Wrap Text
Tawana Resoureces NL and Alliance Mineral Limited to Merge
Tawana Resources NL
(Incorporated in Australia)
(Registration number ACN 085 166 721)
Share code on the JSE Limited: TAW
JSE ISIN: AU0000TAWDA9
Share code on the Australian Securities Exchange Limited: TAW
ASX ISIN: AU000000TAW7
(“the Company” or “Tawana”)
TAWANA RESOURCES NL AND ALLIANCE MINERAL ASSETS LIMITED TO MERGE
Merger of Equals Creates a Mid-Tier Lithium Producer to be listed on the SGX and ASX
Highlights
- Proposed merger of Tawana and Alliance pursuant to a scheme of arrangement
- Merged Group will own 100% of the Bald Hill Project, and elevate its status as a pure-play mid-
tier lithium company
- Merged Group ideally positioned to become a sizeable producer of high-demand lithium
concentrate
- Merged Group Board to include a combination of Alliance Directors and Tawana Directors
- Merged Group to trade on the ASX and SGX Catalist boards with a pro-forma market
capitalisation of approximately A$446 million1,2
- Tawana to undertake a fully underwritten A$20 million placement to sophisticated and
institutional investors, plus up to a further A$5 million to sophisticated and institutional
investors on a non-underwritten and conditional basis3
- Alliance to undertake a fully underwritten A$25 million placement, plus a non-underwritten
placement of up to A$7.8 million to substantial shareholder Burwill that is conditional on
Alliance Shareholder approval
Tawana Resources NL (ASX:TAW) (Tawana) is pleased to announce a merger of equals with Alliance Mineral
Assets Limited (SGX:40F) (Alliance) proposed to be implemented by way of a Tawana scheme of arrangement
under the Corporations Act 2001 (Cth) (Merger) whereby, subject to all necessary approvals, Tawana
Shareholders and Alliance Shareholders will hold, in aggregate, approximately 50% of the combined Alliance /
Tawana group (Merged Group).
Tawana Resources NL (ASX:TAW) (Tawana) is pleased to announce a merger of equals with Alliance Mineral
Assets Limited (SGX:40F) (Alliance) proposed to be implemented by way of a Tawana scheme of arrangement
under the Corporations Act 2001 (Cth) (Merger) whereby, subject to all necessary approvals, Tawana
Shareholders and Alliance Shareholders will hold, in aggregate, approximately 50% of the combined Alliance /
Tawana group (Merged Group).
Tawana is also pleased to announce that it is today conducting a fully underwritten placement to sophisticated
and institutional investors to raise gross proceeds of A$20 million (Tawana Underwritten Placement) (including
a placement of A$7.8 million to Weier Antriebe und Energietechnik Gmbh (Weier), an existing substantial
shareholder of Tawana). Tawana also reserves the right to place up to a further A$5 million in gross proceeds to
sophisticated and institutional investors (Tawana Conditional Placement) (collectively, Tawana Placements). The
Tawana Conditional Placement is non-underwritten and conditional on completion of the Alliance Conditional
Placement (defined below).3
1 Calculated by multiplying the number of Alliance Shares post Merger by the closing Alliance Share price as at close 4 April 2018.
2 The exchange rate of A$1 to S$0.99 is applied throughout for purposes of conversion in this announcement.
3 The Tawana Conditional Placement is conditional on Alliances Shareholders’ approval of the Alliance Conditional Placement. The Tawana Board
reserves the right to waive this condition to the Tawana Conditional Placement.
The Tawana Placements will provide additional working capital, which will enable continued commissioning of
the Bald Hill Lithium and Tantalum Project in Western Australia (Bald Hill Project), capital expenditure including
feasibilities on expansion projects, and provide funding for future exploration and other initiatives at the Bald
Hill Project.
At the same time, Alliance is conducting a fully underwritten placement to sophisticated and institutional
investors to raise gross proceeds of A$25 million (approximately S$25.2 million) (Alliance Underwritten
Placement), and a non-underwritten placement to Burwill Holdings Ltd (Burwill), an existing substantial
shareholder of Alliance, which is conditional on Alliance Shareholder approval, to raise additional gross proceeds
of up to A$7.8 million (approximately S$7.9 million) (Alliance Conditional Placement) (collectively, Alliance
Placements). Proceeds of the Alliance Placements will be applied by Alliance to the same purposes as the Tawana
Placements.
Highlights of the Merger and Placements
o The Merged Group will have a pro-forma market capitalisation of approximately A$446m, placing the
Merged Group on the radar of a greater number of domestic and global institutional investors
o Increased scale of the Merged Group will enhance its capital markets profile and liquidity and provide
greater access to capital with strong potential for re-rating
o The Merger simplifies the ownership structure and operational management of the Bald Hill Project,
with potential for efficiency benefits to the Merged Group
o The Merger enhances the financial capacity of the Merged Group and improves the Merged Group’s
balance sheet, to fund future exploration and growth initiatives
o The board of the Merged Group (Merged Group Board) and the Merged Group’s management team
will be highly experienced, with proven successful track records in exploration, project management
and open pit mining operations, combined with significant strategic and capital markets experience
o The Merged Group will be ideally positioned to become a sizeable producer of high demand lithium
concentrate
o Subject to further consultations with Singapore Exchange Securities Trading Limited (SGX), the Merger
constitutes a “very substantial acquisition” for Alliance under Rule 1015 of the SGX Catalist Rules, and is
conditional on the approval of SGX and Alliance Shareholders
o The Directors of Tawana unanimously recommend that Tawana Shareholders vote in favour of the
Merger, and intend to vote all of the Tawana Shares in which they have a relevant interest (collectively
representing approximately 4.3% of the total issued Tawana Shares) in favour of the Merger, in the
absence of a superior proposal and subject to an independent expert concluding that the Merger is in
the best interest of Tawana Shareholders
o The Merger is subject to customary conditions, as well as Alliance Shareholder approval of the
transaction
o In connection with Alliance Shareholder approval, the Directors of Alliance believe the Merger is in the
best interest of Alliance Shareholders, unanimously recommend that Alliance Shareholders vote in
favour of the Alliance Shareholder resolutions required to give effect to the Merger, and intend to vote
any Alliance Shares in which they have a relevant interest in favour of the Alliance Shareholder
resolutions, in the absence of a superior proposal and subject to receipt of valuation report(s) (as
required under the SGX Catalist Rules) supporting the Merger
o Tawana Shareholders currently holding approximately 164.5 million Tawana Shares (representing
approximately 32.6% of the total issued Tawana Shares) have confirmed to Tawana their intention to
vote in favour of the Merger all of the Tawana Shares held by them at the time of the meeting of Tawana
Shareholders to consider the Merger (Scheme Meeting), in the absence of a superior proposal4
o Burwill, which currently holds approximately 78.5 million Alliance Shares (representing approximately
14.1% of the total issued Alliance Shares) has entered into a binding voting agreement with Tawana
pursuant to which it agrees to vote all of its Alliance Shares in favour of the Alliance Shareholder
resolutions, in the absence of a superior proposal
o In addition to Burwill, Alliance Shareholders, which currently hold approximately 113.2 million Alliance
Shares (representing approximately 20.4% of the total issued Alliance Shares) have also confirmed to
Alliance their intention to vote in favour of the Alliance Shareholder resolutions all of the Alliance Shares
held by them at the time of the relevant meeting of Alliance Shareholders (Alliance Meeting), in the
absence of a superior proposal5
o Expected transaction completion Q4 2018, subject to timing of regulatory processes (including SGX)
Merger details
Tawana and Alliance have entered into a Scheme Implementation Agreement (Implementation Agreement), a
copy of which is annexed to this announcement (Schedule I), in respect of the Merger under which Tawana has
agreed to pursue a members scheme of arrangement under the Corporations Act 2001 (Cth) pursuant to which,
if implemented, Alliance will acquire all of the issued shares of Tawana for consideration of 1.10 Alliance Shares
per Tawana Share (Scheme).
The Scheme extends to any Tawana Shares that are issued prior to a record date to be specified (Record Date)
as a result of the exercise of Tawana Options and extends to Tawana Shares to be issued as part of the Tawana
Placements. In addition, Tawana and Alliance intend to enter into Option Holder Deeds with Tawana’s
optionholders, pursuant to which Alliance will acquire their Tawana Options in exchange for new Alliance Shares
(to the extent those Tawana Options are not exercised prior to the Record Date of the Scheme).
Under the Scheme, Tawana Shareholders will receive 1.10 new Alliance Shares for every 1 Tawana Share held at
the Record Date.
Following implementation of the Scheme, Tawana will become a wholly-owned subsidiary of Alliance, Alliance
Shareholders will own approximately 51% of the Merged Group and Tawana Shareholders will own
approximately 49% of the Merged Group as new Alliance Shareholders.
The Scheme is subject to customary conditions precedent, including (but not limited to):
- Approval from Australia’s Foreign Investment Review Board (FIRB)
- Court approval of the Scheme under section 411(4)(b) of the Corporations Act 2001 (Cth)
- Tawana Shareholder approval of the Scheme by the requisite majorities
- Alliance Shareholder approval of the transactions and matters connected to the Scheme by the
requisite majorities
- SGX approvals
- Australian Securities Exchange (ASX) approvals, including approval of the admission of Alliance to, and
official quotation of Alliance Shares on, the official list of the ASX
4 The Tawana Shareholders who have given voting intention statements are: Weier, having a relevant interest in approximately 57.1 million
Tawana Shares (representing approximately 11.3% of the total issued Tawana Shares), Tribeca Investment Partners, having a relevant interest in
approximately 41.7 million Tawana Shares (representing approximately 8.3%), Merriwee Pty Ltd, having a relevant interest in approximately 30.0
million Tawana Shares (representing approximately 5.9%), Corporate Resources Consulting Pty Ltd, having a relevant interest in approximately
13.7 million Tawana Shares (representing approximately 2.7%), and Mark Calderwood, having a relevant interest in approximately 21.9 million
Tawana Shares (representing approximately 4.3%).
5 The Alliance Shareholders who have given voting intention statements are: Jonathan Lim, having a relevant interest in approximately 46.0
million Alliance Shares (representing approximately 8.3% of the total issued Alliance Shares), and Living Waters Mining Australia, having a
relevant interest in approximately 67.1 million Alliance Shares (representing approximately 12.1%).
- ASIC approvals
- Independent expert concluding that the Scheme is in the best interests of Tawana Shareholders
- No prescribed events or material adverse changes occurring in respect of Tawana or Alliance
The Implementation Agreement also includes customary deal protections for both Tawana and Alliance
including no shop and no talk provisions, mutual break fees and a matching right in favour of Alliance.
Refer to the Implementation Agreement attached for the full terms of that agreement, and for a full
explanation of the terms and conditions that apply to the Scheme.
The Merger is expected to close during the fourth quarter of calendar year 2018, subject to SGX regulatory
processes.
The Merged Group will, subject to satisfying ASX’s requirements, become listed on the ASX in addition to
maintaining Alliance’s current listing on SGX Catalist.
Strategic Rationale for the Merger
The Merged Group will represent an Australia-based, lithium producer well positioned for continued project
expansion and development:
- Mid-tier producer of high-demand lithium concentrate with the wholly-owned Bald Hill Project:
o Positioned to be a sizeable supplier of quality lithium, servicing the demand from energy
storage applications including long life lithium-ion batteries used for consumer electronics,
power tools and electric vehicles
o A current Indicated and Inferred lithium Mineral Resources of 18.9Mt at 1.18% Li2O, and
149ppm Ta205 at a 0.5% Li20 cut-off6
- Potential for a simplified single ownership structure and operational management of the Bald Hill
Project currently subject to the Bald Hill Project joint venture
- Pro forma market capitalisation of merged entity of approximately A$446 million with strong
prospects for market re-rating
- Strong balance sheet providing the Merged Group with both capacity and flexibility to pursue
additional exploration initiatives on the Merged Group’s tenement package and to pursue project
expansion opportunities, as market demand dictates
- Merged Group Board and the management team of the Merged Group are highly credentialed and
experienced with strong connections in the key Asian lithium markets
Capital Raising
Alliance and Tawana have each launched a fully underwritten placement and a non-underwritten conditional
placement of ordinary shares.
The Tawana Placements will comprise the Tawana Underwritten Placement to raise gross proceeds of A$20
million from sophisticated and institutional investors (including A$7.8 million from Weier, an existing substantial
shareholder of Tawana). Tawana also reserves the right to raise up to a further A$5 million in gross proceeds to
sophisticated and institutional investors under the Tawana Conditional Placement. The Tawana Conditional
Placement is non-underwritten and conditional on completion of the Alliance Conditional Placement.7
6 Refer to Tawana ASX announcement released on 11 October 2017. All material assumptions and technical parameters underpinning the
Mineral Resource estimate in the ASX announcement dated 11 October 2017 / SGX announcement dated 12 October 2017 continue to apply and
have not materially changed since it was last reported. The Indicated Resource is 8.0Mt @ 1.18% and the Inferred Resource is 10.9Mt @1.18%.
7
The Tawana Conditional Placement is conditional on Alliances Shareholders’ approval of the Alliance Conditional Placement. The Tawana Board
reserves the right to waive this condition to the Tawana Conditional Placement.
The Alliance Placements will comprise the Alliance Underwritten Placement to raise gross proceeds of A$25
million (approximately S$25.2 million) from sophisticated and institutional investors, and the Alliance
Conditional Placement, being a non-underwritten placement to Burwill, an existing substantial shareholder of
Alliance, which is conditional on Alliance Shareholder approval, to raise additional gross proceeds of up to A$7.8
million (approximately S$7.9 million).
New shares issued under each Tawana Placement and each Alliance Placement will rank equally with existing
ordinary shares of the relevant company, save that they will not rank for any dividends, rights, distributions,
allotments and other entitlements the record date of which falls before the issuance of these new shares. The
Tawana Shares issued pursuant to the Tawana Placements will be the subject of the Merger, if it becomes
effective.
The Tawana Underwritten Placement is expected to settle on 16 April 2018 and the new Tawana Shares will be
allotted on the following business day, 17 April 2018. Shares under the Tawana Underwritten Placement and
the Tawana Conditional Placement will be issued under Tawana’s existing ASX Listing Rule 7.1 placement
capacity.
Trading in Tawana Shares is expected to recommence on 9 April 2018 or such other time as the completion of
the Tawana Underwritten Placement is announced to the ASX.
Canaccord Genuity (Australia) Limited is acting as Underwriter, Lead Manager and Bookrunner to the Tawana
Underwritten Placement and Lead Manager and Bookrunner to the Tawana Conditional Placement.
Canaccord Genuity (Australia) Limited is acting as Underwriter, Lead Manager and Bookrunner to the Alliance
Underwritten Placement and Lead Manager and Bookrunner to the Alliance Conditional Placement.
Management and Governance
Following completion of the Merger, the Merged Group will benefit from the expertise and experience of a board
of directors comprising:
(a) Mark Turner, currently Independent Non-Executive Director of Tawana, who will become the
Independent Non-Executive Chairman of the Merged Group;
(b) Mark Calderwood, currently Managing Director of Tawana, who will become the Managing Director of
the Merged Group;
(c) Robert Vassie, currently Independent Non-Executive Director of Tawana, who will become an
Independent Non-Executive Director of the Merged Group;
(d) Vicki Xie, currently Non-Executive Director of Tawana and a nominee of Weier, who will become a Non-
Executive Director of the Merged Group;
(e) a nominee of Burwill (in consultation with Alliance), as a Non-Executive Director of the Merged Group;
and
(f) Joshua Ong, currently Independent Non-Executive Director of Alliance, who will continue in office as an
Independent Non-Executive Director of the Merged Group.
In consultation with Tawana, the Merged Group Board will also be further strengthened with an independent
director to be nominated by Alliance with significant mining experience who is a resident of Singapore.
Alliance Chairperson, Pauline Gately, said:
“We are extremely pleased that the joint venture arrangement we entered into with Tawana in 2017 has resulted
in a merger proposal that makes sound strategic sense and, importantly, gives the shareholders of both Tawana
and Alliance the opportunity to participate in the upside associated with full ownership of the Bald Hill Project,
an emerging project of high strategic value and significant in the international lithium market.
“We are confident that merging the companies will result in significant benefits to both sets of shareholders with
the opportunity for a re-rating for the Merged Group from the enhanced equity and capital markets profile.”
Tawana Chairman, Robert Benussi, said:
“Tawana and Alliance are an excellent and natural fit, given existing joint venture owned assets, and operational
expertise.
“Both companies have successful track records of creating substantial value for shareholders and, together, we
will retain this focus. Our ability as a Merged Group to capture future growth opportunities in the high growth
lithium market will be significantly enhanced. The exchange ratio of 1.10 is calculated on the basis of merger of
equals, adjusting for each company’s working capital, cash and debt position, provides Tawana Shareholders
with approximately 50% of the Merged Group.”
Voting Support for Merger
The Directors of Tawana believe the Merger is in the best interest of Tawana Shareholders and unanimously
recommend that Tawana Shareholders vote in favour of the Merger, in the absence of a superior proposal and
subject to an independent expert concluding and continuing to conclude that the Merger is in the best interest
of Tawana Shareholders. Subject to those considerations, the Directors of Tawana intend to vote all of the
Tawana Shares in which they have a relevant interest (collectively representing approximately 4.3% of the total
issued Tawana Shares) in favour of the Merger.
The Directors of Alliance believe the Merger is in the best interest of Alliance Shareholders and unanimously
recommend that Alliance Shareholders vote in favour of the Alliance Shareholder Resolutions, in the absence of
a superior proposal and subject to receipt of a valuation report(s) (as required under the Catalist Rules)
supporting the Merger. Subject to those considerations, the Directors of Alliance intend to vote all of the Alliance
Shares in which they have a relevant interest (collectively representing approximately 0.1% of the total issued
Alliance Shares) in favour of the Alliance Shareholder Resolutions.
Tawana Shareholders currently holding approximately 164.5 million Tawana Shares (representing approximately
32.6% of the total issued Tawana Shares) have confirmed to Tawana their intention to vote in favour of the
Merger all of the Tawana Shares held by them at the time of the Scheme Meeting, in the absence of a superior
proposal8.
Voting Support for Alliance Shareholder Resolutions
The Merger is conditional upon, amongst other things, Alliance Shareholders approving by the requisite
majorities the Alliance Shareholder resolutions (including the issuance of the Alliance Shares pursuant to the
Merger) for the purposes of, and in accordance with, the Catalist Rules, and such other matters as may be
necessary or desirable in connection with the Merger or Alliance’s listing on the ASX (Alliance Shareholder
Resolutions) at an Alliance Meeting.
Burwill, which currently holds approximately 78.5 million Alliance Shares (representing approximately 14.1% of
the total issued Alliance Shares) has entered into a binding voting agreement with Tawana pursuant to which it
8 Refer to footnote 4. In addition, note that the 4.3% of Tawana Shares held by Directors of Tawana (referenced above) are included in the 32.6%
total.
agrees to vote all of its Alliance Shares in favour of the Alliance Shareholder Resolutions, in the absence of a
superior proposal.
Alliance Shareholders (excluding Burwill), which currently hold approximately 113.2 million Alliance Shares
(representing approximately 20.4% of the total issued Alliance Shares) have also confirmed to Alliance their
intention to vote in favour of the Alliance Shareholder Resolutions all of the Alliance Shares held by them at the
time of the Alliance Meeting, in the absence of a superior proposal. 9
Timetable
A Scheme Booklet is expected to be despatched to Tawana Shareholders in mid August 2018. The Scheme
Booklet will include further details of the proposed Merger, an independent expert’s report, the rationale for
the Tawana Board’s recommendation and other matters relevant to Tawana Shareholders’ vote on the Merger.
Alliance will be seeking specific approval of Alliance Shareholders at an extraordinary general meeting (EGM) in
connection with the Merger. A circular containing, inter alia, notice of the EGM and the details of the Merger
will be dispatched to Alliance Shareholders in due course.
An indicative timetable of key Merger milestones is set out below. Further details on the timing and
implementation of the Merger will be detailed in the Scheme Booklet.
Event Date
Lodge Tawana Scheme Booklet with ASIC Mid July 2018
First Court Hearing Early August 2018
Alliance EGM Early September 2018
Tawana Shareholders’ Meeting Early September 2018
Second Court Hearing Mid September 2018
Scheme Effective Date Mid September 2018
ASX Listing of Merged Group Early October 2018
The indicative timetable is subject to change, depending on, amongst other things, regulatory approval
processes. In particular, the indicative timetable assumes that the Merger will be designated as a “very
substantial acquisition” for Alliance under Rule 1015 of the Catalist Rules. If SGX were to treat the transaction
as a “major transaction”, the indicative timetable is likely to be significantly abridged. Tawana will advise Tawana
Shareholders of any significant changes to the indicative timetable, as and when appropriate.
Spin-out Transaction
Tawana announced on 22 March 2018 its intention to seek Tawana Shareholder approval to restructure its assets
in order to focus on the Bald Hill Project (Spin-out Transaction). As part of the Spin-out Transaction, Tawana
will transfer its interests in the Cowan Lithium Project and the Yallari Lithium Project in Western Australia, and
the Mofe Creek Iron Ore Project in Liberia into a wholly owned public company (SpinCo) before undertaking a
capital and distribution by way of in?specie distribution of 85% of all SpinCo shares to Tawana Shareholders.
Subject to Tawana Shareholder approval, the Spin-out Transaction is envisaged to complete by June 2018.
The Merger and the Spin-out Transaction are independent of each other and are not inter-conditional. It is
expected that the Spin-out Transaction will be completed prior to implementation of the Merger.
Advisers
9 Refer to footnote 5.
Canaccord Genuity (Australia) Limited is acting as financial adviser to Tawana.
King & Wood Mallesons is acting as Australian legal adviser to Tawana and Allen & Gledhill LLP is acting as
Singaporean legal adviser to Tawana.
Sternship Advisers is acting as financial adviser to Alliance, DLA Piper Australia is acting as Australian legal adviser
to Alliance, and Rajah & Tann is acting as Singapore legal adviser to Alliance.
For further information please contact:
Tawana Resources NL
Investor Hotline
Georgeson
Toll Free: 1300 223 071
Overseas: +61 3 9415 4032
Media
Nathan Ryan
NWR Communications
+61 (0) 420 582 887
Further information about the companies is available on Alliance and Tawana websites (see
www.alliancemineralassets.com.au and www.tawana.com.au).
About Tawana
Tawana Resources NL is a resources focused ASX and JSE listed company located in Perth, Western Australia.
Tawana has a 50% interest in the Bald Hill Project. The project is located 50km south east of Kambalda in the
Eastern Goldfields of Western Australia. The Project comprises four mining leases, one mining lease application,
and 20 other licenses totalling 774km2. Since entering the farm-in agreement for the Bald Hill Project in
September 2016, Tawana has undertaken the appointment of senior operations and development personnel,
has led the construction on the lithium plant, awarded the engineering, procurement and construction
agreement, delivered a robust prefeasibility study for the Bald Hill mine, and entered into a binding long-term
exclusive lithium concentrate offtake agreement, to bring the Bald Hill Project up to its current state as a
producer of spodumene concentrate.
Forward Looking Statements and Disclaimers
The information in this announcement has been prepared by Tawana. This announcement is not an offer,
invitation, the solicitation or other recommendation with respect to the subscription for, purchase or sale of any
securities in Tawana in any jurisdiction. This announcement has been made available for information purposes
only and does not constitute an offering document of any type.
This announcement may contain certain forward looking statements and projections, including regarding
estimated resources and reserves, production and operating costs profiles, capital requirements and strategies
and corporate objectives. Such forward looking statements/projections are estimates provided as a general
guide for discussion purposes only and should not be relied upon as representation or warranty, express or
implied, of Tawana. They are not guarantees of future performance and involve known and unknown risks,
uncertainties and other factors many of which are beyond the control of Tawana. The forward looking
statements/projections are inherently uncertain and reflect various assumptions concerning anticipated results,
which assumptions may prove not to be correct, and may therefore differ materially from results ultimately
achieved.
While the information contained in this announcement has been prepared in good faith, neither Tawana, nor
any of its directors, officers, agents, employees or advisors make any representation or give any warranty,
express or implied, as to the fairness, accuracy, completeness or correctness of the information, forward looking
statements, opinions and conclusions contained in this announcement. Accordingly, to the maximum extent
permitted by law, neither Tawana, nor any of its directors, officers, employees, agents or advisers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or
otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained
in this announcement or for any errors, omissions or misstatements or for any loss, howsoever arising, from the
use of this announcement. Tawana disclaims any obligation to update or revise any forward looking statements
based on new information, future events or otherwise except to the extent required by applicable laws.
Tawana does not provide any financial or investment 'advice' as that term is defined in the South African
Financial Advisory and Intermediary Services Act, 37 of 2002.
Investors should exercise caution when dealing in the securities of Tawana. In the case of any doubt, they should
seek their own professional advice and consult with their own bank manager, stockbroker, solicitor, accountant,
tax adviser or other professional adviser.
SCHEME IMPLEMENTATION AGREMENT CAN BE FOUND ON THE TAWANA WEBSITE.
5 April 2018
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 05/04/2018 10:28:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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