BSI STEEL LIMITED - Proposed delisting of BSI and cautionary announcement

Proposed delisting of BSI and cautionary announcement

BSI Steel Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
JSE code: BSS
ISIN: ZAE000125134
(“BSI” or "the Company")

PROPOSED DELISTING OF BSI AND CAUTIONARY ANNOUNCEMENT

BSI shareholders (“Shareholders”) are advised that the board of directors of BSI
(“Board”) has been considering the continued viability of the listing of BSI on the
Alternative Exchange operated by JSE Limited (“JSE”).

The Board has considered, inter alia, the following factors:

-   the size of the business relative to the costs of remaining listed on the JSE;
-   the absence of liquidity in the BSI share;
-   the Company not expecting to raise equity capital in the near future; and
-   the necessity of the listing to support the growth aspirations of the BSI group.

Having considered the above and other relevant factors, the Board has resolved, in
principle, to proceed towards seeking a delisting of BSI from the JSE ("Proposed
Delisting"). The Board has appointed Sasfin Capital as corporate advisors to advise
the Board on the most appropriate delisting strategy and the implementation thereof.
This announcement, therefore, does not constitute an offer or an undertaking to make
an offer to Shareholders by any party, including by BSI.

The Proposed Delisting may have a material effect on the price of the Company’s
securities. Accordingly, Shareholders are advised to exercise caution when dealing in
the Company’s securities until a further announcement regarding the Proposed
Delisting is made or this cautionary announcement is withdrawn.

Johannesburg
14 August 2017

Designated Advisor and Corporate Advisor
Sasfin Capital (a member of the Sasfin Group)

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