GRAND PARADE INVESTMENTS LIMITED - Update Announcement Regarding The Mandatory Offer

Update Announcement Regarding The Mandatory Offer

GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/003548/06)
JSE share code: GPL
ISIN: ZAE000119814
("GPL" or the "Company")

and

GMB LIQUIDITY CORPORATION
PROPRIETARY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2022/587629/07)
("GMB" or the "Offeror")

UPDATE ANNOUNCEMENT REGARDING THE MANDATORY OFFER

1.    INTRODUCTION

1.1      GPL Shareholders are referred to the Firm Intention Announcement released on SENS on
         Wednesday, 9 November 2022, by the Offeror and GPL setting out the terms of the Offeror's
         firm intention to propose the Mandatory Offer to GPL Shareholders and to the circular
         detailing the Mandatory Offer (“Circular”) which was distributed to GPL Shareholders on
         Thursday, 15 December 2022.

1.2      All capitalised terms used but not defined in this announcement shall bear the meanings
         ascribed to them in the Circular.

2.    MANDATORY OFFER CONDITIONS

2.1      Further to the update announcement released on SENS yesterday, Shareholders are hereby
         advised that the Company and the Offeror have received conditional merger approval from
         the Competition Commission for the implementation of the Mandatory Offer. The Offeror has
         accepted such conditions.

2.2      A further announcement will be released by the Company once all the conditions precedent
         to the Mandatory Offer have been fulfilled.

3.    INDEPENDENT BOARD RESPONSIBILITY STATEMENT

      The Independent Board accepts responsibility for the information contained in this
      announcement insofar as it relates to GPL and the Mandatory Offer. To the best of their
      collective knowledge and belief, the information contained in this announcement is true and this
      announcement does not omit anything likely to affect the importance of the information.

4.    OFFEROR RESPONSIBILITY STATEMENT

      The Offeror accepts responsibility for the information contained in this announcement insofar
      as it relates to detail around the Offeror and the Mandatory Offer. To the best of its knowledge
      and belief, the information contained in this announcement is true and this announcement does
      not omit anything likely to affect the importance of the information.

Cape Town
16 March 2023

FINANCIAL ADVISER TO GPL
Rand Merchant Bank, a division of FirstRand Bank Limited

SPONSOR TO GPL
PSG Capital Proprietary Limited

LEGAL ADVISER TO GPL
Clyde & Co LLP

LEGAL ADVISER TO GMB
Solaris Law Proprietary Limited

Date: 16-03-2023 04:38:00
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