FAMOUS BRANDS LIMITED - Cautionary Announcement

Cautionary Announcement

FAMOUS BRANDS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/004875/06)
Share code: FBR
ISIN code: ZAE000053328
(“Famous Brands” or “the Group” or “the Company”)

Cautionary announcement

GBK Restaurants Limited (“GBK”) United Kingdom (“UK”)

Shareholders are referred to the voluntary update (“Update”) published
on SENS on Monday, 23 March 2020 in which it was advised that a
deterioration in GBK’s store sales in the UK had commenced on 1 March
2020 due to the Covid-19 pandemic. Shareholders were further advised
that the respective Governments of the UK and Republic of Ireland had ordered
all restaurants in those countries to close indefinitely and until further
notice. It was noted that while various measures of support were offered to
the industry to mitigate the economic impact of this decision, the
uncertainty regarding resumption of trading was cause for concern in both
markets.

In light of the abovementioned directive in the UK and Ireland, the
Board of Famous Brands (“Board”) has reviewed its investment in GBK,
a wholly owned subsidiary incorporated in the UK. The Board has taken
the decision to not provide any further financial assistance to the
GBK business. Accordingly, the Board of GBK will consider the options
available to the business.

The Board’s decision to withhold further financial support for GBK
may result in an impairment of the full value of Famous Brands’
investment in GBK. The precise valuation of such an impairment would
be determined in due course. A further announcement will be issued as
soon as reasonable certainty in this regard has been obtained.

These deliberations may have a material effect on the price of Famous
Brands’ securities. Accordingly, shareholders are advised to exercise
caution when dealing in the Company’s securities until a further
announcement in this regard is made.

The financial information on which this announcement is based has not
been reviewed or reported on by the Group’s external auditors.


Midrand
2 April 2020

Sponsor
The Standard Bank of South Africa Limited

Date: 02-04-2020 03:09:00
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