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Condensed unaudited interim financial results for the six months ended 31 August 2026
ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2006/019240/06
Share code: ZED
ISIN: ZAE000088431
LEI code: 37890022AF5FD117D649
Main Board – General Segment
("Zeder" or "the Company" or "the Group")
CONDENSED UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31
AUGUST 2026
1. CONDENSED UNAUDITED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 AUGUST 2026
SALIENT FEATURES
• As at 31 August 2026 and in line with Zeder’s Sum-of-the-Parts (“SOTP”) value per share,
Zeder’s net asset value per share (“NAVPS”) was R1.41, representing a decrease of 16.1%
(or 27 cents per share) when compared to the NAVPS of R1.68 as at 31 August 2025. The
decrease in NAVPS was largely as a result of the downward adjustment in the valuation of
assets held for sale and the R108m special dividend paid to the shareholders of Zeder.
Investors are referred to the valuation of May Seed and the potential impact on Zeder’s
SOTP. A sensitivity table has been included in the condensed unaudited financial results for
the six months ended 31 August 2026 ("Results").
• Attributable and headline loss per share is 2.8 cents per share compared to a loss of
10.0 cents per share in the previous period. The smaller loss is due to the lower downward
adjustment in the valuation of assets held for sale compared to the previous period.
• Loss before taxation from continued operations per Zeder's consolidated income statement
is R1m compared to a loss of R3m in the previous period.
• No ordinary dividends were declared during the six months ended 31 August 2026
(31 August 2025: nil). A special dividend of 7.0 cents per share was declared and paid during
the six months ended 31 August 2026 (31 August 2025: nil).
NOTEWORTHY TRANSACTIONS
Disposal of Zaad (excluding Excluded Assets)
On 31 January 2026, Zeder entered into a Sale Agreement to dispose of Zaad (excluding
Excluded Assets). The transaction is anticipated to close on/before the extended Long Stop
Date of 30 November 2026.
A Circular, detailing the Disposal, was distributed to shareholders on 31 March 2026. A copy of
the Circular is available on the Company's website at www.zeder.co.za/Zeder-Circular-to-
Shareholders-Zaad-Disposal.pdf. Unless otherwise defined, words and expressions contained
herein shall have the same meanings as assigned to them in the Circular.
Following conclusion of the Zaad Disposal transaction, Zeder expects to receive approximately
R1.4bn (of which R97m is a vendor loan repayable within 12 months), comprising (at
31 August 2026) the disposal consideration payable to Zeder of R1.037bn, the face value of the
Sale Claim of R328m and the R39m estimated net proceeds from the Other Excluded Assets.
Following the implementation of the Disposal, Zeder will continue to own the 48.6% interest in
May Seed, albeit indirectly via a 97.19% interest held in Zaad International (Mauritius)
("Zaad International (May Seed)").
STRATEGIC FOCUS
Zeder's objective remains to maximise long-term wealth for its shareholders.
Zeder intends to distribute a significant portion of the Zaad Disposal consideration received to
shareholders, after payment of transaction costs and all directly-related obligations in terms of
the Disposal and having regard to its obligations regarding any leakages, representation,
undertakings, warranties and indemnities set out in the terms and conditions of the Sale
Agreement. In terms of any proven breach of the representation, undertakings, warranties, and
indemnities (which are not covered by an insurance policy) in the Sale Agreement, the maximum
liability for Zeder, save in respect of fraud, is 30% of the disposal consideration. Therefore, while
it is Zeder's intention to distribute most of the disposal consideration to shareholders, to be
prudent Zeder may hold back for the time being an appropriate portion of the disposal
consideration.
The Zeder board is considering various options available to it in terms of Zaad International (May
Seed) in order to further maximise wealth for its shareholders. An international specialist
transaction advisor has been appointed to run a formal sell-side process for the potential
disposal of Zeder’s interest in May Seed.
DIVIDEND DECLARATION
No ordinary dividend was declared during the six months ended 31 August 2026. In light of the
Disposal expected to conclude on/before 30 November 2026, the board has resolved not to
declare a dividend at this time. Zeder intends to declare a special dividend once the disposal
proceeds have been received.
2. SHORT-FORM ANNOUNCEMENT
This short-form announcement (“Results Announcement”) is the responsibility of the directors
of the Company. It contains only a summary of the information in the Results and does not
contain full or complete details. The Results can be found at JSE cloud link:
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/ZED/ZEDHY27.pdf
A copy of the Results is also available for viewing on the Company's website at
http://www.zeder.co.za/ZEDHY27.pdf
Any investment decisions by investors and/or shareholders should be based on consideration
of the Results as this Results Announcement does not provide all the details.
The content of this Results Announcement is derived from unaudited information, but is not itself
reviewed. The Company has based this Results Announcement on the Results, which have not
been reviewed or audited by the Company’s external auditor, Deloitte & Touche.
Stellenbosch
22 October 2026
Sponsor Independent Joint Sponsor
PSG Capital BSM Sponsors
Date: 22/10/2026 08:00:00
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