ARGENT INDUSTRIAL LIMITED - Acquisition of Entire Issued Share Capital of American Shutters Proprietary Limited and Withdrawal of Cautionary

Acquisition of Entire Issued Share Capital of American Shutters Proprietary Limited and Withdrawal of Cautionary

Argent Industrial Limited
(Registration number 1993/002054/06)
(Incorporated in the Republic of South Africa)
Share Code: ART
ISIN: ZAE000019188
(“Argent” or “the Company” or “the Group”)

ACQUISITION OF ENTIRE ISSUED SHARE CAPITAL OF AMERICAN SHUTTERS
PROPRIETARY LIMITED AND WITHDRAWAL OF CAUTIONARY

1. Introduction and rationale
Argent is pleased to announce that it has concluded an agreement to
acquire the entire issued share capital of American Shutters
Proprietary Limited (“American Shutters”) from Mr S.E. Palmer, Mr D.J.
Snyman and Mrs K.M. Palmer (collectively, the “Sellers”) for a cash
purchase consideration of R56.9 million (“the Transaction”).

The rationale for the Transaction is an opportunity for Argent to grow
its physical security barrier system business.

2. The nature of business

American Shutters is a major supplier of a stylish door and window
shutter security system that provides privacy but when the shutters
are opened, allows in natural light.

3. The consideration and conditions precedent

The cash consideration of R56.9 million to be settled in cash within
24 hours after the completion date of the agreement being 02 September
2021.

There are no outstanding conditions precedent.

4. Effective date

The effective date of the Transaction is the commencement of business
on 1 August 2021.

5.   Financial Information

5.1 The net value of the assets attributable to American Shutters
    amounts to R11.7 million as at 31 July 2021.

5.2 The profits attributable to American Shutters amount to R9.7
    million after taxation for the 12 month period ending 31 July
    2021.

5.3 The financial information contained in this announcement have not
    been reviewed or reported on by Argent’s auditors.
6.    Categorisation

6.1    As the Transaction amounts to more than 5% but less than 30% of
       the Argent market capitalisation, the Transaction is classified as
       a category 2 transaction in terms of paragraph 9.5 of the JSE
       Listings Requirements.

6.2    This announcement is made for information purposes only and no
       action is required by Argent shareholders with regards to the
       Transaction.

7. The Memorandum of Association of American Shutters does not
conflict with Argent’s obligations in terms of compliance with the JSE
Listing Requirements.

8. Withdrawal of cautionary

Shareholders are referred to the cautionary announcement dated
5 August 2021 and are advised that as a result of this announcement
caution is no longer required to be exercised by shareholders when
dealing in the Company’s securities.

Umhlanga
03 September 2021

Sponsor
PSG Capital

Date: 03-09-2021 09:14:00
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.