BELL EQUIPMENT LIMITED - Bell Equipment Limited - Voluntary Announcement

Bell Equipment Limited - Voluntary Announcement

BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1968/013656/06
ISIN: ZAE000028304
Share Code: BEL
(“the Company”)

BELL EQUIPMENT LIMITED VOLUNTARY ANNOUNCEMENT

Shareholders are referred to the voluntary announcement
released on the Stock Exchange News Service (“SENS”) on
20 January 2021 and to a further media article
published in the Sunday Times on 14 February 2021.

The Company wishes once again to clarify the following:

    1. The previous SENS announcement made by the Company
       on 6 November 2020 still remains applicable;
       specifically that the Company had been informed
       that a formal binding agreement for the acquisition
       by I A Bell of John Deere’s shareholding in the
       Company had been concluded subject to certain
       conditions precedent.

    2. The Company has not received any notification of
       the fulfilment of the conditions precedent but was
       advised on 18 February 2021 by Bravura Capital
       (Pty)Limited, who render Corporate and Advisory
       Services to IA Bell, that the price payable by IA
       Bell to John Deere is R10 a share subject to the
       fulfillment of the said conditions precedent.

    3. Shareholders will be informed if and when the
       Company is advised that the conditions precedent
       have been fulfilled. If the Company receives
       notification of an offer regarding the acquisition
       of the minorities’ shareholding in Bell Equipment,
       it will comply with the Takeover Regulation Panel
       requirements, to the extent relevant, and the JSE
       Listings Requirements in this regard. To date no
       such notice of any offer has been received.

    4. Shareholders are reminded of the JSE’s listings
       requirements and in particular shareholders are
       referred to paragraphs 1.14 to 1.17 which should
       reassure shareholders on the issue of delisting and
       remove the element of uncertainty and concern which
       has been created by certain minority shareholders
       in the press.

    5. The Company has fulfilled all its legal obligations
       in respect of the Annual General Meeting held on 15
       July 2020. All resolutions received the
       overwhelming support of shareholders present.

    6. The net asset value per share of R35.95 was
       disclosed in the Company’s audited annual financial
       statements at 31 December 2019 as considered by
       shareholders at the Annual General meeting on 15
       July 2020. Furthermore, a net asset value per share
       of R38.58 was subsequently disclosed in the
       Company’s interim results for the six months ended
       30 June 2020 which were released on SENS on 7
       September 2020.



Richards Bay
18 February 2021

Sponsor: INVESTEC BANK LIMITED


Date: 18-02-2021 11:33:00
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