CHOPPIES ENTERPRISES LIMITED - Results of the Choppies Rights Offer

Results of the Choppies Rights Offer

CHOPPIES ENTERPRISES LIMITED
(Incorporated in the Republic of Botswana)
Registration number: BW00001142508
ISIN: BW0000001072
BSE SHARE CODE: CHOP-EQO
JSE SHARE CODE: CHP
Tax Reference Number: C08710401018
(“Choppies” or the “Company”)

RESULTS OF THE CHOPPIES RIGHTS OFFER

INTRODUCTION

Shareholders are referred to the announcements released by the Company on 1 June 2023
and 7 June 2023 and the circular dated 7 June 2023 (“Circular”), relating to the partially
underwritten, renounceable rights offer (“Rights Offer”) of ordinary no par value shares in
Choppies (“Ordinary Shares”).

In terms of the Rights Offer, Choppies offered a total of 520 833 333 Ordinary Shares for
subscription, by way of renounceable Rights, at the Rights Offer price of P0.576 or R0.82368
(based on the applicable Pula/Rand exchange rate as at close of trade on 31 May 2023, being
R1.43 to the Pula) per Ordinary Share on the basis of 1 Rights Offer Shares for every 2.50297
Ordinary Shares held by qualifying Choppies shareholders.

The Rights Offer was partially underwritten by Ivygrove Holdings Proprietary Limited
(“Ivygrove”) and Export Marketing (BVI) Limited (“Export Marketing”).

Capitalised terms used below and that are not otherwise defined, bear the meanings ascribed
to them in the Circular.

RESULTS OF THE RIGHTS OFFER

The Rights Offer closed at 12:00 Botswana / South African time on Wednesday, 28 June 2023
and Choppies is pleased to advise that the full P300 000 000 was raised as set out below:

                                               Number of Rights          % of Rights Offer
                                                   Offer Shares                     Shares
 
 Rights Offer Shares available for                  520 833 333                       100%
 subscription
 
 Rights Offer Shares subscribed for                 267 513 205                     51.36%
 by Choppies shareholders (including
 excess applications)
 
 Rights Offer Shares to be                          196 118 809                     37.65%
 subscribed for by Ivygrove
 
 Rights Offer Shares to be                           57 201 319                     10.98%
 subscribed for by Export Marketing
 
 Total                                              520 833 333                       100%

ISSUE OF RIGHTS OFFER SHARES

The CSDP or broker accounts of holders of dematerialised Ordinary Shares who have
followed their rights, were credited with the Rights Offer Shares on Thursday, 29 June 2023.

EXCESS APPLICATIONS

Excess applications were only allowed in respect of the Non-Committed Rights Offer Shares,
being those shares for which no commitment to subscribe had been received by the
Underwriters. The Company received excess applications in respect of a total of 5 680 Rights
Offer Shares, all of which have been allocated.

RIGHTS OFFER SHARES ISSUED TO DIRECTORS

Shareholders are advised that the following Rights Offer Shares were issued to directors of
Choppies:

 Name of Director                              Ramachandran Ottapathu

 Status                                        Individual – Motswana

 Type of securities                            Ordinary Shares
 Date of transaction                           29 June 2923

 Unit price                                    P0.576

 Number of units                               198,073,627
 Total transaction value                       114,090,409

 Nature of transaction                         Subscription for Rights Offer Shares


 Name of Director                              Farouk Ismail

 Status                                        Individual – Motswana

 Type of securities                            Ordinary Shares

 Date of transaction                           29 June 2923

 Unit price                                    P0.576

 Number of units                               41,666,667

 Total transaction value                       24,000,000

 Nature of transaction                         Subscription for Rights Offer Shares

The Company’s primary listing is on the BSE and its secondary listing is on the JSE Limited.

30 June 2023

Transaction Advisor and JSE Sponsor   
PSG Capital  

BSE Sponsor     
Stockbrokers Botswana 

Legal Advisor
Armstrongs
          
Reporting Accountants 
Mazars

Co-Underwriter 
Export Marketing 

Co-Underwriter
Ivygrove  

           
Date: 30-06-2023 04:30:00
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