enX GROUP LIMITED - Completion of the First Subscription Step in the Divestment by enX of its Interest in West African International

Completion of the First Subscription Step in the Divestment by enX of its Interest in West African International

ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
Share code: ENX
ISIN: ZAE000222253
Listed on the General Segment of the Main Board
("enX" or "the Company" or "the Group")

GENERAL SEGMENT


COMPLETION OF THE FIRST SUBSCRIPTION STEP IN THE DIVESTMENT BY ENX OF
ITS INTEREST IN WEST AFRICAN INTERNATIONAL


Shareholders are referred to the announcement published by enX on the Stock Exchange
News Service ("SENS") on 31 March 2025 ("Terms Announcement"), wherein the Company
advised that it had entered into a subscription and options agreement ("the Agreement") with
the acquirer being Trichem South Africa Proprietary Limited ("Trichem SA"), and with enX
Trading Investments Proprietary Limited ("enX Trading"), enX Leasing Investments
Proprietary Limited ("enX Leasing") and West African International Proprietary Limited
("WAI"), pursuant to which:

(i)     Trichem SA will subscribe for 66 667 ordinary no par value shares in the share capital
        of WAI ("First Subscription Shares"), equal to 25% of the entire issued ordinary share
        capital of WAI post issue ("First Subscription" or "First Subscription Step");

(ii)    Trichem SA will have the option to put the First Subscription Shares to enX Trading in
        the manner set out in paragraph 5.2. of the Terms Announcement ("Put Option" or "Put
        Option Step"); or

(iii)   Trichem SA will have the option to acquire the remaining 75% interest held by enX
        Trading in the manner set out in paragraph 5.4 of the Terms Announcement ("Full
        Ownership Option" or "Full Ownership Option Step"), failing which Trichem SA shall
        again be entitled for a period of 30 Business Days following expiry of the Full Ownership
        Option Period, to exercise the Put Option on written notice to enX Trading ("Extended
        Put Option Period").

enX is pleased to announce that the First Subscription Step was implemented in full today and
shareholders are advised that the gross proceeds payable as a result of the First Subscription
is an amount equal to R107 300 111 ("First Subscription Price") and this amount has been
received by West African International but is also subject to adjustment and audit review in
terms of the Agreement.


Furthermore, as detailed in paragraph 5.3 of the Terms Announcement, an amount equal to
the First Subscription Price will be held in the interest bearing escrow account as security for
enX Trading's payment obligations in respect of the Put Option price for a period from the First
Subscription date (30 April 2025) to the earlier of the completion of the Put Option Step or
completion of the Full Ownership Option Step, or the expiry of the Extended Put Option Period.


The First Subscription Step of the transaction constitutes a category 2 transaction in terms of
the JSE Limited Listings Requirements.

                                                                                               1
Shareholders should further note that a further announcement will be published on SENS in
due course on the earlier of the exercise of the Put Option or the exercise of the Full Ownership
Option, or the expiry of the Extended Put Option Period.

30 April 2025

Transaction Sponsor and Advisor
Valeo Capital (Pty) Ltd



Sponsor to enX:
The Standard Bank of
South Africa Limited


Legal advisor to the
Seller:
Munro Smith Parker Law
and Thomson Wilks




                                                                                               2

Date: 30-04-2025 12:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.