RECM AND CALIBRE LIMITED - Joint Announcement Update on Transaction

Joint Announcement – Update on Transaction

ASTORIA INVESTMENTS LTD                          RECM AND CALIBRE LIMITED
(Incorporated in the Republic of Mauritius)      (Incorporated in the Republic of South Africa)
Registration number 129785 C1/GBL                Registration number 2009/012403/06
SEM share code: ATIL.N0000                       Preference Share Code: RACP
JSE share code: ARA                              ISIN: ZAE000145041
ISIN: MU0499N00015                               ("RAC")
(“Astoria”)

JOINT ANNOUNCEMENT – UPDATE ON TRANSACTION

Shareholders are referred to the announcements published on SENS on 28 August 2020,
29 September 2020 and 3 November 2020, wherein shareholders were advised that Astoria entered
into an agreement with RAC Investment Holdings Proprietary Limited (“RACIH”) to acquire:

    -   a portfolio of assets (“the Investment Portfolio”) from RACIH in exchange for 83 new Astoria
        shares; and
    -   RACIH’s interest in JB Private Equity Investors Partnership in exchange for 17 new Astoria
        shares,
(collectively “the Acquisition”).

Shareholders are hereby advised that:

    -   the Acquisition was approved by the South African Reserve Bank on 27 November 2020;
    -   a circular, containing further information relating to the Acquisition (“Circular”), which was
        approved by the SEM and the JSE, has been published on the websites of both Astoria and
        RAC at http://www.astoria.mu/publications/ and http://racltd.co.za/prospectus-and-
        circulars/.


1 December 2020
Mauritius

Corporate Advisor and Transaction Sponsor to RAC
Questco Proprietary Limited

JSE Transaction Designated Advisor to Astoria
Questco Proprietary Limited

Company Secretary
Clermont Consultants (MU) Limited

Date: 01-12-2020 02:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.