JSE LIMITED - Gen - General - Country Bird Holdings Proprietary Limited - Update on CBH offer

Gen - General - Country Bird Holdings Proprietary Limited - Update on CBH offer

Country Bird Holdings Proprietary Limited
Incorporated in the Republic of South Africa
(Registration number 2005/008505/07)
(“CBH”)


UPDATE ON CBH OFFER


Sovereign Food Investments Limited (“Sovereign”) shareholders (“Shareholders”) are referred to the
announcement released by CBH on SENS on 16 November 2016, regarding the conditional approval
of the merger between CBH and Sovereign by the Competition Commission (“Comp Comm
Approval”).

On 29 November 2016, Sovereign filed a review application, alternatively a request for consideration,
in respect of the Comp Comm Approval (“Sovereign Application”).

A number of Sovereign Shareholders have contacted CBH requesting an update on the CBH offer given
the Takeover Special Committees (“Committee”) decision (“Ruling”) that the CBH cash offer to the
shareholders (“CBH Offer”) lapsed on 14 September 2016, and whether having regard to the
Committee’s reasons, whether CBH will proceed to take the Ruling on judicial review and whether the
CBH Offer still has the potential to be implemented.

The CBH Board are of the opinion that it is prudent from a cost perspective for the Sovereign Application
to be disposed of prior to addressing the judicial review of the Committee’s Ruling. CBH has 180 days
from the date the Committee provided its reasons, to implement the judicial review process.

CBH is firmly of the opinion that the Sovereign Application has no prospect of success, and that the
CBH Offer still has the potential to be implemented.


Johannesburg
27 January 2017

Financial advisor: Investec Bank Limited

Legal advisor: Kern & Partners

Competition law advisor: Bowman Gilfillan

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