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Freedom - termination of listing
Shareholders of Freedom (“Shareholders”) are referred to the SENS announcement, dated 9 July 2021, relating to the Company’s termination of its listing and the removal of Freedom’s shares from the JSE List (the “Delisting”). The Delisting, which is to be effected on Tuesday, 3 August 2021 (“Delisting Date”), was confirmed by the JSE on Monday, 5 July 2021. As such, the Company’s board of directors (the “Board”) hereby wishes to advise Shareholders of:
• the Company’s future strategy;
• Shareholders’ ability to trade in the Company’s shares after the Delisting; and
• information regarding the Company’s next Annual General Meeting (“AGM”).
Strategy going forward
Since the Company’s new Board was appointed in November 2020, the core focus has been to navigate the adverse cash flow pressure experienced by the Company. The Board’s strategy to improve the Group’s cash flows is to be achieved by way of:
• selling all of its non-core properties in order to improve the profitability of the Company’s remaining core assets; and
• to reduce head office-related costs to the bare minimum.
The Delisting will, as an example, lead to a further reduction in costs and is in line with the Company’s strategy. More information about the intended strategy and the execution thereof will be communicated to Shareholders at the AGM.
Share trading information
Shareholders will be in a position to trade in the Company’s shares within a month after the Delisting Date. The trading of the shares will be facilitated via Strate’s trading platform. Shareholders are advised to contact Stephen Maritz (Freedom’s chief executive officer) via email at stephenm@freedomprop.co.za if they wish to trade in the Company’s shares.
AGM
The AGM for the financial years ended 2017 to 2020 has been scheduled for Thursday, 30 September 2021. The notice of the AGM will be sent out to shareholders in due course.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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