SAFARI INVESTMENTS (RSA) LIMITED - Update on Engagement with Heriot REIT Limited

Update on Engagement with Heriot REIT Limited

SAFARI INVESTMENTS RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06
Share code: SAR
ISIN: ZAE000188280
(Approved as a REIT by the JSE)
(“Safari” or “the Company” or “the Group”)

UPDATE ON ENGAGEMENT WITH HERIOT REIT LIMITED

Safari shareholders are referred to the company's announcement on SENS on 6 April 2020
advising shareholders of the approach in January 2020 by Heriot REIT Limited ("Heriot"), on
an unsolicited basis, in connection with its interest in a potential acquisition by Heriot of
100% of Safari, and of the engagement between the parties in respect of such interest
("the discussions").

Following various iterations of a potential transaction and engagement thereon, Heriot has
advised in writing that it was unable to reach agreement with a sufficient percentage of
Safari's shareholders to ensure that the transaction contemplated by it would receive the
requisite shareholder support. The discussions have thus come to a close, and no further
discussions are presently ongoing with Heriot. Heriot has however advised that it continues
to "consider all options at all times" and Safari can thus not express an opinion on whether
any future approach from, or offer by Heriot, is likely.

Safari's general position in respect of potential consolidation and takeover transactions
remains as set out in the SENS announcement of 6 April 2020.

Pretoria
18 June 2020

Sponsor
PSG Capital

Date: 18-06-2020 08:42:00
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.