RECM AND CALIBRE LIMITED - Joint announcement in respect of a loan by RAC to Unicorn

Joint announcement in respect of a loan by RAC to Unicorn

RECM and Calibre Limited                          Unicorn Capital Partners Limited
(Incorporated in the Republic of South Africa)    Incorporated in the Republic of South Africa
Registration number 2009/012403/06                (Registration number 1992/001973/06)
Preference Share Code: RACP                       Share code: UCP ISIN: ZAE000244745
ISIN: ZAE000145041                                (“Unicorn”)
("RAC")


JOINT ANNOUNCEMENT IN RESPECT OF A LOAN BY RAC TO UNICORN

1.     Introduction

Preference Shareholders are advised that RAC has entered into a loan agreement (“the Loan
Agreement”) with Unicorn Capital Partners Limited (“Unicorn”), a company in which it has an indirect
37.38% interest, in order to provide interim, unsecured funding to Unicorn of up to R20 million (“the
Facility”). The Loan Agreement is unconditional and immediately effective and a portion of the Facility
was advanced to Unicorn on Friday, 20 March 2020. Funds drawn under the Facility incur interest at
a rate of 24% per annum and are repayable by no later than 30 April 2020.

2.     Rationale for the provision of the Facility

On 9 December 2019, Unicorn announced that it had entered into an agreement to dispose of 51% of
its interests in, inter alia, Geosearch Proprietary Limited, JEF Drill and Blast Proprietary Limited and
Ritchie Crane Hire Proprietary Limited, pursuant to an internal restructure (“the Disposal”), the
purpose of which Disposal was to raise capital in order to meet the current funding needs of the
company and its subsidiaries and to establish a more appropriate capital structure to meet Unicorn’s
needs in the medium term.

The purpose of the Facility is to provide access to funding in anticipation of the receipt of funds
pursuant to the Disposal.


Cape Town
23 March 2020

Sponsor to RAC and Unicorn
Questco Corporate Advisory (Pty) Ltd

Date: 23-03-2020 05:24:00
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