METAIR INVESTMENTS LIMITED - Update regarding the Potential Transactions and Renewal of Cautionary

Release Date: 02/07/2018 17:15
Code(s): MTA
Wrap Text
Update regarding the Potential Transactions and Renewal of Cautionary

Incorporated in the Republic of South Africa
Registration Number 1948/031013/06
Share Code: MTA
ISIN Number: ZAE000090692
(“Metair” or the “Company”)


Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the
same meanings ascribed thereto in the cautionary announcement published on SENS on Friday,
1 June 2018 (“Cautionary Announcement”).

Further to the Cautionary Announcement and the update and renewal of the cautionary announcement
published on SENS on Monday, 25 June 2018, Shareholders are advised that in regard to the Potential
BEE Transaction, Metair has mutually agreed with the BEE consortium (the “Consortium”), that it is in
the best interest of the Company to terminate negotiations relating to the Potential BEE Transaction.

Metair still believes that transformation is a strategic and business imperative. However, the market
reaction with regard to the Cautionary Announcement in relation to the potential acquisition of TAB
(the “Potential Transaction”), resulting in the decrease in Metair’s market capitalisation, renders the
Potential BEE Transaction not in the best interest of the Shareholders at present. Under the current
conditions, Metair’s management focus will be on preserving the Company’s balance sheet and
earnings. Metair is appreciative of the Consortium’s understanding of Metair’s position in this regard
and the amicable termination of any further discussions in regard of the Potential BEE Transaction.

Regarding the Potential Transaction, Metair remains sensitive to Shareholders’ concerns and will
present a funding structure which is in line with its strategic objectives, also being sensitive to these

The due diligence process is progressing as planned and the next key milestones are expected to occur
as follows:

    -   Metair interim results and publication            -        16 August 2018
    -   TAB full year 2017 results and publication        -        16 August 2018
    -   Planned completion of financial due diligence     -        30 September 2018
    -   Signed-off audited financial statements           -        15 October 2018
    -   Investment motivation confirmation                -        30 October 2018
    -   Investment Committee meeting                      -        Early November 2018
    -   Metair Board recommendation                       -        Mid November 2018
    -   Shareholder and regulatory approval process       -        Starting mid November 2018

Shareholders are advised to continue to exercise caution when dealing in the Company’s securities
until a further announcement regarding the Potential Transaction is published.

2 July 2018

One Capital

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