JSE LIMITED - GEN-General-Country Bird Holdings Proprietary Limited-Update on the CBH Offer

GEN-General-Country Bird Holdings Proprietary Limited-Update on the CBH Offer

Country Bird Holdings Proprietary Limited
Incorporated in the Republic of South Africa
(Registration number 2005/008505/07)
(“CBH”)


UPDATE ON THE CBH OFFER


Sovereign Food Investments Limited (“Sovereign”) shareholders (“Sovereign Shareholders”) are
referred to:
* the announcement released by CBH on SENS on Tuesday, 13 September 2016 confirming that the
    conditional cash offer by CBH to acquire the entire ordinary share capital of Sovereign other than
    those ordinary shares already held by CBH and its concert parties and other than the ordinary
    shares held by Sovereign’s subsidiaries (“Offer”) is unconditional as to acceptances; and
* the announcement released by Sovereign on Tuesday, 20 September 2016 challenging the waiver
    by CBH of the condition as to minimum acceptances (“Sovereign Challenge”).

CBH has, as yet, not received any documentation from Sovereign regarding the Sovereign Challenge
and accordingly does not know on what basis Sovereign believes the waiver to be unlawful. CBH
strongly disagrees with the view that the waiver is unlawful and is surprised by the Sovereign Challenge
considering that CBH has removed an obstacle to Sovereign Shareholders accepting the Offer which
is to the benefit of Sovereign Shareholders.

Despite the independent board of Sovereign unanimously finding the Offer to be both fair and
reasonable, the Sovereign Board has continued to oppose the Offer at considerable expense to
Sovereign Shareholders.

CBH would like to take this opportunity to reassure Sovereign Shareholders that the Offer remains open
and accordingly, Sovereign Shareholders are encouraged to continue accepting the Offer.


Johannesburg
21 September 2016

Financial advisor: Investec Bank Limited

Legal advisor: Kern & Partners

Competition law advisor: Bowman Gilfillan

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