DORBYL LIMITED - Results of Mandatory Offer

Results of Mandatory Offer

Dorbyl Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1911/001510/06
Share Code: DLV ISIN: ZAE000002184
("Company" or "Dorbyl")

RESULTS OF MANDATORY OFFER

Shareholders are referred to the firm intention announcement
published on SENS on 21 September 2012, wherein shareholders
were advised that African Dune Investments 311 (Pty) Limited
(“African Dune”) would make a mandatory offer to all ordinary
shareholders of Dorbyl (“Mandatory Offer”) to acquire all Dorbyl
ordinary shares held by Dorbyl ordinary shareholders in exchange
for the mandatory offer consideration of R0.65 (sixty five cents)
per ordinary share (“Mandatory Offer Consideration”), the full
details of which were contained in the mandatory offer circular
that was posted to Dorbyl shareholders on 16 November 2012.

The aforementioned Mandatory Offer closed at 12h00 on Friday, 28
December 2012 and shareholders are hereby advised that in terms of
the Mandatory Offer, African Dune received acceptances from Dorbyl 
ordinary shareholders holding 86 453 Dorbyl ordinary shares, 
constituting approximately 0.25% of the issued ordinary shares 
in Dorbyl.

Prior to the Mandatory Offer, African Dune held, directly and 
indirectly, 14 203 424 Dorbyl ordinary shares, constituting
approximately 41.69% of the issued ordinary shares in Dorbyl. 
As a result of the Mandatory Offer, African Dune has increased 
its shareholding in Dorbyl to approximately 41.94% of the issued 
ordinary shares in Dorbyl.


Johannesburg
3 January 2013

Corporate advisor to African Dune: Reign Capital Proprietary
Limited

Corporate advisor and sponsor to Dorbyl: PSG Capital Proprietary
Limited

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