbenefitofPrimeTimeanditsUnitholders.Accordingly,thedirectorsrecommendthatUnitholdersvoteinfavouroftheordinaryresolutionsnecessarytoapproveandimplementthesaleagreemententeredinto.ThedirectorswhoareUnitholdersintendtovoteinfavourofthesaidresolutions.

11. DIRECTORS’ RESPONSIBILITY STATEMENT

Thedirectors,whosenamesaregiven in thesectionentitledCorporateInformation in this Circular, collectively and individually, accept fullresponsibilityfortheaccuracyoftheinformationgivenandcertifythattothebestoftheirknowledgeandbelieftherearenootherfactstheomissionofwhichwouldmake any statement false ormisleading, that they havemadeallreasonableenquiriestoascertainsuchfactsand(ifapplicable)thatthisCircularcontainsallinformationrequiredbythelaw.

ThedirectorsconfirmthattheCircularincludesallsuchinformationwithintheir knowledge (or which it would be reasonable for them to obtainbymaking enquiries) as investors and their professional advisers wouldreasonablyrequireandreasonablyexpecttofindforthepurposeofmakinganinformedassessmentoftheassetsandliabilities,financialposition,profitsand lossesandprospectsofthe issuerandoftherightsattachingtothesecuritiestowhichtheCircularrelates.

12. VOTINGATTHEEGM

A simplymajority is required to pass the resolutions as set out in thisCircular.Therelatedpartiesandassociatesasdetailedinparagraph5abovewillnotvoteonanyoftheresolutions,norwilltheybetakenintoaccountindeterminingaquorumattheEGM.

SignedbyPMatumoandALKellyonbehalfofeachofthedirectorsofPrimeTime.

DatedatGaboronethis27dayofAugust2015

PMatumo ALKelly

(Chairman) (Managing Director)

PRIMETIMEPROPERTYHOLDINGSLIMITED


PRO FORMA STATEMENT OF FINANCIAL POSITION 28 February 2015

Per published interim results 28-Feb-15 Notes Adjustments Total (P’000) (P’000) (P’000)ASSETS Non-current assets 735 087 745 900Investment properties 706 802 1 10,813 717 615Rent receivable – straight line adjustment 28 285 28 285 Current assets 14 210 14 210Trade and other receivables 2 011 2 011Rent receivable – straight line adjustment 2 948 2 948Taxation receivable 5 5Cash and cash equivalents 9 246 9 246 Total assets 749 297 760 110 EQUITY AND LIABILITIES

Total equity and reserves 422 509 431 561Stated capital 4 716 4 716Debentures 132 610 132 610Accumulated profits 269 226 2 9,052 278 278Foreign currency translation reserve 1 368 1 368Debenture interest reserve 14 589 14 589 Non-current liabilities 282 583 284 344Deferred taxation 27 114 3 1,761 28 875Long term borrowings 254 699 254 699Ground lease straight line adj. 770 770 Current liabilities 44 205 44 205Trade and other payables 21 189 21 189Current portion of long term borrowings 22 666 22 666Deferred revenue 350 350 749 297 760 110 Net asset value per Linked Unit (thebe) 234.87 239.90Change in net asset value per. Linked Unit (thebe) 5.03

Notes1. Being the adjustment required to reflect the sale and re-investment of the net proceeds, on sale of the properties.2. Being the pro-forma profit after tax on sale.3. Being the net movement in deferred and capital gains taxes.4. The interim statement of financial position as at 28 February 2015 has been prepared in accordance with the Company’s accounting

policies and practices.

PropertyDisposals


ANNEXURE 1: SUMMARY INDEPENDENT VALUER’S REPORT ON THE TRANSACTIONS

TheDirectorsPrimeTimePropertyHoldingsLimitedPOBox1395Gaborone

14thAugust2015

DearSirs,

RE:VALUATIONOFBLUEJACKETSQUAREANDBARCLAYSPLAZA-FRANCISTOWN

I,David JamesWatson,CharteredSurveyorwith30yearsexperienceundertakingvaluationsoffixedproperty,declarethat Iandmyassociateshaveinspectedthe2propertiesassetoutintheattachedtablebelow,withaviewtodeterminingthemarketvalueasat14thAugust2015.

Marketvalueisdefinedas“Theestimatedamountforwhichanassetorrightinanassetshouldexchangeincashonthedateofvaluationbetweenawillingbuyerandawillingsellerinanarm’slengthtransactionafterpropermarketingwhereinthepartieshaveeachactedknowledgeably,prudentlyandwithoutcompulsion.”

Iamoftheopinionthatthemarketvaluesofthepropertiesasat14thAugust2015isasfollows:

BlueJacketSquare P22,750,000.00(TwentyTwoMillionSevenHundredAndFiftyThousandPula)

BarclaysPlaza P37,000,000.00(ThirtySevenMillionPula)

IconfirmthatneitherInormyassociatesreceiveanyfinancialgainorotherbenefitsinconnectionwiththeproperties,otherthanthestandardprofessionalfeesrelatedtothemarketvaluation.

Thereisnomaterialcontraventionofstatutoryrequirements.

Neitherthewholenoranypartofthisvaluationsummary,noranyreferencetoitmaybeincludedinanypublisheddocument,circularorstatementnorpublishedinanywaywhatsoeverwhetherinhardcopyorelectronically(includingonanywebsite)withoutourpriorwrittenapprovaloftheformorcontextinwhichitwillappear.

Yoursfaithfully,

DavidJamesWatsonDirector,KnightFrankBotswana(Pty)Ltd

BSc(Hons),MRICS,RegisteredintermsoftheRealEstateInstituteofBotswanaandtheRealEstateProfessionalsAct,2003.


VALUATION CERTIFICATE

BlueJacketSquare

Lots662–666Francistown

CornerofFrancisAvenueandBlueJacketStreetwithintheFrancistownCentralBusinessDistrict.

FrancistownDevelopmentPlanstipulatesthatithasplanningzoningforcommercialpurposes;thepropertyiscurrentlybeingusedforcommercial.

Freehold

BlueJacketSquarecomprisesathree-storeycommercialbuildingwithpavedparkingtorearcourt-yardwithinfivecommercialplotsmeasuringintotal3160sqm.

ThepropertyisconstructedofconcreteframeswithfacebrickwallssupportingapitchedIBRroof.Thewallsarefinishedwithfacebrickdecorexternallyandpaintedplasterinternally.Therearealuminiumwindows.Internally,therearesuspendedceilingsandthefloorsareeitherceramicorcarpeted.Thereisliftaccessprovidedtoeachfloor.

Thebuildingprovidespurposebuiltmodernaccommodationwith30sittingtenantsprovidingagrossannualincomeofP3103338.Presentlythereare4officesuitesvacantofsome445sqmtotheupperfloors.

GrossInternalAreasGroundfloorretail 1752sqmFirstflooroffices 1440sqmSecondflooroffices 909sqm

TodetermineMarketValueforaccountingpurposes.

Valuationistobeasat14thAugust2015andtobeinaccordancewithTheRoyalInstitutionofCharteredSurveyors(RICS)StatementofAssetValuationPracticeandGuidanceNotes(TheRedBook).

BlueJacketSquare–P22,750,000.00(TwentyTwoMillionSevenHundredandFiftyThousandPula).

Weinspectedthepropertyon4thAugust2015anddidnotconductonduediligenceontheleases.

Wehavereliedupontheinformationprovidedbyyouandhaveassumedsuchinformationtobecompleteandaccurate.Saveasdisclosedtouswehaveassumedthatthepropertyhavegoodandmarketabletitleandthatitisfreeofanyonerousburdens,outgoingsorrestrictionsandthatunlessstatedisnotcontaminatedinanywayorconstructedwithdeleteriousmaterials.Wehavenotseenanyplanningconsents(saveasdisclosedtous)andhaveassumedthatthepropertyhasbeenerected,occupiedandused,inaccordancewithallrequisiteconsentsandthattherearenooutstandingStatutoryNoticesaffectingit.

Wehavenotdoneaduediligenceonthetitledeedsandleasesandhaveassumedthatthetenancydetailsasperthescheduleyouprovidediscompleteandaccurate.Ourvaluationreflectstheleasestatusasatthe14thAugust2015.Wehaveassumedtheleaseshavebeendraftedoninternalrepairingandmaintainingbasis.

Noallowancehasbeenmadeforexpensesofrealisationnorforanytaxation,whichmightariseupondisposal.

Theproperty

Legal Description

Address

Zoning

Tenure

PropertyDescription

Instruction

Nature and Date of Valuation

MarketValue

Valuation Notes


VALUATION CERTIFICATE

BarclaysPlaza

Lot6142,Francistown

CornerofBlueJacketStreetandGuyStreetwithintheFrancistownCentralBusinessDistrictandimmediatelyadjacenttoNswazwiMall.

FrancistownDevelopmentPlanstipulatesthatithasplanningzoningforcommercialpurposes;thepropertyiscurrentlybeingusedasbothforcommercial.

Freehold

BarclaysPlazacomprisesapropertysevenstoreyretail/commercialbuildingwithinonecommercialplotmeasuringapproximately3102sqm.

ThepropertyisconstructedofconcreteframeswithfacebrickwallssupportingapitchedIBRroof.Thewallsarefinishedwithfacebrickdecorexternallyandpaintedplasterinternally.Therearealuminiumwindows.Internally,therearesuspendedceilingsandthefloorsareeitherceramicorcarpeted.Apassengerliftisprovidedatoneendofthebuildingwhichserveseachfloor.Purposebuiltitprovidesmodernaccommodationpresentlyoccupiedby40tenantsprovidingagrossincomeofP6,474,551.00perannum.

GrossInternalAreasGroundfloorretail 1114sqmFirstflooroffices 1330sqmSecondflooroffices 498sqmThirdflooroffices 433sqmFourthflooroffices 764sqmFifthflooroffices 734sqmSixthflooroffices 748sqmSeventhflooroffices 732sqm 6353sqm

TodetermineMarketValueforaccountingpurposes.

Valuationistobeasat14thAugust2015andtobeinaccordancewithTheRoyalInstitutionofCharteredSurveyors(RICS)StatementofAssetValuationPracticeandGuidanceNotes(TheRedBook).

BarclaysPlaza–P37,000,000.00(ThirtySevenMillionPula).

Weinspectedthepropertyon4thAugust2015anddidnotconductduediligenceontheleases.

Wehavereliedupontheinformationprovidedbyyouandhaveassumedsuchinformationtobecompleteandaccurate.Saveasdisclosedtouswehaveassumedthatthepropertyhasgoodandmarketabletitleandthatitisfreeofanyonerousburdens,outgoingsorrestrictionsandthatunlessstatedisnotcontaminatedinanywayorconstructedwithdeleteriousmaterials.Wehavenotseenanyplanningconsents(saveasdisclosedtous)andhaveassumedthatthepropertyhasbeenerect-ed,occupiedandused,inaccordancewithallrequisiteconsentsandthattherearenooutstandingStatutoryNoticesaffectingit.

Wehavenotdoneaduediligenceonthetitledeedsandleasesandhaveassumedthatthetenancydetailsasperthescheduleyouprovidediscompleteandaccurate.Ourvaluationreflectstheleasestatusasatthe14thAugust2015.Wehaveassumedtheleaseshavebeendraftedoninternalrepairingandmaintainingbasis.

Noallowancehasbeenmadeforexpensesofrealisationnorforanytaxation,whichmightariseupondisposal.

Theproperty

Legal Description

Address

Zoning

Tenure

PropertyDescription

Instruction

Nature and Date of Valuation

MarketValue

Valuation Notes


(“the“Company”)IncorporatedintheRepublicofBotswana

RegistrationNo.2007/4760

NOTICEOFANEXTRAORDINARYGENERALMEETINGOFUNITHOLDERS

NoticeisherebygiventhatanExtraordinaryGeneralMeeting(“EGM”)ofholdersofLinkedUnits(“Unitholders”)(aLinkedUnitbeingoneshareinthestatedcapitaloftheCompanylinkedwithonedebentureinthedebenturecapitaloftheCompany)willbeheldat10amon22September2015atAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBD,Gaborone,forthepurposeofconsideringandifdeemedfitpassing,withorwithoutamendmentormodificationthefollowingordinaryresolutions.

ORDINARY RESOLUTION NO. 1“RESOLVED,thesaleofBarclaysPlazaandBlueJacketSquarebytheCompanytotheBotswanaPublicOfficersPensionFund(asdefinedintheCirculardated27August2015(“theCircular”))onthetermsandconditionsauthorisedintheCircularareapproved.

ORDINARY RESOLUTION NO. 2“RESOLVEDTHAT,anydirectoroftheCompanybeandisherebyauthorisedtodoallsuchthingsandsignallsuchdocumentsthatarenecessarytogiveeffecttotheresolutionspassedatthismeeting.”

VOTINGANDPROXIES

AllUnitholderswillbeentitledtoattendandvoteonallresolutionsproposedattheExtraordinaryGeneralMeeting.

AUnitholderthatisentitledtoattendandvoteattheExtraordinaryGeneralMeetingisentitledtoappointaproxytoattendandspeakandvote,inits/his/herstead.AproxyneednotbeamembernorUnitholderoftheCompany.

A formofproxythatsetsout therelevant instructions for itscompletion isattached for theusebyaUnitholderwhowishes toberepresentedattheExtraordinaryGeneralMeeting.ThecompletionofaformofproxywillnotprecludeUnitholdersfromattendingtheExtraordinaryGeneralMeeting.Unlessotherwisestated,aproxywillbeentitledtoattendatanyadjournmentofthemeetingandvoteonanyamendmentormodificationproposedtotheresolutionssetoutinthisNotice.

InordertobeeffectivetheformofproxymustbeproperlycompletedandbereceivedbytheCompanySecretaryattheaddressstatedbelow,bynotlaterthan3pmFriday18thSeptember2015.

ByorderoftheBoard

Company Secretary:JoannaJonesAcacia,PrimePlaza,Plot74538CnrKhamaCrescentExtension&PGMatanteRoad,CBDGaborone

GaboroneDate:27August2015


FORM OF PROXY FOR UNITHOLDERS

EXPRESSIONSUSED INTHIS FORMWILL,UNLESSTHECONTEXTREQUIRESOTHERWISE,BEARTHESAMEMEANINGSASGIVENINTHECIRCULARISSUEDBYTHECOMPANYTOUNITHOLDERSON27AUGUST2015(“THECIRCULAR”).THISFORMSHOULDBEREADINCONJUNCTIONWITHTHECIRCULAR.

ForuseattheextraordinarygeneralmeetingofUnitholders(“theEGM”)tobeheldat10am22September2015atAcacia,PrimePlaza,Plot74538,CnrKhamaCrescentExtension&PGMatanteRoad,CBD,Gaborone.

I/We(BLOCKLETTERSPLEASE)

___________________________________________________________________________________________________________of(Address)

___________________________________________________________________________________________________________ ___________________________________________________________________________________________________________ Beingtheholder/sof LinkedUnitsherebyappoint: 1._________________________________________________________________________________________________________ 2._________________________________________________________________________________________________________

3. thechairmanoftheEGM,

asmy/ourproxytoactforme/usattheEGMcalledforthepurposesofconsideringand,ifdeemedfit,passingwithorwithoutamendmentormodification,theordinaryresolutionstobeproposedthereatandateachadjournmentthereofandtovoteforand/oragainstsuchresolutionsoranyamendmentormodificationthereofand/orabstain fromvoting inrespectof the linkedunits registered inmy/ourname(s)inaccordancewiththefollowinginstructions(seenote2).

Signedat________________________________________on____________________________2015

Signature________________________________________________________________________

Assistedby(whereapplicable)_______________________________________________________

EachUnitholderisentitledtoappointaproxy(whoneednotbeaUnitholderoftheCompany)toattend,speakandvoteinits/his/hersteadattheEGM.

Pleasereadthenotesonthereversesidehereof.

or failing him/her,

or failing him/her,

NumberofLinkedUnits

For Against Abstain

OrdinaryResolutionNo.1

OrdinaryResolutionNo.2


Notes:

1. AUnitholdermayinsertthenameofaproxyorthenamesoftwoalternativeproxiesofhis/herchoiceinthespace(s)providedwithorwithoutdeleting“thechairmanoftheEGM”buttheUnitholderconcernedmustinitialanysuchdeletion.Thepersonwhosenameappearsfirstontheformofproxyandhasnotbeendeletedwillbeentitledtoactasproxytotheexclusionofthosewhosenamesfollow.

2. AUnitholder’s instructionstotheproxymustbeshownby indicating in theappropriateboxprovidedthemanner inwhichthatUnitholderwishestovote.Notwithstandingtheaforegoingaproxyshallbeentitledtovoteonanyamendmentormodificationoftheresolutions.Failuretocomplywiththeabovewillbedeemedtoauthorisetheproxytovotefororagainsttheordinaryresolutionsoramendmentsormodificationsthereof, ifany,orabstainfromvotingashe/shedeemsfit inrespectofalltheUnitholder’svotesexercisablethereat.AUnitholderorhis/herproxyisnotobligedtouseallthevotesexercisablebytheUnitholderorhis/herproxy,butthetotalofthevotescastandinrespectwhereofabstentionisrecordedmaynotexceedthetotalofthevotesexercisablebytheUnitholderorhis/herproxy.

3. AllformsofproxymustbelodgedwiththecompanysecretaryatAcacia,PrimePlaza,Plot74538CnrKhamaCrescentExtension&PGMatanteRoad,CBDBotswanabynotlaterthan3pmFriday18September2015.

4. Anyalterationorcorrectionmadetothisformofproxymustbeinitialledbythesignatory(ies).

5. DocumentaryevidenceestablishingtheauthorityofapersonsigningthisformofproxyinarepresentativecapacitymustbeattachedtothisformofproxyunlesspreviouslyrecordedbythecompanysecretaryorwaivedbythechairmanoftheEGM.

6. ThecompletionandlodgingofthisformofproxywillnotprecludetherelevantUnitholderfromattendingtheEGMandspeakingandvotinginpersonthereattotheexclusionofanyproxyappointedintermshereof,shouldsuchUnitholderwishtodoso.

7. ThechairmanoftheEGMmayacceptorrejectanyformofproxywhichiscompletedand/orreceivedotherthaninaccordancewiththesenotesandinstructions,providedthatthechairmanissatisfiedastothemannerinwhichtheUnitholderwishestovote.

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