PPC LIMITED - Notification of Conclusion of the Independent Board Process in Relation to Proposals Received

Notification of Conclusion of the Independent Board Process in Relation to Proposals Received

PPC Ltd
(Incorporated in South Africa)
(Company registration number: 1892/000667/06)
JSE and ZSE Code: PPC
ISIN: ZAE000170049
(“PPC” or the “Company”)

NOTIFICATION OF CONCLUSION OF THE INDEPENDENT BOARD PROCESS IN RELATION TO
PROPOSALS RECEIVED

PPC shareholders are referred to the announcement published on SENS on 11
December 2017, which advised shareholders of its intention to conclude by 12
December 2017 its contemplation of any credible bids from those third parties
interested in acquiring an interest in PPC.

PPC has also previously advised shareholders of the withdrawal of interest
by CRH plc on 7 December 2017 and the withdrawal by Fairfax Africa Investments
Proprietary Limited (“Fairfax”) of their partial offer on 11 December 2017
after the Independent Board had advised Fairfax on 22 November 2017 that PPC
would not support their partial offer. The Independent Board has now
similarly advised LafargeHolcim that it does not wish to pursue a transaction
on the basis of Lafarge Holcim’s current non-binding proposal.

In light of the above and after careful consideration of all relevant factors,
the Independent Board is of the view that PPC shareholders’ value is best
served by optimising its current business strategy, most notably by
prioritising the successful development of its existing investment pipeline
in the rest of Africa, executing the mega plant strategy in South Africa,
and embarking on a renewed optimisation programme to further improve
competitiveness in a subdued market.

Withdrawal of cautionary as it relates to proposals received

As the Independent Board has now concluded its process in relation to all
proposals received, PPC shareholders are advised that they no longer need to
exercise caution when dealing in securities of PPC in relation to these
proposals.

Shareholders are however referred to the cautionary announcement released by
PPC today in respect of a Proposed New Black Economic Empowerment Transaction
and are advised that this cautionary remains in place.

Responsibility Statement

The Independent Board accepts responsibility for the information contained
in this announcement to the extent that it relates to PPC, accepts full
responsibility for the accuracy of such and certifies that, to the best of
its knowledge and belief, the information contained in this announcement is
true and nothing has been omitted which is likely to affect the importance
of the information.

Sandton
14 December 2017

Investor contacts:
PPC:
Anashrin Pillay
Tel: +27 (0) 11 386 9000
Anashrin.Pillay@ppc.co.za
Joint Financial Advisor and Sponsor to PPC
Merrill Lynch South Africa (Pty) Ltd

Joint Financial Advisor to PPC
Identity Advisory (Pty) Ltd

Independent Advisor to the Board of PPC
The Standard Bank of South Africa Limited

Legal Advisor to PPC
Bowmans

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