ZEDER INVESTMENTS LIMITED - Zeder Sum-Of-The-Parts Update Voluntary Announcement

Zeder Sum-Of-The-Parts Update – Voluntary Announcement

     ZEDER INVESTMENTS LIMITED
     (Incorporated in the Republic of South Africa)
     Registration number: 2006/019240/06
     Share Code: ZED
     ISIN : ZAE000088431
     ("Zeder" or “the Company”)

     ZEDER SUM-OF-THE-PARTS UPDATE – VOLUNTARY ANNOUNCEMENT

     Shareholders are referred to the Company’s financial
     interim results for the six months period ended 31 August
     2013, released on SENS on 7 October 2013 (“the
     Announcement”) and are hereby advised that there have
     been several acquisitions and/or disposals within Zeder’s
     investment portfolio subsequent to the Announcement,
     which has an impact on Zeder’s sum-of-the-parts (“SOTP”)
     value per share and Zeder’s see-through SOTP value per
     share disclosed in the Announcement. The acquisitions
     and/or disposals referred to above include, inter alia,
     the disposal of 21 350 963 shares in Capevin Holdings
     Limited for R158 million and the finalisation of the
     Suidwes Investments Limited and NWK Limited disposals as
     detailed in the Announcement, none of which were
     reportable in terms of the JSE Listing requirements.

     Zeder has received several requests for more detail in
     this regard. In order to be transparent, Zeder has
     decided to provide the updated SOTP value per share and
     see-through SOTP value per share and make same available
     on its website. Please visit www.zeder.co.za should you
     wish to view same.

     At the close of business on Tuesday, 10 December 2013,
     Zeder’s SOTP and see-through SOTP value per share were
     R4.72 and R5.27 respectively, and Zeder’s cash available
     for further investment amounted to R486 million.

                     28 Feb 2013            31 Aug 2013            10 Dec 2013
                 Interest*              Interest*              Interest*
                         %         Rm           %         Rm           %         Rm

Agri Voedsel            45   1 475,2           47   1 666,0           47   1 853,6
Capespan                37     284,2           72     742,8           72     885,5
Zaad Holdings           92     368,9           92     368,9           92     499,4
Kaap Agri               35     343,2           40     453,1           40     503,8
Chayton Africa          73     276,9           77     293,3           77     293,3
Capevin
Holdings                 5    287,6             5    312,3             3    183,9
Overberg Agri           19    107,3            19    145,6            20    163,5
Suidwes                 24     90,2            24     97,0
NWK                     20    224,7            20    228,0
Other                          54,0                   53,3                   93,3
Total
investments                  3 512,2               4 360,3                4 476,3
Cash and cash
equivalents                    692,2                216,6                   486,1
Other net
liabilities                   (301,1)               (324,3)                (331,8)
SOTP value                    3 903,3               4 252,6               4 630,6
Number of
shares in issue
(million)                       978,1                980,2                   980,2
SOTP value per
share (rand)                    3,99                 4,34                    4,72
See-through
SOTP value per
share (rand)                    4,35                 4,73                    5,27
     *Approximate percentages due to rounding

Stellenbosch
13 December 2013

Sponsor and Corporate Adviser
PSG Capital

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