Firm intention by Milco to acquire all the issued shares of Clover and withdrawal of cautionary announcement
Clover Industries Limited
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
JSE ordinary share code: CLR
NSX ordinary share code: CLN
(“Clover” or “the Company”)
Milco SA Proprietary Limited
Incorporated in the Republic of South Africa
(Registration number 2018/610365/07)
(“Milco” or the “Offeror”)
FIRM INTENTION BY MILCO TO ACQUIRE ALL THE ISSUED SHARES OF CLOVER AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released on the Stock Exchange News Service
(“SENS”) of the JSE Limited (“JSE”) on 19 October 2018 (“Cautionary Announcement”) and
the subsequent renewal of the Cautionary Announcements released on SENS on 30
November 2018 and 21 January 2019, shareholders of Clover Industries Limited (“Clover”)
(“Shareholders”) are informed that Clover has entered into an implementation agreement
(“IA”) with Milco SA Proprietary Limited (“Milco”), in terms of which Milco will make an offer to
acquire all of the issued shares in Clover (on a fully diluted basis, such that thereafter there
will be no remaining rights exercisable or convertible into shares) (“Clover Shares”), by way
of a scheme of arrangement (“Scheme”) in terms of section 114 of the Companies Act, No.
71 of 2008, as amended (“Companies Act”) between Clover and the Shareholders.
The amount payable in terms of the Scheme will be a cash consideration of R25.00 per Clover
Share (“Scheme Consideration”), subject to the terms set out in paragraph 5 below.
Clover has established an independent board of directors ("Independent Board") for
purposes of the Scheme and related matters (the “Transaction”), including, evaluating the
terms and conditions of the Scheme and advising Shareholders thereon as required by the
Regulations promulgated under the Companies Act ("Companies Regulations"). The
Independent Board comprises Dr. Steve Booysen (as lead independent director), Dr. Whitey
Basson, Ms. Neo Mokhesi, Mr. Flemming Morgan and Ms. Babalwa Ngonyama.
Pursuant to paragraph 1.17(b) of the JSE Listings Requirements, all the Clover Shares will be
delisted from the Main Board of the JSE and the Namibian Stock Exchange (“NSX”) pursuant
to the implementation of the Scheme (“Delisting”).
The purpose of this joint firm intention announcement (“FIA”) is to, inter alia, advise
Shareholders of the terms and conditions of the Transaction.
2. INFORMATION ABOUT CLOVER
Clover is a leading and competitive branded consumer goods and products group operating
in South Africa and select African countries reaching a wide range of consumers with a range
of quality value-added dairy and non-dairy products. Clover has one of the largest ambient
and chilled distribution networks in Southern Africa. The Company’s segments include: dairy
fluids, dairy concentrated products, ingredients, non-alcoholic beverages, fermented products
and other products. Clover’s footprint extends across South Africa and sub-Saharan Africa,
with the Company employing over 8,500 employees.
3. INFORMATION ABOUT MILCO
Milco has been formed to act as the Offeror in the proposed Scheme. Immediately following
the Scheme operative date, the shareholding of Milco will be held as follows:
- c.78.7% by Milco Mauritius International Limited, a Mauritian holding company, the Milco
shareholding of which will, in turn, be effectively held c.59.5% by International Beer
Breweries Limited ("IBBL"), c.8.3% by IncuBev Limited (“IncuBev”) and c.10.9% by
Ploughshare Investments Limited (“Ploughshare”);
- 15% by Brimstone Investment Corporation Limited (“Brimstone”); and
- c.6.3% by the executive management of Clover (“Management”).
Particulars regarding each of IBBL, IncuBev, Ploughshare, Brimstone and Management are
set out below.
IBBL is a directly owned subsidiary of the Central Bottling Company (“CBC”) Group. CBC is a
privately-owned international food and beverage group whose subsidiary companies serve
over 160 million consumers worldwide. CBC is Israel's leading manufacturer and distributor of
beverages, and, through its foreign subsidiaries, has manufacturing and distribution
operations in Turkey, Romania, and Uzbekistan. CBC, which is also the owner of the Tara
dairy, Israel's second largest milk processing dairy, produce and distributes its own brands
and Müller brands, and it operates the license for the Müller brand in Romania. CBC also owns
Gat Foods, a “grove to table” juice operation with customers in over 70 countries. In addition,
CBC works closely with its international franchisors, including The Coca-Cola Company,
Carlsberg, Anheuser-Busch InBev, the Müller Group and Diageo.
IncuBev is an international business focused on the food and beverage sectors in sub-
Saharan Africa. The shareholders of IncuBev comprise global executives with extensive
knowledge, experience and relationships, both in sub-Saharan Africa and the rest of the world,
in the dairy and non-alcoholic beverage industry. IncuBev has a network design with access
to deep operational, private equity, banking and management consulting expertise, within sub-
Saharan Africa and globally.
Ploughshare is a privately owned, independent investment company which is part of a broader
international investment group which has investments and expertise in retail, distribution and
Brimstone, established in 1995 and listed on the JSE, is a black-controlled and managed
investment company incorporated and domiciled in South Africa. Brimstone employs more
than 3,500 employees in its subsidiaries and more than 24,000 employees in its associates.
It has investment expertise in industries such as fast-moving consumer goods, health care
and financial services, amongst others. Brimstone has an experienced senior management
team with investment expertise built up over more than 20 years.
Milco has strong faith in Management as evidenced by the track record of the business and
will look to support them and the Company in their growth plans. Collectively, Management
will reinvest a portion of the proceeds they receive from the Scheme and the cash settlement
of certain of their share appreciation rights ("SARs") into Milco (the “Reinvestment”). In
addition, Milco will provide funding to Management to facilitate their subscription for additional
shares in Milco. Milco is confident that the continuity and achievement of Clover's business
plans is assured by its ability to retain, post-completion of the Scheme, the professional,
experienced services of Management.
Milco believes that the combination described above brings significant operational, technical
and financial capacity to support Clover’s growth strategy in sub-Saharan Africa.
4. RATIONALE FOR THE TRANSACTION
Milco believes that Clover presents a uniquely attractive investment given its expansive chilled
distribution capability, strong market position for key brands and an experienced management
team. Milco, which brings extensive knowledge of the dairy, juice and non-alcoholic beverage
industries, has the technical and research ability to bring healthier food to consumers, access
to international brands, and connections and operating experience in sub-Saharan
businesses, in addition to its proven commercial and trade abilities. Milco intends to combine
its capabilities with those of Clover to unlock value through key strategic initiatives, primarily
aimed at accelerating sales, distribution and efficiency opportunities within Clover’s product
portfolio in South Africa, with expansion into select sub-Saharan Africa territories.
Given the relatively low trading volumes in Clover Shares on the JSE and NSX, the Scheme
Consideration represents a compelling proposition and attractive opportunity for Shareholders
to realise value in cash and to divest of their Clover Shares at a substantial premium to the
current share price, as set out in paragraph 5.2 below.
5. MATERIAL TERMS OF THE TRANSACTION
5.1. Transaction mechanism
5.1.1. The Offeror has offered to acquire all of the Clover Shares by way of a scheme of
arrangement in terms of section 114 of the Companies Act. The Scheme will be
proposed by the Board between Clover and its Shareholders.
5.1.2. The Scheme Consideration is set out in paragraph 5.2 below.
5.1.3. The Scheme will be subject to the fulfilment or waiver (as appropriate) of a number of
conditions precedent (as detailed in paragraph 6 below).
5.1.4. If the Scheme becomes operative, the listing of all of Clover’s Shares on the main
board of the JSE and the NSX will be terminated, and Shareholders will be deemed
to have disposed of all of the Clover Shares for the Scheme Consideration thereby
constituting Clover as a wholly-owned subsidiary of Milco.
5.2. Scheme Consideration
5.2.1. In terms of the Transaction, Shareholders will receive a cash consideration of R25.00
per Clover Share acquired.
5.2.2. The Scheme Consideration will not be adjusted for any FY2019 interim dividend
payable by Clover which is in accordance with Clover’s historical dividend policy with
respect to interim dividends. The dividend declaration will follow a board meeting of
Clover scheduled to take place on 4 March 2019 and the dividend is to be paid during
the 2019 financial year.
5.2.3. The Scheme Consideration has been determined on the basis that Clover will not
issue any further Clover Shares or SARs, nor make any repurchases or effect any
capital reductions between the signature date of the IA and the Scheme operative
5.2.4. The Scheme Consideration assumes that the total net debt of the Company on a
consolidated basis at the finalisation date of the Scheme, does not exceed
R800 million. The aforegoing excludes any increase in the Company’s net debt as a
result of the cash settlement of the SARs. The position regarding the SARs is further
detailed in paragraph 9.2 below. Subject to the aforegoing, the Scheme Consideration
will be subject to adjustment only in the event that Clover declares dividends outside
of the parameters indicated in 5.2.2 above or if the net debt of the Company on the
finalisation date of the Scheme exceeds R800 million.
5.2.5. The table below illustrates the Scheme Consideration premium:
price on the day
prior to the Clover Share
Reference Cautionary Resultant price on the day Resultant
point Announcement(1) premium prior to this FIA(2) premium
Closing price R14.10 77% 20.00 25%
30-day VWAP(3) R14.73 70% 19.09 31%
60-day VWAP(3) R16.10 55% 18.05 39%
90-day VWAP(3) R16.16 55% 16.93 48%
1. Respective price metrics of Clover Shares on the JSE on 18 October 2018, being the last trading
day prior to the publication of the Cautionary Announcement
2. Respective price metrics of Clover Shares on the JSE on 1 February 2019, being the last trading
day prior to the publication of this FIA
3. VWAP refers to volume weighted average price over the particular number of trading days
5.3. Break fee
In certain instances, as more fully set out in the IA, where the Scheme does not proceed or
fails, Clover undertakes to pay Milco a break fee equal to 1% of the Scheme Consideration.
6. MATERIAL SUSPENSIVE CONDITIONS TO THE POSTING OF THE CIRCULAR
The posting of a circular to Shareholders in respect of the Scheme ("Circular") is subject to
the fulfilment or waiver of, inter alia, the following suspensive conditions:
6.1. an independent expert, appointed by the Independent Board having delivered to the
Independent Board, the Independent Expert Report in relation to the Transaction in
compliance with the Companies Act and the Companies Regulations, confirming that, in its
opinion, the Scheme Consideration and the Reinvestment are fair and reasonable to
6.2. the Takeover Regulation Panel established in terms of section 196 of the Companies Act
(“TRP”) having granted exemption in terms of section 119(6) of the Companies Act,
alternatively in terms of regulation 113 of the Companies Regulations, of the Reinvestment by
Management from the application of section 127(1) of the Companies Act, either
unconditionally or subject to the passing of resolutions related to the Transaction; and
6.3. all requisite approvals in respect of the Circular having been obtained from the JSE, the TRP
and the Financial Surveillance Department of the South African Reserve Bank.
7. MATERIAL SUSPENSIVE CONDITIONS TO THE SCHEME
The Scheme will be subject to the fulfilment or waiver of, inter alia, the following suspensive
conditions on or before 20 August 2019 (or such later date as Milco and Clover may agree
7.1. written consent having been obtained from the relevant counterparties to specific material
contracts in respect of the change of control that will result from the implementation of the
7.2. by not later than 23h59 on the 90th (ninetieth) day after the date of posting of the Circular, in
respect of the Scheme:
7.2.1. a special resolution having been passed, at the Scheme meeting to consider the
Transaction (“Scheme Meeting”), by the requisite majority of Shareholders entitled to
vote on the Scheme, approving the Scheme in terms of section 115(2)(a) of the
Companies Act (the "Scheme Special Resolution") and, to the extent required in
terms of section 115(3) of the Companies Act, the implementation of the Scheme
Special Resolution having been approved by the Court;
7.2.2. if the Scheme Special Resolution has been passed, at the Scheme Meeting, by the
requisite majority of Shareholders entitled to vote on the Scheme and any person who
voted against the Scheme Special Resolution has applied to Court within 10 (ten)
business days after the vote for a review of the Transaction in accordance with the
requirements of section 115(3)(b) of the Companies Act:
- no leave having been granted by the Court to that person, to apply to Court for
a review of the Transaction in accordance with the requirements of section
115(7) of the Companies Act; or
- leave having been granted by the Court, to that person to apply to Court for a
review of the Transaction in accordance with the requirements of section 115(6)
of the Companies Act, but the Court not having set aside the Scheme Special
Resolution in terms of section 115(7) of the Companies Act;
7.3. within the time period prescribed in section 164(7) of the Companies Act, Shareholders have
not exercised appraisal rights, by giving valid demands in accordance with the requirements
of sections 164(5) to 164(8) of the Companies Act, in respect of more than 5% (five per cent)
of all the Clover Shares;
7.4. by not later than 23h59 on the 90th (ninetieth) day after the date of posting of the Circular and,
to the extent necessary, the requisite majority of Brimstone's shareholders having approved
an ordinary resolution authorising Brimstone's subscription of an amount of approximately
R726 million for a 15% shareholding in Milco;
7.5. by no later than 23h59 on the 90th (ninetieth) day after the date of posting of the Circular, the
Transaction Resolutions having been passed at the Scheme Meeting, by the requisite majority
of Shareholders entitled to vote on the Transaction Resolutions;
7.6. by no later than 200 days following the date of signature of the IA (“Long Stop Date”), the
Transaction having been unconditionally approved by the relevant Competition Authorities, or
conditionally approved on terms and conditions which the party(ies) which is/are affected by
such conditions or terms, having confirmed in writing (within 5 (five) business days of receipt
of such conditional approval, but in any event by not later than 23h59 on the Long-Stop Date)
to be acceptable to it/them, acting reasonably;
7.7. by no later than the date on which the last of the aforementioned conditions is fulfilled or such
later date if there is a dispute as to whether a Material Adverse Change has occurred (but by
no later than the Long Stop Date), Milco not having terminated the Transaction as a result of
a Material Adverse Change (as defined below); and
7.8. by no later than 23h59 on the 10th (tenth) business day following the day on which the last of
the conditions to the Scheme (other than this condition) is fulfilled or waived, as the case may
be, the TRP has issued a compliance certificate in respect of the Transaction in terms of
section 119(4)(b) of the Companies Act, provided that if such compliance certificate is issued
conditionally or on terms, this condition shall not be regarded as having been fulfilled unless
the party (ies) which is/are affected by such conditions or terms, confirm/s in writing (by not
later than the said date and time) that such conditions and terms are acceptable to it/them,
A "Material Adverse Change" is an adverse effect, fact or circumstance (other than certain
excluded matters) which has arisen or occurred or might reasonably be expected to arise or
occur in the future (alone or together with any such actual or potential adverse effect, fact
and/or circumstance), and which is material with regard to the business, condition, assets,
liabilities, operations, financial performance, net income and prospects of Clover, and/or any
restrictive covenant or covenants or similar provision entered into by Clover which will or could
reasonably be expected to materially reduce the actual or potential value of Clover. To be
material, the adverse impact must have or be likely to have or have had an impact:
7.8.1. on the net asset value of Clover at any time prior to or subsequent to the Finalisation
Date (as such term is contemplated in the JSE Listings Requirements) in an amount
of more than 7.5% compared to Clover's 2018 audited tangible net asset value (being
the net asset value of Clover exclusive of intangible assets and goodwill at 30 June
7.8.2. on, or must be reasonably likely adversely to affect, Clover's EBITDA by more than
10% compared to Clover's EBITDA for Clover's financial year ending 30 June 2018
for which purpose EBITDA means the sustainable consolidated earnings of Clover for
any 12 month period (covering any financial year) before interest, tax, depreciation
and amortisation, before taking into account any foreign exchange adjustment, and
excluding costs directly attributable to the Transaction (including the settlement of
8. FUNDING THE TRANSACTION
In compliance with regulations 111(4) and 111(5) of the Companies Regulations, the Offeror
has provided the TRP with irrevocable, unconditional bank guarantees issued by Rand
Merchant Bank (a division of FirstRand Bank Limited), Nedbank Limited and HSBC Bank plc
– Johannesburg Branch ("Banks") for an aggregate amount of R4,797,793,425, which
guarantees confirm that in the event that the Scheme Consideration is not paid within the
relevant time period the Banks agree to make payment of their respective portions of the
Scheme Consideration to the transfer secretaries in respect of the Scheme or such other
designated payment agent as the TRP may direct in writing, for the benefit of the Scheme
Participants and, as applicable, Clover. Payment under any guarantee is subject to the
Scheme becoming unconditional and being implemented in accordance with the terms and
conditions of the Scheme. No demand may be made by the TRP under any one particular
bank guarantee unless the TRP has at the same time made a demand for payment from the
guarantors under the other two guarantees for the full amount guaranteed thereunder.
9. CONCERT PARTIES IN CLOVER AND REINVESTMENT
9.1. As at the date of this FIA, Management holds or controls (directly or indirectly) 9,329,839
shares in Clover, representing c.4.9% of the Clover Shares. On the Scheme operative date,
Management will receive the Scheme Consideration pursuant to each Clover Share held,
amounting in the aggregate to R233,245,975.
9.2. As at the date of this FIA, Management holds 12,259,006 SARs, which SARs will be cash
settled by Clover by not later than the Scheme operative date at a price equivalent to the
Scheme Consideration, totalling in the aggregate, R112,729,612. Of the aforementioned
SARs, the vesting of 4,521,515 will need to be accelerated as a result of the Transaction and
for this purpose, an amendment to the rules of the SARS Plan will be proposed at the Scheme
Meeting in order for Shareholders to consider and, if deemed fit, approve. The balance of the
aforementioned SARs will already have vested according to their terms by the time of their
cash settlement on or before the Scheme operative date.
9.3. As set out in the IA, Management will re-invest the following by way of a new equity
subscription into Milco:
9.3.1. R112,648,755 of the total proceeds received from the Scheme Consideration; and
9.3.2. R43,401,901 of the total proceeds received from the cash settlement of the SARs.
The abovementioned amounts are net of:
- capital gains tax and PAYE which will become payable as a result of receipt of the
proceeds set out in paragraphs 9.1 and 9.2 above; and
- an amount of approximately 30% to 45% of such proceeds which Management will
retain for use at their discretion.
Furthermore, the abovementioned amounts also do not take into account an additional amount
of R150,000,000 which Milco has agreed to lend and advance to Management to fund the
subscription of additional shares in Milco, which will result in Management, after all
subscription monies have been received, holding c.6.3% of Milco’s issued share capital. A
resolution will be proposed at the Scheme Meeting to permit the re-investment by
Management as contemplated in the Regulations. The independent expert referenced in
paragraph 12 below will opine on the fairness of the Reinvestment consideration.
9.4. Milco has or will enter into an agreement with Management in respect of the provision of on-
going services to be rendered to Clover following the Scheme operative date and the terms of
Management's re-investment into Milco.
9.5. In terms of the Companies Act, as read with the Companies Regulations, Management are
considered to be concert parties as defined and, as such, will not be able to vote their Clover
Shares at the Scheme Meeting.
10. PRE-TRANSACTION STAKE ACQUISITION
10.1. For the sake of good order, Milco herewith discloses that persons (collectively the “Pre-deal
Investors”), invested in or engaged with IncuBev have, prior to the end of May 2018,
purchased Clover Shares on the open market. As at the date of this FIA, the Pre-deal Investors
hold in aggregate, 2,187,867 Clover Shares and have indicated that all such shares will
participate in the Scheme. Pre-deal Investors will not vote on the Scheme or on the
10.2. Milco does not hold any shares in Clover.
11. UNDERTAKINGS AND SHAREHOLDER SUPPORT
11.1. To date, irrevocable undertakings to vote or procure the voting of the stated number of Clover
Shares, either as a principal or collectively holding or managing Clover Shares on behalf of
their respective clients, in favour of the Scheme and the other resolutions to be proposed at
the Scheme Meeting, have been received from certain Shareholders representing 36.9% of
the Clover Shares with effective voting rights in respect of the Scheme, as set out below:
subject to Effective voting rights
undertaking at the Holding at in respect of the
Shareholder signature date of signature date of Scheme at signature
irrevocable irrevocable date of irrevocable
undertaking undertaking undertaking (1)
Limited 30,380,803 15.8 16.9
Trust 23,690,000 12.3 13.1
Fund Limited 7,416,074 3.9 4.1
Management 5,100,000 2.7 2.8
Total 66,486,877 34.7 36.9
1. The effective voting rights in respect of the Scheme are calculated as the number of shares outstanding, being
191,911,737, less the 11,517,706 shares that are ineligible to vote as a result of being held by concert parties,
namely J H Vorster, various IncuBev investors and J H F Botes, thereby equating to 180,394,031 Clover Shares
11.2. To date, a letter of support to vote or procure the voting of the stated number of Clover Shares,
either as a principal or collectively holding or managing Clover Shares on behalf of their
respective clients, in favour of the Scheme and the other resolutions to be proposed at the
Scheme Meeting, have been received from Kagiso Asset Management, representing 10.9%
of the Clover Shares with effective voting rights in respect of the Scheme, as set out below:
Holding at Effective voting rights
Clover Shares subject signature date in respect of the
to support at the or Scheme at signature
signature date of confirmation date or confirmation
Shareholder confirmation date date
Management 20,844,000 10.9 11.6
11.3. In total, Shareholders that have provided irrevocable undertakings, letters of support or
commitments to vote or procure the voting of the stated number of Clover Shares in favour of
the Scheme amount to 87,330,877 Clover Shares or 48.5% of the effective voting rights in
respect of the Scheme at signature date or confirmation of irrevocable undertaking, letter of
support or commitment.
11.4. The directors of Clover (other than Management who are not entitled to vote at the Scheme
Meeting) have indicated that they intend to vote all the Clover Shares held by them in favour
of the Scheme.
11.5. Brimstone has committed to convening a shareholder meeting and Brimstone shareholders,
who between them have, in the aggregate, the right to exercise in excess of 50% of the voting
rights attributable to all the shares in Brimstone’s issued share capital, have provided
irrevocable undertakings to vote in favour of all resolutions authorising Brimstone’s
subscription of an amount of approximately R726,078,456 for a shareholding of 15% in the
issued share capital of Milco.
12. INDEPENDENT EXPERT AND FAIR AND REASONABLE OPINION
12.1. The Independent Board has appointed PricewaterhouseCoopers Corporate Finance
Proprietary Limited (“PwC”) as the Independent Expert, as required in terms of section 114(2)
of the Companies Act and the Companies Regulations, to issue an opinion dealing with the
matters set out in sections 114(2) and 114(3) of the Companies Act and regulations 90, 110(1)
and 113(1)(a) of the Companies Regulations, and to express an opinion on whether the
Scheme, the Scheme Consideration and the consideration for the Reinvestment are fair and
reasonable to Shareholders ("Independent Expert Report"). The Independent Expert's
Report will be detailed in the Circular.
12.2. PwC has furnished a draft opinion (“Preliminary Opinion”) to the Independent Board that it
considers the Transaction to be fair and reasonable to Clover Shareholders. The Preliminary
Opinion is based on financial information available to PwC up to and including 31 December
2018 and is subject to the limitations and conditions to be set out in the formal opinion to be
contained in the Circular. The Independent Board, having considered the terms of the
Transaction and the Preliminary Opinion, intend to unanimously recommend to Shareholders
to vote in favour of the Scheme, the resolution to amend the SARs plan to accelerate the
vesting of certain SARs which have not yet vested and the resolution to approve the
Reinvestment if the Preliminary Opinion is not changed or withdrawn.
13.1. Details of the Scheme will be included in the Circular, which will contain, inter alia, the terms
of the Scheme, a notice convening the Scheme Meeting, a form of proxy in connection with
the Scheme Meeting, and a form of acceptance, surrender and transfer in respect of the Clover
Shares. The Circular is expected to be posted to Shareholders by no later than 1 March 2019
or as soon as possible thereafter in accordance with the parties’ obligations in terms of the
13.2. The salient dates pertaining to the Scheme will be released on SENS and published in the
press prior to the distribution of the Circular.
13.3. A copy of the IA will be made available for inspection by Shareholders from the date of
distribution of the Circular to Shareholders up to and including the date of the Scheme Meeting.
Following implementation of the Scheme, the listing of all the Clover Shares on the Main
Board of the JSE and NSX will be terminated.
15. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The Cautionary Announcement is hereby withdrawn, and caution is no longer required to be
exercised by Shareholders when dealing in their Clover Shares.
16. MILCO RESPONSIBILITY STATEMENT
The board of directors of Milco, individually and collectively accepts full responsibility for the
accuracy of the information contained in this FIA to the extent that it relates solely to Milco. In
addition, the board of directors of Milco certifies that to the best of its knowledge and belief,
the information contained in this FIA solely pertaining to Milco is true and, where appropriate,
does not omit anything that is likely to affect the importance of the information contained
herein solely pertaining to Milco, and that all reasonable enquiries to ascertain such
information have been made.
17. INDEPENDENT BOARD RESPONSIBILITY STATEMENT
The Independent Board, individually and collectively, accepts full responsibility for the
accuracy of the information contained in this FIA to the extent that it relates to Clover. In
addition, the Independent Board certifies that to the best of its knowledge and belief, the
information contained in this FIA is true and, where appropriate, does not omit anything that
is likely to affect the importance of the information contained herein pertaining to Clover, and
that all reasonable enquiries to ascertain such information have been made.
4 February 2019
Sponsor to Clover
Rand Merchant Bank (A division of FirstRand Bank Limited)
Legal adviser to Clover
Financial adviser and investment bank to Milco
Rand Merchant Bank (A division of FirstRand Bank Limited)
Legal adviser to Milco
Merchantec Capital Namibia Proprietary Limited
PricewaterhouseCoopers Corporate Finance Proprietary Limited
Date: 04/02/2019 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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