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Voluntary announcement regarding the acquisition of a majority stake in Link SA
JSE LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2005/022939/06
Share Code: JSE
ISIN Code: ZAE000079711
LEI: 213800MZ1VUQEBWRFO39
("JSE" or "the Group")
VOLUNTARY ANNOUNCEMENT REGARDING THE ACQUISITION OF A MAJORITY
STAKE IN LINK SA
Shareholders are referred to the voluntary announcement released on
the Stock Exchange News Service on 26 August 2019 regarding the
acquisition of 74.85% of Link Market Services South Africa
Proprietary Limited ("Link SA") from Link Market Services Limited,
a company incorporated in Australia (the "Transaction").
The JSE is pleased to announce that all the required regulatory
approvals for the Transaction have been obtained. This includes the
approval, with conditions, by the Competition Tribunal ("Tribunal").
These conditions by the Tribunal are intended to guard against any
potential merger-related competition-detriment. Full details of the
conditions will be published by the Tribunal in due course.
Subject to the fulfilment of the remaining conditions precedent, the
Transaction is expected to close on or about 2 November 2020.
The Transaction will result in the JSE holding 74.85% in Link SA
with Link SA’s Black Economic Empowerment (“BEE”) partner retaining
its existing 25.15% in Link SA.
Link SA is the second largest share registry business in South
Africa, and has a client base that includes six of the top 40 issuers.
The Transaction supports the JSE’s strategy to grow sustainably and
diversify revenues.
Iqbal Haniff will remain as CEO of Link SA, and the company will
retain its level 2 BEE rating post the Transaction.
The consideration of R224.5m for the 74.85% stake in Link SA will
be paid from the Group’s cash reserves.
The information provided in this announcement has not been reviewed
by the Group’s external auditors.
Sandton
3 September 2020
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03-09-2020 05:21:00
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