SOUTH OCEAN HOLDINGS LIMITED - Results of Non-Renounceable Rights Offer

Results of Non-Renounceable Rights Offer

South Ocean Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2007/002381/06)
(“South Ocean Holdings” or “the Company” or “the Group”)
ISIN Code: ZAE000092748       Share code: SOH


RESULTS OF NON-RENOUNCEABLE RIGHTS OFFER


INTRODUCTION
Shareholders are referred to the announcement released on SENS on Friday, 9 March 2018, regarding the
Company's decision to raise approximately R20 million by way of a Non-Renounceable Rights Offer.

In terms of the Rights Offer, South Ocean Holdings Shareholders recorded in the register at the close of
trade on Friday, 20 April 2018, were entitled to subscribe for Rights Offer Shares on the basis of 29.99000
Rights Offer Shares for every 100 South Ocean Holdings shares held on such date at a Rights Offer Price of
42 cents per Rights Offer Share. The Rights Offer Price represented a premium of approximately 92.73% to
the 30-day VWAP share price of South Ocean Holdings of 21.79236 cents per share as at Wednesday, 7
March 2018. Excess applications were not allowed.

The Rights Offer was underwritten by Macrovest 147 Proprietary Limited (“Marcrovest”) by way of
Macrovest depositing R19 697 160 into a South Ocean Holdings denominated bank account opened by
the Transfer Secretaries.

RESULTS OF THE RIGHTS OFFER
The Rights Offer closed at 12h00 on Thursday, 26 April 2018 and was fully subscribed as follows:

                                                           Number of Rights         % of Rights Offer
                                                           Offer Shares             Shares

Rights Offer Shares available for subscription                         46 898 000                     100%
Rights Offer Shares subscribed – existing holders                      23 720 435                   50.58%
Rights Offer Shares subscribed – Underwriter                           23 177 565                   49.42%
Total                                                                  46 898 000                    100%

Dematerialised Shareholders accounts have been updated on 30 April 2018 with the Rights Offer Shares
to the extent to which they have accepted the Rights Offer. at their CSDP or Broker. Share certificates
will be posted, by registered post at the Shareholder’s risk, to Certificated Shareholders to the extent to
which they have accepted the Rights Offer.



By order of the Board
Johannesburg
30 April 2018



Sponsor
Arbor Capital Sponsors Proprietary Limited

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