SABVEST LIMITED - Results of the offer for sale of N ordinary shares

Results of the offer for sale of ‘N’ ordinary shares

SABVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003753/06)
Share code: SBV – ordinary shares / SVN – ‘N’ ordinary shares
ISIN: ZAE000006417 – ordinary shares / ISIN: ZAE000012043 – ‘N’ ordinary shares
("Sabvest” or “the Company”)

RESULTS OF THE OFFER FOR SALE OF ‘N’ ORDINARY SHARES

Shareholders are referred to the announcement released on SENS on 25 July 2018 relating to the offer of up to
16,650,276 Sabvest ‘N’ ordinary shares at ZAR 34.60 per share (the “Placement” or “Offer”) by two long-standing
passive offshore shareholders (the “Sellers”).

Sabvest has been notified that 13,178,674 ‘N’ ordinary shares have been successfully placed in accordance with the
terms of the Offer, raising gross proceeds of ZAR 456 million. Both new investors and existing shareholders participated
in the Placement with a resulting improvement in the spread of shareholders and the Company’s free float. The
Chairman, Deputy Chairman and CEO of Sabvest have also participated in the offer for up to ZAR 36.8 million, self
funded by the directors.

Rand Merchant Bank, a division of FirstRand Bank Limited (“RMB”) has separately agreed, subject to the completion of
satisfactory legal agreements, to acquire the balance of 3,471,602 ‘N’ ordinary shares from the Sellers. Subject to the
approval of Sabvest shareholders in general meeting, the Company has undertaken to repurchase and cancel these ‘N’
ordinary shares held by RMB at the earliest practicable date.

Despite a track record of strong growth in NAV per share over the past fifteen years, Sabvest shares have historically
been tightly held with the result that the Company has attracted minimal press or analyst coverage or any material
following by public investors. The Offer process has materially raised the public profile of Sabvest and improved the
spread and diversity of its shareholders. With the strategic imperative of increasing shareholder spread and liquidity
fulfilled, the repurchase of the balance of the ‘N’ ordinary shares at R34.60 will further enhance the NAV per share and is
viewed by the Company as an appropriate capital allocation from surplus cash resources. After the repurchase and
subsequent cancellation there will be approximately 41.8 million ordinary and N ordinary shares in issue.


Sandton
16 August 2018

Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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