ADCORP HOLDINGS LIMITED - A new strategic shareholder and an update on refinancing the group

A new strategic shareholder and an update on refinancing the group

ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06)
Share code: ADR & ISIN: ZAE000000139
(“the Group” or “the Company”)

A NEW STRATEGIC SHAREHOLDER AND AN UPDATE ON REFINANCING THE
GROUP

The Company and the Board of Directors would like to advise
shareholders that Value Capital Partners Proprietary Limited
through its fund ("VCP")(as referred to in the SENS announcement
issued earlier today), has acquired a shareholding of 12.59% in
Adcorp.

VCP are an engaged shareholder investment firm, founded by its
Chairman Antony Ball and its CEO Sam Sithole. The firm seeks
to employ the best of private equity principles in the listed
space, with the aim of deriving long term shareholder
valuation extraction.

Management and the Board have commenced discussions with VCP
regarding the latter’s involvement with the Company going
forward,   which   could   potentially   result   in   two   VCP
representatives joining the Adcorp Board of Directors. A further
announcement in this regard will be made in due course.

STRATEGIC UPDATE

As communicated to shareholders, the Company has embarked on a
number of strategic initiatives to reposition the Group in order
to ensure its continued growth and profitability. The Group also
communicated that it is in the process of exploring the possible
sale of certain non-core assets which will assist in refinancing
its existing term debt and is also in discussions with banks
regarding refinancing. Further announcements will be made as
soon as there is tangible progress in this regard.

Bryanston
27 June 2017
Sponsor
Deloitte & Touche Sponsor Services Proprietary Limited

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