LABAT AFRICA LIMITED - Further amended terms announcement

Further amended terms announcement

LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat” or “the company”)
ISIN Code: ZAE 000018354 Share code: LAB


FURTHER AMENDED TERMS ANNOUNCEMENT REGARDING THE ACQUISITION OF REINHARDT
TRANSPORT GROUP PROPRIETARY LIMITED (“RTG”)


Shareholders are referred to the Company’s announcement dated 15 October 2015 in
terms of which shareholders were advised on the amended terms of the acquisition of a
100% interest of RTG by Labat for a total consideration of R560 million (“the Transaction”).
Shareholders are advised that Labat and the RTG Vendors have now concluded a second
amended agreement incorporating a reduction of the vendor loan associated with the
Transaction, as requested by the JSE Limited, in order for the company to comply with the
Main Board Listings Requirements of the JSE.

Further amended terms of the Transaction
In terms of the Second Addendum to the buy-back and subscription agreement, parties
have agreed to amend the Transaction to reduce the vendor loan from R275 million to R230
million. The RTG Vendor has agreed to subscribe to an additional 30 million shares at R1.50
per share, amounting to R45 million. .

The deferred vendor finance of R230 million is payable as follows:

-   R45m on 31 January 2016;
-   R90 on 1 August 2016; and
-   R95 million on 31 January 2017.

Conditions Precedent
The Transaction is still subject to shareholder and JSE approval. The Circular to shareholders
will be posted in the next few days.


Johannesburg
12 November 2015

Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 12/11/2015 01:06:00 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.