COVID-19 Impact & placing of Force Fuel (Pty) Ltd (“Force Fuel”) Into Business Rescue & Cautionary Announcement LABAT AFRICA LIMITED Incorporated in the Republic of South Africa (Registration number 1986/001616/06) JSE code: LAB ISIN: ZAE000018354 (“Labat”, “the Group” or “the Company”) COVID-19 IMPACT AND PLACING OF FORCE FUEL PROPRIETARY LIMITED (“FORCE FUEL”) INTO BUSINESS RESCUE AND CAUTIONARY ANNOUNCEMENT Shareholders are referred to the announcement released on 24 April 2020 wherein shareholders were advised that the Board of the Company were considering various options in relation to one of its subsidiaries, namely Force Fuel, following the negative impact on the volumes of wholesale fuel due to the lockdown pursuant to the COVID-19 pandemic. After investigation, the directors of Force Fuel have resolved to put Force Fuel into business rescue and appoint Johannes (John) Christiaan Henning as the Senior Business Rescue Practitioner. The relevant documents have been filed with CIPC and the date the company went into business rescue was 5 May 2020 We await the confirmation of the appointment of the Practitioner from CIPC. Shareholders are reminded that the long-term debt that was acquired as part of the Force Fuel acquisition is ringfenced in Force Fuel and Labat has not signed any security or cross guarantees in relation to this bank funding. The intention is to safeguard the business of Force Fuel and return it to profitability in due course. The Board will continue to keep shareholders abreast of the business rescue process as and when needed. Shareholders are accordingly advised to exercise caution when dealing in the Company’s securities. For and on behalf of the Board BG van Rooyen GRI Walters Chief Executive Officer Financial Director Johannesburg 8 May 2020 Sponsor Arbor Capital Sponsors Date: 08-05-2020 03:38:00 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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