AFRIMAT LIMITED - Voluntary announcement regarding potential acquisition of Unicorn Capital Partners Limited

Voluntary announcement regarding potential acquisition of Unicorn Capital Partners Limited

 AFRIMAT LIMITED
 (Incorporated in the Republic of South Africa)
 (Registration number 2006/022534/06)
 Share code: AFT
 ISIN: ZAE000086302
 ("Afrimat" or the "Company")



 VOLUNTARY ANNOUNCEMENT REGARDING POTENTIAL ACQUISITION OF
 UNICORN CAPITAL PARTNERS LIMITED


Shareholders are advised that Afrimat submitted a non-binding expression of interest to
Unicorn Capital Partners Limited (“Unicorn”) in respect of a possible transaction to acquire
the entire issued ordinary share capital of Unicorn not already held by Afrimat or any of
Unicorn’s subsidiaries (“Subject Shares”), by way of a scheme of arrangement
(“Non-Binding Expression of Interest”). Afrimat proposes to acquire the Subject Shares in
consideration for the issue of new listed Afrimat ordinary shares, at a ratio of 1 new Afrimat
share for every 280 Subject Shares held.

The board of directors of Unicorn has agreed to enter into exclusive negotiations with Afrimat
in connection with the Non-Binding Expression of Interest. Further, Afrimat has, on a
confidential basis, obtained irrevocable undertakings from Unicorn shareholders holding, in
aggregate, 57% of Unicorn’s issued share capital, to vote in favour of the scheme of
arrangement, should a firm intention offer subsequently be made by Afrimat and the scheme
be put to Unicorn’s shareholders for approval.

Should the proposed transaction proceed, it is currently anticipated that it will be uncategorised
in terms of the JSE Limited Listings Requirements. The information contained in this
announcement has been voluntarily disclosed by Afrimat.

Cape Town
26 May 2020

Transaction Sponsor and Corporate Adviser
PSG Capital




Sponsor
Bridge Capital Advisors Proprietary Limited

Date: 26-05-2020 07:05:00
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