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BEG/BEGP2 - Beige Holdings Limited - Posting of independent board response circular BEIGE HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration number 1997/006871/06) ("Beige" or "the Company") ISIN Code: ZAE000034161 Share code: BEG ISIN Code: ZAE000154787 Share code: BEGP2 POSTING OF INDEPENDENT BOARD RESPONSE CIRCULAR Shareholders are advised that a circular incorporating the opinion of the independent board of Beige on the mandatory and comparable offers made by The Lion Match Company (Pty) Ltd ("Lion Match") to the ordinary and preference shareholders of Beige will be posted to shareholders today, Wednesday, 18 April 2012. Shareholders should note that the independent board of Beige is of the firm opinion that the offer to ordinary shareholders of R0.08 per ordinary shares substantially undervalues Beige and the comparable offer to preference shareholders of R1.28 per preference share is not a comparable offer and strongly recommends to shareholders that they do not accept either the ordinary share offer or the preference share offer. Shareholders are reminded that a hearing before the Takeover Special Committee ("TSC") regarding the ruling by the Executive Director of the Takeover Regulation Panel ("TRP") to the effect that the offer made by Lion Match to the preference shareholders of Beige ("the preference share offer") is not a "comparable offer" as contemplated in terms of the Companies Act, No. 71 of 2008 (as amended) ("the hearing"), had been set down for 10:00 on Friday, 18 May 2012 and will be held at the offices of the TRP, Sunnyside Office Park, 1st Floor Building B, 32 Princess of Wales Terrace, Parktown, Johannesburg. Any shareholder wishing to attend the hearing and/or make representations to the TSC in respect of the preference share offer is required to deliver 4 (four) paginated copies of the submission to the offices of the TRP (Sunnyside Office Park, 1st Floor Building B, 32 Princess of Wales Terrace, Parktown, Johannesburg), marked for the attention of the chairman of the hearing, Mr N Matlala, by 11 May 2012. A copy of the submission should also be delivered to Beige Holdings Limited c/or Arcay Moela Sponsors (Pty) Ltd, Arcay House II, Number 3 Anerely Road, Parktown, Johannesburg and to the Lion Match Company (Pty) Ltd, c/o Webber Wentzel Attorneys, 10 Fricker Road, Illovo Boulevard, Johannesburg. Johannesburg 18 April 2012 Designated Advisor Arcay Moela Sponsors (Pty) Ltd Date: 18/04/2012 12:36:01 Supplied by www.sharenet.co.za 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.
