Incorporation and history Freedom was established by the promoters in 2012 as a public company with the specific objective of listing on the JSE, with a diverse portfolio of properties across the commercial, industrial and residential sectors of the property industry. To ensure that the objectives of Freedom would be successfully achieved, the promoters focussed on a clearly defined strategy which involved: - Identifying viable properties and projects with good prospects in areas with proven demand i.e. projects that require a platform to secure the capital necessary to optimise development potential and unlock value. - Providing a platform for Freedom to implement its strategy with the capacity and flexibility to focus on raising new commercial debt funding for the development of the Freedom projects in a clearly defined and phased approach - this required that Freedom would be largely ungeared on listing. - Ensuring that the Freedom property portfolio on listing was meaningful in size to provide a base to raise new debt capital for developing and implementing the Freedom projects. In this regard the objective was to secure a property portfolio of at least R1billion, based on valuations formulated by an independent property valuer. - Concluding and negotiating transactions for the acquisitions that would result in the share price on listing being at a substantial discount to Freedom’s NAV per share on listing. In 2012, Freedom began implementing its strategy of creating a platform for property owners to unlock the value in their development projects, by providing a vehicle to secure the necessary development funding, which has become increasingly challenging to secure in the current economic environment. Nature of the business The management team of Freedom has formulated a clearly defined strategy to unlock value for its shareholders in the Freedom projects.