Sharenet Sites 
Sharenet Sites
eXtract/enX - Further joint announcement regarding the restructure and recapitalisation of eXtract
EXTRACT GROUP LIMITED ENX GROUP LIMITED
(previously Eqstra Holdings Limited) (Incorporated in the Republic of South Africa)
(Incorporated in the Republic of South Africa) (Registration number 2001/029771/06)
(Registration number 1998/011672/06) JSE share code: ENX ISIN: ZAE000222253
JSE share code: EXG ISIN: ZAE000223202 (“enX”)
(“eXtract”)
FURTHER JOINT ANNOUNCEMENT REGARDING THE RESTRUCTURE AND RECAPITALISATION OF EXTRACT
1. AMENDMENT OF THE RESTRUCTURE AGREEMENT
Shareholders of enX and eXtract are referred to the joint announcement released on SENS on 18 April 2017
regarding, inter alia, the restructure and recapitalisation of eXtract (“the restructure”).
Shareholders are informed that enX, Eqstra Corporation Limited (“Eqstra Corp”), a wholly-owned subsidiary
of enX, eXtract and MCC Contracts Proprietary Limited (“MCC”), a wholly-owned subsidiary of eXtract have
concluded addenda (the “restructure addenda”) to vary the restructure agreement signed on 13 April 2017 (the
“restructure agreement”).
Pursuant to the restructure addendum:
- instead of MCC repaying all but R22 million of all amounts owing by MCC to Eqstra Corp, MCC will
remain indebted to Eqstra Corp after the restructure in an amount of R250 million and R1.878 billion of
debt owing by MCC will be discharged effectively by enX subscribing for new ordinary shares in MCC
at a subscription price of R1.878 billion. Thereafter enX will dispose of such new MCC shares to eXtract
for an equivalent number of new eXtract shares in an asset for share transaction under section 42 of the
Income Tax Act; and
- the number of eXtract shares that enX will receive pursuant to the asset for share transaction will be
reduced from 5 213 202 682 eXtract shares (issued at 40.38 cents per share) to 3 755 171 958 eXtract
shares (issued at 50 cents per share) (the “revised subscription price”). The revised subscription price
was increased by 9.62 cents per eXtract share in order to ensure that pursuant to the restructure addenda,
eXtract shareholders are kept in approximately the same position, on a net asset value per share basis, as
they were prior to the conclusion of the restructure addenda.
As a consequence of the above changes, provided for in the restructure addenda, the number of eXtract shares to
be unbundled by enX to enX shareholders will be reduced from 5 314 602 682 eXtract shares to 3 861 041 279
eXtract shares. The shares to be unbundled include 101 400 000 eXtract shares held by enX and 4 496 321
eXtract shares currently held by Eqstra Corp. This equates to an unbundling of 21.39799 eXtract shares for
every enX share held.
In terms of the restructure addenda, the restructure agreement is conditional upon the agreements between
eXtract, its lending consortium, MCC, enX and Eqstra Corp being amended to capture the terms of a repayment
waterfall in respect of the cash to be received by eXtract and MCC from the disposal of excess assets.
The R250 million that remains owing by MCC to Eqstra Corp will strengthen enX’s balance sheet and support
enX's goal towards achieving an A rated debt capital markets program. This will further support enX's
initiatives to diversify its sources of funding. The eXtract board believes that the capital that will remain in
eXtract, after repaying all debt, will be sufficient for it to pursue its objective of transforming eXtract into an
opportunistic investment fund.
2. UPDATE ON THE CIRCULARS AND REVISED LISTING PARTICULARS
enX shareholders are informed that it is anticipated that a circular detailing the terms of the restructure and
unbundling will be sent to enX shareholders on or before 14 July 2017.
eXtract shareholders are informed that it is anticipated that a circular detailing the terms of the restructure and
the disposal of excess assets as well as revised listing particulars for eXtract will be sent to eXtract shareholders
on or before 14 July 2017.
3. FINANCIAL INFORMATION
Further announcements setting out the pro forma financial information pertaining to the restructure for enX and
eXtract will be released on SENS separately hereafter.
4. INVESTOR CALL
eXtract management will be holding an investor call on 21 June 2017at 16:00 (CAT). The dial-in details for the
call are:
South Africa 010 201 6800 / 011 535 3600
USA and Canada (Toll Free) 1 855 481 5362
UK (Toll Free) 0 808 162 4061
Participants may ask to be joined into the ‘eXtract Investor call’.
Shareholders are advised that a copy of the eXtract Resources Fund investor presentation, which contains
updated information on the proposed Investment Fund, will be available before the call on eXtract’s website
(www.extractgroup.com).
21 June 2017
Sponsor to enX and eXtract
Corporate advisor to enX
Joint corporate advisor to eXtract
Java Capital
Joint corporate advisor to eXtract
BSM Black
Legal advisor to enX and eXtract
enS Africa
For further information, please contact:
eXtract Group Limited
Clinton Halsey +27(0) 11 990 6700 +27(0) 83 289 5422
clinton@2tp.co.za
FTI Consulting
Frank Ford +27(0)21 487 9022 +27(0)767 881 926
frank.ford@fticonsulting.com
enX Group Limited
Paul Mansour +27(0)72 286 3897
paul.mansour@enxgroup.co.za
Date: 21/06/2017 08:54:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
