Further update Section112 Rel PartyRelinquishment of control by GAM of LFS-lapse of sub agreement and Cautionary Ann GLOBAL ASSET MANAGEMENT LIMITED (Incorporated in the Republic of South Africa) (Registration number: 2002/003192/06) Share Code: GAM ISIN: ZAE000173498 ("Global" or “the Company”) • FURTHER UPDATE: SECTION 112 RELATED PARTY RELINQUISHMENT OF CONTROL BY GLOBAL OF LFS - LAPSE OF SUBSCRIPTION AGREEMENT • CAUTIONARY ANNOUNCEMENT Lapse of Subscription Agreement Shareholders are referred to the announcement released on SENS on 19 February 2019 regarding the Subscription Agreement entered into between LFS and Main Street (“the Terms Announcement”), and the subsequent announcement released on SENS on 7 May 2019 regarding the extension of the date for the fulfillment of the conditions precedent to the Subscription Agreement. Capitalised terms contained in this announcement shall bear the same meanings ascribed thereto in the Terms Announcement. Shareholders are hereby advised that the Subscription Agreement has now lapsed due to the non-fulfillment of certain conditions precedent. Cautionary announcement The Company’s intention to effectively dispose of its interest in LFS has not changed and it will resume discussions with other or previously interested parties regarding the disposal of LFS or the reduction by Global of its effective shareholding in LFS on similar terms as previously agreed to with Main Street (“Potential Transaction”). The Potential Transaction may have a material effect on the price of Global’s securities and, accordingly, shareholders are advised to exercise caution when dealing in their Global securities until a further announcement in respect of the Potential Transaction is made and the cautionary in this regard is withdrawn. Johannesburg 31 May 2019 Designated Advisor Arbor Capital Sponsors Proprietary Limited Date: 31/05/2019 03:03:00 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.
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