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Firm Intention Announcement
INDEQUITY GROUP LIMITED
Incorporated in the Republic of South Africa
Registration number 1998/015883/06
Share code: IDQ ISIN: ZAE000016606
(“Indequity” or “the Company”)
FIRM INTENTION ANNOUNCEMENT BY INDEQUITY RELATING TO:
- AN OFFER TO SHAREHOLDERS TO REPURCHASE THEIR ORDINARY SHARES (OTHER THAN
CERTAIN EXCLUDED ORDINARY SHARES) AND THE PROPOSED SUBSEQUENT DELISTING OF
INDEQUITY FROM THE JSE;
- THE PROPOSED VOLUNTARY REPURCHASE OF ALL OF THE ISSUED A CLASS PREFERENCE
SHARES (OTHER THAN CERTAIN EXCLUDED A CLASS PREFERENCE SHARES); AND
- THE PROPOSED VOLUNTARY REPURCHASE OF ALL OF THE ISSUED B CLASS PREFERENCE
SHARES (OTHER THAN CERTAIN EXCLUDED B CLASS PREFERENCE SHARES).
1. INTRODUCTION
1.1 The board of directors of Indequity (“Board”) is pleased to advise Indequity shareholders,
including holders of Ordinary Shares, A Class Preference Shares and B Class Preference
Shares referred to in paragraph 1.1.1, 1.1.4 and 1.1.5 below (“Shareholders”), that it has
resolved to propose the following transactions (“Transactions”) to Shareholders
incorporating:
1.1.1 an offer by Indequity to acquire all of the ordinary shares of R0.001 each in the issued
ordinary share capital of Indequity (“Ordinary Shares”), excluding treasury shares
and 5 384 072 Ordinary Shares held by Indo-Atlantic Investment Corporation Inc.
(“Indo-Atlantic”), L J van Rensburg and T E Vorster and their associates
(“Remaining Shareholders”) (the “Excluded Ordinary Shares”), being a total of
3 303 736 Ordinary Shares (“Ordinary Share Scheme Shares”) for a cash
consideration of R8.00 per Ordinary Share (“Ordinary Share Scheme
Consideration”), in accordance with the provisions of sections 48 and 114(1)(e) of
the Companies Act, 2008 (Act 71 of 2008), as amended (“Companies Act”), by way
of a scheme of arrangement (“Ordinary Share Scheme”);
1.1.2 separate to the Ordinary Share Scheme, but concurrently with it and in compliance
with the requirements for the Delisting Resolution referred to in paragraph 6.3.1.3
below, a conditional general offer (“General Offer”) by Indequity to holders of
Ordinary Shares to acquire all of the Ordinary Shares (“General Offer Shares”) for
a cash consideration of R8.00 per General Offer Share (“General Offer
Consideration”), in accordance with the provisions of sections 48 and 117(1)(c)(v)
of the Companies Act and paragraphs 1.15(c) and 5.69 of the Listings Requirements
of the JSE Limited (“JSE”), which will be implemented only if the Ordinary Share
Scheme fails. The Remaining Shareholders have confirmed that if the Delisting
Resolution is approved by the Ordinary Shareholders they will not be accepting the
General Offer;
1.1.3 the subsequent delisting of all of the Ordinary Shares from the JSE Limited (“JSE”)
in terms of paragraph 1.17(b) of the JSE Listings Requirements (“Delisting”),
pursuant to the implementation of the Ordinary Share Scheme or, if the Ordinary
Share Scheme fails, pursuant to the Delisting Resolution being approved, and the
General Offer being implemented;
1.1.4 the voluntarily repurchase by Indequity of all of the unlisted non-redeemable A Class
preference shares of R0.0000001 each in the issued preference share capital of
Indequity (“A Class Preference Shares”), excluding 7 333 455 A Class Preference
Shares held by Indo-Atlantic, L J van Rensburg and T E Vorster and their associates
(the “Excluded A Class Preference Shares”), being a total of 7 536 545 A Class
Preference Shares, for a cash consideration of R0.102 per A Class Preference Share
(“A Class Preference Share Scheme Consideration”) (“A Class Preference
Share Scheme”); and
1.1.5 the voluntarily repurchase by Indequity of all of the unlisted non-redeemable B Class
preference shares of R0.001 each in the issued preference share capital of Indequity
(“B Class Preference Shares”), excluding 6 255 128 B Class Preference Shares
held by Indo-Atlantic, L J van Rensburg and T E Vorster and their associates (the
“Excluded B Class Preference Shares”), being a total of 5 414 552 B Class
Preference Shares, for a cash consideration of R0.01 per B Class Preference Share
(“B Class Preference Share Scheme Consideration”) (“B Class Preference
Share Scheme”).
The Ordinary Share Scheme, the A Class Preference Share Scheme and the B Class
Preference Share Scheme are collectively referred to hereinafter as the “Schemes”.
1.2 The Ordinary Share Scheme and the Delisting Resolution are proposed concurrently on the
basis that the implementation of the Delisting Resolution and the General Offer will be
conditional upon, amongst others, the Ordinary Share Scheme not becoming operative.
If the Ordinary Share Scheme does not become operative and the Delisting Resolution
becomes wholly unconditional, the General Offer will be implemented.
1.3 The Delisting will occur if: (i) pursuant to paragraph 1.17(b) of the JSE Listings
Requirements, the Ordinary Share Scheme becomes operative; or (ii) the Delisting
Resolution becomes wholly unconditional and is implemented and the Delisting is approved
by Ordinary Shareholders.
1.4 The contents of this announcement (“Firm Intention Announcement”) constitute a firm
intention by Indequity to make an offer to relevant Shareholders as contemplated in Chapter
5 of the Companies Act and the regulations published in terms of section 120 of the
Companies Act (“Takeover Regulations”).
1.5 Indequity has, as contemplated in regulation 108 of the Takeover Regulations, constituted
an independent board of directors, consisting of Johan F Zwarts (Chairperson), Adriaan V
van Jaarsveldt and George Williamson (“Independent Board”) to fulfill the role of an
“independent board” for the purposes of the Schemes and the General Offer, including
evaluating the terms and conditions of each of the Ordinary Share Scheme, the General
Offer, the A Class Preference Share Scheme and the B Class Preference Share Scheme
and advising Shareholders thereon as required by the Takeover Regulations.
1.6 The purpose of this Firm Intention Announcement is to, inter alia, advise Shareholders of the
terms and conditions of the Schemes and the General Offer.
2. RATIONALE FOR THE TRANSACTIONS
Indequity, which has been successfully listed on the JSE since 1998, is currently held 57.2% by Indo-
Atlantic Investment Incorporation Inc., L J van Rensburg and T E Vorster and their associates,
resulting in a high level of strategic shareholding.
The combination of this strategic shareholding, low share liquidity and the onerous requirements and
costs associated with being a listed entity, has led the Board and the Independent Board to believe
that Indequity is more suited to an unlisted environment.
The Board has therefore proposed that Indequity uses, in respect of the:
- Ordinary Share Scheme Consideration, being R8.00 per Ordinary Share, R7.91 from its available
contributed tax capital and R0.09 from its profits;
- A Class Preference Share Scheme Consideration, being R0.102 per A Class Preference Share,
R0.102 from its profits; and
- B Class Preference Share Scheme Consideration, being R0.01 per B Class Preference Share,
R0.01 from its profits,
and subsequently delist the Ordinary Shares from the JSE.
The Schemes and/or the General Offer, which will collectively cost Indequity approximately
R27 252 761.11, will provide minority Shareholders with a valuable liquidity event.
3. ORDINARY SHARE SCHEME
3.1 Conditions precedent to the implementation of the Ordinary Share Scheme
3.1.1 The implementation of the Ordinary Share Scheme will be subject to the fulfilment of
the following conditions precedent (“Ordinary Share Scheme Conditions
Precedent”) by no later than 17:00 on 15 December 2020 (“Long-Stop Date”) or such
other date as specified in the specific Ordinary Share Scheme Condition:
3.1.1.1 all approvals or consents from those South African regulatory authorities
as may be necessary for Indequity to implement the Ordinary Share
Scheme, including the Takeover Regulation Panel (“Panel”), the JSE and
the Financial Surveillance Department of the South African Reserve Bank
(“SARB”) in terms of the Exchange Control Regulations;
3.1.1.2 the Ordinary Share Scheme resolution/s, as may be necessary to give
effect to the Ordinary Share Scheme, being approved by the requisite
majority of Ordinary Shareholders, in accordance with sections 48(8) and
115(2) of the Companies Act (“Ordinary Share Scheme Resolution”),
and in the event of the provisions of section 115(2)(c) becoming applicable:
3.1.1.2.1 by no later than 40 Business Days after the Ordinary Share
Scheme Resolution is approved, the Ordinary Share Scheme
is approved by the High Court of South Africa; and
3.1.1.2.2 if applicable, the Company not treating the Ordinary Share
Scheme Resolution as a nullity as contemplated in
section 115(5)(b) of the Companies Act;
3.1.1.3 with regards to Ordinary Shareholders exercising their Appraisal Rights (if
any), either:
3.1.1.3.1 Ordinary Shareholders give notice objecting to the Ordinary
Share Scheme Resolution as contemplated in section 164(3)
of the Companies Act and vote against the Ordinary Share
Scheme Resolution at the Ordinary Share Scheme Meeting,
in respect of less than or equal to 10% of all Ordinary Shares
in issue; or
3.1.1.3.2 if Ordinary Shareholders do give notice objecting to the
Ordinary Share Scheme Resolution and vote against the
Scheme in respect of more than 10% of all Ordinary Shares
in issue, then, within the time period permitted in terms of the
Companies Act, Dissenting Ordinary Share Scheme
Shareholders have not exercised Appraisal Rights, by giving
valid demands in terms of sections 164(5) to 164(8) of the
Companies Act, in respect of less than or equal to 10% of all
Ordinary Shares in issue.
3.1.2 The voting rights of the holders of the Excluded Ordinary Shares will be excluded for
purposes of both determining whether the applicable quorum requirements are
satisfied and voting on, inter alia, the Ordinary Share Scheme Resolution.
3.2 Termination of the Ordinary Share Scheme
The Ordinary Share Scheme will terminate and the Ordinary Share Scheme Resolution will be
treated as a nullity with immediate effect upon the Board’s determination that any or all of the
Ordinary Share Scheme Conditions Precedent have not been fulfilled on or before the relevant
date for fulfilment.
3.3 Termination of the Ordinary Shares
Following implementation of the Ordinary Share Scheme, application will be made to the JSE
to terminate the listing of the Ordinary Shares on the JSE.
3.4 Indequity Ordinary Shareholder Undertakings
To date, irrevocable undertakings to vote in favour of the Ordinary Share Scheme have been
received from the following Ordinary Shareholders holding in aggregate 1 505 455 Ordinary
Shares, representing 45.57% of the voting power if all Ordinary Scheme Shares are voted at
the meeting of Ordinary Share Scheme Members (“Ordinary Share Scheme Meeting”) or
any adjournment thereof.
Ordinary Shareholder Date of irrevocable Ordinary Shares Ordinary
undertaking subject to Share Scheme
undertaking voting rights
(%)
Heiden Grimaud Limited
and associates 17 August 2020 988 442 29.92
Cannon Asset Managers
Proprietary Limited 14 August 2020 517 013 15.65
1 505 455 45.57
4. THE VOLUNTARY REPURCHASE BY INDEQUITY OF ALL OF THE ISSUED A CLASS
PREFERENCE SHARES
4.1 Introduction
The A Class Preference Share Scheme will, if implemented, result in the voluntary repurchase
by Indequity of all the A Class Preference Shares other than the Excluded A Class Preference
Shares, whereby the A Class Preference Shareholders will be obliged to sell to the Company,
the issued A Class Preference Shares for the A Class Preference Share Scheme
Consideration, as detailed in paragraph 1.1.4 above.
4.2 A Class Preference Share Scheme Consideration
In terms of the A Class Preference Share Scheme, A Class Preference Shareholders will, if
the A Class Preference Share Scheme is implemented, receive for each A Class Preference
Scheme Share held by them on the A Class Preference Share Scheme consideration record
date (“A Class Preference Share Scheme Record Date”), the A Class Preference Share
Scheme Consideration on the date that the A Class Preference Share Scheme is implemented
(“A Class Preference Share Scheme Implementation Date”).
4.3 Conditions to the implementation of the A Class Preference Share Scheme
4.3.1 The implementation of the A Class Preference Share Scheme is subject to the
suspensive conditions (“A Class Preference Share Scheme Conditions”) that by not
later than 23:59 on the Long-Stop Date:
4.3.1.1 the requisite approvals by A Class Preference Shareholders have been
obtained; and
4.3.1.2 the requisite approvals have been obtained from, inter alia, all
governmental and regulatory bodies, including but not limited to the Panel
and the SARB.
4.4 A Class Preference Shareholder Undertakings
To date, irrevocable undertakings to vote in favour of the A Class Preference Share Scheme
have been received from the following A Class Preference Shareholders holding in aggregate
6 005 456 A Class Preference Shares, representing 79.68% of the voting power if all A Class
Preference Scheme Shares are voted at the meeting of A Class Preference Shareholders (“A
Class Preference Share Scheme Meeting”) or any adjournment thereof.
A Class Preference Date of A Class A Class
Shareholder irrevocable Preference Preference
undertaking Shares subject Share Scheme
to undertaking voting rights
(%)
Heiden Grimaud Limited and
associates 17 August 2020 6 005 456 79.68
6 005 456 79.68
5. THE VOLUNTARY REPURCHASE BY INDEQUITY OF ALL OF THE ISSUED B CLASS
PREFERENCE SHARES
5.1 Introduction
The B Class Preference Share Scheme will, if implemented, result in the voluntary repurchase
by Indequity of all the B Class Preference Shares other than the Excluded B Class Preference
Shares, whereby the B Class Preference Shareholders will be obliged to sell to the Company,
the issued B Class Preference Shares for the B Class Preference Share Scheme
Consideration, as detailed in paragraph 1.1.5 above.
5.2 B Class Preference Share Scheme Consideration
In terms of the B Class Preference Share Scheme, B Class Preference Shareholders will, if
the B Class Preference Share Scheme is implemented, receive for each B Class Preference
Scheme Share held by them on the B Class Preference Share Scheme consideration record
date (“B Class Preference Share Scheme Record Date”), the B Class Preference Share
Scheme Consideration on the date that the B Class Preference Share Scheme is implemented
(“B Class Preference Share Scheme Implementation Date”).
5.3 Conditions to the implementation of the B Class Preference Share Scheme
5.3.1 The implementation of the B Class Preference Share Scheme is subject to the
suspensive conditions (“B Class Preference Share Scheme Conditions”) that by not
later than 23:59 on the Long-Stop Date:
5.3.1.1 the requisite approvals by B Class Preference Shareholders have been
obtained; and
5.3.1.2 the requisite approvals have been obtained from, inter alia, all
governmental and regulatory bodies, including but not limited to the Panel
and the SARB.
5.4 B Class Preference Shareholder Undertakings
To date, irrevocable undertakings to vote in favour of the B Class Preference Share Scheme
have been received from the following B Class Preference Shareholders holding in aggregate
4 212 985 B Class Preference Shares, representing 77.81% of the voting power if all B Class
Preference Scheme Shares are voted at the meeting of B Class Preference Shareholders (“B
Class Preference Share Scheme Meeting”) or any adjournment thereof.
B Class Preference Date of B Class B Class
Shareholder irrevocable Preference Preference
undertaking Shares subject Share Scheme
to undertaking voting rights
(%)
Heiden Grimaud Limited and
associates 17 August 2020 4 212 985 77.81
4 212 985 77.81
6. THE GENERAL OFFER
6.1 Terms of the General Offer
6.1.1 Simultaneously with the Ordinary Share Scheme and as a requirement of the Delisting
Resolution, Indequity will make a separate but concurrent General Offer, in terms of
sections 48(8) and 117(1)(c)(v) of the Companies Act and paragraph 1.15(c) of the
JSE Listings Requirements, to the Ordinary Shareholders, whereby each Ordinary
Shareholder will be entitled to elect whether or not to dispose of all of their General
Offer Shares to Indequity for the General Offer Consideration (“General Offer
Participants”).
6.1.2 For the avoidance of doubt, implementation of the General Offer will be conditional on,
amongst others, the Ordinary Share Scheme not becoming operative. In the event that
the Ordinary Share Scheme does become operative, the General Offer will lapse and
be of no force and effect.
6.1.3 If the Ordinary Share Scheme does not become operative and the Delisting Resolution
becomes wholly unconditional and the General Offer is implemented, then the
Delisting will be implemented in terms of paragraph 1.14 of the JSE Listings
Requirements and each General Offer Participant that accepts the offer will receive
the General Offer Consideration in exchange for the General Offer Shares tendered
and disposed of.
6.1.4 In the event that the General Offer becomes wholly unconditional and is implemented,
Indequity will acquire all the General Offer Shares tendered and previously held and
accepted by the General Offer Participants. The repurchase of the General Offer
Shares by Indequity will be subject to the acceptance of the General Offer.
6.1.5 If the Ordinary Share Scheme does not become operative and the General Offer
becomes wholly unconditional and is implemented, Ordinary Shareholders who have
not accepted the General Offer will remain Shareholders in Indequity.
6.2 General Offer Consideration
General Offer Participants shall receive the General Offer Consideration, in the amount of
R8.00 per General Offer Share held by such General Offer Participant.
6.3 The General Offer Conditions
6.3.1 Implementation of the General Offer is subject to the fulfilment or waiver, as the case
may be, of the following conditions (“General Offer Conditions”) by no later than
Thursday, 17 December 2020:
6.3.1.1 the Ordinary Share Scheme does not become operative;
6.3.1.2 all necessary Shareholder approvals and/or resolutions as may be
necessary to give effect to the General Offer (including the repurchase
resolution as required pursuant to section 48(8) of the Companies Act
(“Repurchase Resolution”), and the resolution to approve the General
Offer as a specific repurchase in terms of paragraph 5.69(b) of the JSE
Listings Requirements (“Specific Repurchase Resolution”)) have been
passed by the requisite majority of Shareholders at the General Meeting of
Indequity Shareholders;
6.3.1.3 the delisting resolution is adopted by the requisite majority of Ordinary
Shareholders at the General Meeting of Indequity Shareholders as
contemplated in paragraphs 1.15(a) and 1.16 of the JSE Listings
Requirements (“Delisting Resolution”);
6.3.1.4 the receipt of all approvals, consents or waivers from those South African
regulatory authorities as may be necessary for Indequity to implement the
General Offer and Delisting, including the Panel (by means of issue of a
compliance certificate in terms of section 121(b)(i) of the Companies Act)
on an unconditional basis or, to the extent that any such regulatory
approvals, consents or waivers are obtained subject to any condition or
qualification, Indequity (to the extent that it is adversely affected by the
condition or qualification) confirms in writing that the condition or
qualification is acceptable to it, which confirmation shall not be
unreasonably withheld or delayed; and
6.3.1.5 to the extent that appraisal rights are found to apply to the General Offer,
and Ordinary Shareholders exercise such appraisal rights, either: (i)
Ordinary Shareholders give notice objecting to the Repurchase Resolution
as contemplated in section 164(3) of the Companies Act and vote against
the Repurchase Resolution at the relevant meeting in respect of less than
or equal to 10% of all of the General Offer Shares; or (ii) if Shareholders
give notice objecting to the Repurchase Resolution and vote against the
Repurchase Resolution at the meeting in respect of more than 10% of all
of the General Offer Shares, then, within the time period permitted in terms
of the Companies Act, such Shareholders have exercised appraisal rights,
by giving valid demands in terms of sections 164(5) to 164(8) of the
Companies Act, in respect of less than or equal to 10% of all the General
Offer Shares, or not at all.
6.3.2 Waiver and extension of General Offer Conditions
6.3.2.1 The General Offer Conditions set out in paragraphs 6.3.1.3 and 6.3.1.5 are
capable of waiver by Indequity, and the time and/or date for fulfilment or
waiver of such General Offer Conditions may be extended by Indequity as
may be agreed between Indequity and the Panel.
6.3.2.2 The General Offer Conditions set out in paragraphs 6.3.1.1, 6.3.1.2 and
6.3.1.4 are not capable of waiver but the time and/or date for fulfilment of
these General Offer Conditions may be extended by Indequity as may be
agreed between Indequity and the Panel.
6.3.2.3 An announcement will be released on SENS as soon as practicable after
all the General Offer Conditions have been fulfilled or waived, if the
General Offer Conditions are not fulfilled or waived timeously, or if the time
and/or date for fulfilment or waiver of the General Offer Conditions is
extended.
6.4 Ordinary Shareholder Undertakings
To date, irrevocable undertakings to vote in favour of the resolutions to be proposed at the
General Meeting of Indequity Shareholders and in respect of which they are entitled to vote
(including the Repurchase Resolution and the Delisting Resolution) have been received from
the following Ordinary Shareholders holding in aggregate 1 865 355 General Offer Shares,
representing 52.83% of the voting power if all General Offer Shares are voted at the General
Meeting of Indequity Shareholders or any adjournment thereof. The controlling Shareholder
and its’ associates are not able to vote on the Delisting Resolution.
Eligible Ordinary Date of irrevocable General Offer General Offer
Shareholder undertaking Shares subject Shares voting
to undertaking rights (%)
Heiden Grimaud Limited
and associates 17 August 2020 988 442 28.00
Cannon Asset Managers
Proprietary Limited 14 August 2020 517 013 14.64
TE Vorster and associates 17 August 2020 359 900 10.19
1 865 355 52.83
7. SOLVENCY AND LIQUIDITY
The Board has concluded that Indequity will: (i) satisfy the solvency and liquidity test contemplated
in section 4 of the Companies Act immediately after completing the repurchase by Indequity of the
Ordinary Share Scheme Shares, the A Class Preference Share Scheme Shares and the B Class
Preference Shae Scheme Shares in terms of the Schemes or the General Offer Shares in terms of
the General Offer; and (ii) for purposes of paragraph 5.69(c) of the JSE Listings Requirements, that
after considering the effect of the repurchase, the provisions of sections 4 and 48 of the Companies
Act have been complied with and that:
- Indequity and the Indequity Group will be able in the ordinary course of business to pay its
debts for a period of 12 months after the date of the repurchase;
- the assets of Indequity and the Indequity Group will be in excess of the liabilities of Indequity
and the Indequity Group for a period of 12 months after the date of the repurchase. For this
purpose, the assets and liabilities have been measured in accordance with the accounting
policies used in the latest audited consolidated annual financial statements which comply with
the Companies Act;
- the share capital and reserves of Indequity and the Indequity Group will be adequate for
ordinary business purposes for a period of 12 months after the date of the repurchase; and
- the working capital of Indequity and the Indequity Group will be adequate for ordinary business
purposes for a period of 12 months after the date of approval the repurchase.
8. GUARANTEES
Indequity will use its available cash resources to fund:
8.1.1 the Ordinary Scheme Consideration or the General Offer Consideration in the amount of
R26 429 888.00;
8.1.2 the A Class Preference Share Scheme Consideration in the amount of R768 727.59; and
8.1.3 the B Class Preference Share Scheme Consideration in the amount of R54 145.52.
The funds to settle the Schemes or the General Offer are in place and, in accordance with regulation
111(4) and 111(5) of the Takeover Regulations, Indequity has procured from ABSA Bank Limited
and has delivered to the Panel, an irrevocable, unconditional bank guarantee in the amount of
R27 252 761.11.
9. RECOMMENDATION AND INDEPENDENT EXPERT OPINION
The Independent Board has appointed PSG Capital as the Independent Expert, as required in terms
of section 114(2) of the Companies Act and the Takeover Regulations, to issue a report dealing with
the matters set out in section 114(3) of the Companies Act and to express an opinion on whether the
Schemes and the General Offer are fair and reasonable.
The contents of the Independent Expert's advice and opinion and the final views of the Independent
Board will be detailed in the Circular referred to in paragraph 11 below.
10. RESPONSIBILTY STATEMENTS
The Independent Board and the Board, individually and collectively, accept full responsibility for the
accuracy of the information contained in this Firm Intention Announcement which relates to Indequity,
the Schemes, the General Offer and the Delisting, and certify that, to the best of their knowledge and
belief, such information is true and this Firm Intention Announcement does not omit any facts that
would make any of the information false or misleading or would be likely to affect the importance of
any information contained in this Firm Intention Announcement. The Independent Board and the
Board have made all reasonable enquiries to ascertain that no facts have been omitted and this Firm
Intention Announcement contains all information required by law, the Companies Act and the JSE
Listings Requirements.
11. DOCUMENTATION
Details of the Transactions will be included in the Circular which will contain, inter alia, details of the
Ordinary Share Scheme, the General Offer, the A Class Preference Share Scheme, the B Class
Preference Share Scheme, notices of the relevant meetings of Shareholders, the relevant forms of
proxy in respect of the meetings of Shareholders, and the relevant forms of surrender and transfer
for use by certificated Shareholders, as the case may be. The Circular is expected to be distributed
to Shareholders during September 2020.
The salient dates pertaining to the Schemes and the General Offer will be released on SENS and
published in the press prior to the distribution of the Circular.
Johannesburg
24 August 2020
Corporate Advisor and Sponsor to Indequity
Merchantec Capital
Date: 24-08-2020 01:00:00
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