SOAPSTONE INVESTMENT LIMITED - Results of the Meeting of Bondholders

Results of the Meeting of Bondholders

Soapstone Investment Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/011940/06)
Soapstone stock code: DMCCB
ISIN: ZAE000180204
(“Soapstone”)

RESULTS OF THE MEETING OF BONDHOLDERS

Bondholders are advised that at a Meeting of Bondholders held at
the offices of Malan Scholes Attorneys, at East Building, 85
Central Street, Houghton, Johannesburg, 2198 on 13 January 2017,
the following resolutions were proposed to be passed:

AS EXTRAORDINARY RESOLUTION NO. 1

    The Bondholders waive the failure by the Issuer to make the
    interest payment that fell due on 14 December 2016 (the
    "Outstanding   Payment"),  as   referred   to   in  the   SENS
    announcement of the Issuer dated 14 December 2016, and further
    resolve that such failure to make payment shall not be treated
    as an Event of Default for purposes of the Conditions,
    provided that the Outstanding Payment shall be made, together
    with such other amounts as may fall due for payment in
    accordance with the Conditions, on 14 March 2017, and that
    penalty interest shall accrue on the Outstanding Payment in
    accordance with Condition 7.4 of the Offering Circular from 14
    December 2016 until the date on which the Outstanding Payment
    is made.

AS EXTRAORDINARY RESOLUTION NO. 2

    The Bondholders authorise the suspension of the Issuer's
    obligations to make payment of principal and interest due
    under the Bonds until such time as business rescue proceedings
    in respect of Lace Diamond Mines Proprietary Limited have been
    concluded or until 13 March 2017, whichever occurs first.


After the voting had been conducted, the results of the voting are
as follows:

(i)    the acceptance by the Bondholders of Extraordinary Resolution
       1 passed by Bondholders representing 100% of the aggregate
       outstanding principal amount of the convertible bonds issued
       under the Soapstone ZAR40,000,000.00 14% Fixed Rate Senior
       Secured Convertible Registered Bonds, dated on or about 21
       June 2013;

(ii)   the amount of Bondholders who voted against Extraordinary
       Resolution No. 1 represents 0%

(iii)  the  acceptance  by   the  Bondholders  of   Extraordinary
       Resolution 2 passed by Bondholders representing 100% of the
       aggregate outstanding principal amount of the convertible
       bonds issued under the Soapstone ZAR40,000,000.00 14% Fixed
       Rate Senior Secured Convertible Registered Bonds, dated on or
       about 21 June 2013;

(iv)   the amount of Bondholders who voted against Extraordinary
       Resolution No. 2 represents 0%


13 January 2017

Debt Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 13/01/2017 02:50:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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