AND - Update on the acquisition by Andulela of Pro Roof Steel Merchants

AND - Update on the acquisition by Andulela of Pro Roof Steel Merchants         
(Proprietary) Limited                                                           
ANDULELA INVESTMENT HOLDINGS LIMITED                                            
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1950/037061/06)                                           
JSE code: AND                                                                   
ISIN: ZAE000125894                                                              
("Andulela" or "the company")                                                   
UPDATE ON THE ACQUISITION BY ANDULELA OF PRO ROOF STEEL MERCHANTS               
(PROPRIETARY) LIMITED ("Pro Roof Steel")                                        
Shareholders are referred to the announcements dated 10 December 2010 and 6     
April 2011, and are advised that the agreement referred to therein in relation  
to the acquisition by Andulela of Pro Roof Steel ("the transaction") was        
amended to reflect a change to the dates in certain of the suspensive           
conditions, as is referred to below, to 31 July 2011.                           
"SUSPENSIVE CONDITIONS                                                          
-    31 July 2011, Pro Roof Steel and/or the subsidiary companies complete      
    and/or implement their restructure such that:                               
    -    all operating assets and businesses (including without limitation      
ownership of the steel business operations previously conducted by     
         Pro Roof Steel Merchants (VRN) (Pty) Limited) has unconditionally      
         been transferred to Pro Reef Steel Merchants (VRG) (Pty) Limited and   
         are in fact held by the subsidiary companies; and                      
-    the relevant agreements giving effect to the finance and/or security   
         aspects relating to the debts of Pro Roof Steel and/or its             
         subsidiaries are rendered unconditional on their terms, save for any   
         reference therein to the agreement giving effect to the transaction;   
-    31 July 2011, Pro Roof Steel concludes a restructuring of the funding      
    facilities with Investec Bank Limited on terms and conditions acceptable    
    to Andulela, and such funding agreement becomes unconditional as to its     
    terms;"                                                                     
Johannesburg                                                                    
30 May 2011                                                                     
Corporate adviser and transaction sponsor                                       
Vunani Corporate Finance                                                        
Sponsor                                                                         
Investec Bank Limited                                                           
Attorneys                                                                       
Glyn Marais Incorporated                                                        
Date: 30/05/2011 14:54:02 Supplied by www.sharenet.co.za                     
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