INFRASORS HOLDINGS LIMITED - Appointment of independent board and independent expert

Appointment of independent board and independent expert

INFRASORS HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Registration number: 2007/002405/06)
Share Code: IRA      ISIN: ZAE000101507
("Infrasors")


APPOINTMENT OF INDEPENDENT BOARD AND INDEPENDENT EXPERT


1. INTRODUCTION


Infrasors shareholders are referred to the updated cautionary
announcement published by Infrasors on 18 January 2013 and the
joint announcement released by Afrimat Limited (“Afrimat”) and
Infrasors on 4 March 2013 regarding the fulfilment of the
conditions precedent in respect of Afrimat making an offer to
the remaining shareholders of Infrasors.


As a result of Afrimat’s holding of Infrasors surpassing 35% of
the issued ordinary share capital of Infrasors, Afrimat is
required, in terms of section 123 of the Companies Act, No. 71 of
2008 (the “Act”), to extend a mandatory offer to the remaining
Infrasors ordinary shareholders (the “Offer”).


2. APPOINTMENT OF INDEPENDENT BOARD AND INDEPENDENT EXPERT


In accordance with the Act and the Take-over Regulations, an
independent board and an independent expert are to be appointed
by Infrasors. The independent board is made up as follows:


Mochele Noge;
Percy Ford Chuang Ying; and
Jacobus Coenrad Petrus Bekker.

The independent board has appointed BDO Corporate Finance
Proprietary Limited as the independent expert to provide it with
external advice on how the offer affects Infrasors shareholders.


3. CIRCULAR TO INFRASORS SHAREHOLDERS
A circular containing details of the Offer and the terms and
timing thereof is being drafted and will be posted to Infrasors
shareholders in due course.


Johannesburg
10 April 2013

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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