Wrap Text
Pre-Listing Announcement in respect of the Secondary Inward Listing of the Common Shares of Montauk Renewables
MONTAUK RENEWABLES, INC.
Incorporated in the United States of America
Company number: 85-3189583
NASDAQ share code: MNTK
JSE share code: MKR
ISIN: US61218C1036
("Montauk Renewables" or the "Company")
PRE-LISTING ANNOUNCEMENT IN RESPECT OF THE SECONDARY INWARD LISTING OF
THE COMMON SHARES OF MONTAUK RENEWABLES ON THE MAIN BOARD OF THE
JSE LIMITED
1 INTRODUCTION
The JSE Limited ("JSE") has granted approval to Montauk Renewables for a secondary inward
listing of all of its issued common shares ("Shares"), including any shares to be issued pursuant
to a US offering, on the Main Board of the JSE in the "Alternative Fuels" sector, under the
abbreviated name "MNTKRenew", JSE share code "MKR" and ISIN "US61218C1036", with the
Shares being listed on the JSE on Monday, 25 January 2021 ("Secondary Listing"). Trading of
the Shares is expected to commence on the JSE on Monday, 25 January 2021 subsequent to the
primary listing described immediately below.
Montauk Renewables' Shares will be primary listed on the NASDAQ on Friday, 22 January 2021.
Montauk Renewables shareholders ("Shareholders") are referred to the registration statement
on Form S-1 ("Form S-1") as filed with the United States ("US") Securities and Exchange
Commission ("SEC") which contains detailed information in relation to Montauk Renewables and
its listing on the NASDAQ (available at
https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001826600&owner=include&count=40).
Please note that the Form S-1 has not yet been declared effective by the SEC and is subject to change.
Shareholders are further referred to the circular released by Montauk Holdings Limited
("Montauk") on 16 November 2020 which contained further details in relation to the corporate
restructure of the Montauk group ("Corporate Restructure"), listing of Montauk Renewables on
the NASDAQ and JSE, a US offering and the distribution by Montauk of its Shares in Montauk
Renewables to Montauk shareholders ("Distribution").
The Secondary Listing does not contemplate the raising of capital.
The Financial Surveillance Department of the South African Reserve Bank has approved the
Secondary Listing pursuant to which the secondary inward listed Shares will be classified as
"domestic" for exchange control purposes. Accordingly, South African exchange control resident
Shareholders are entitled to hold their Shares on the JSE register subsequent to the Secondary
Listing and may trade the Shares on the JSE without affecting their foreign investment allowances.
2 OVERVIEW AND PROSPECTS OF THE COMPANY
The business of Montauk Renewables following the Corporate Restructure will encompass the
business of Montauk prior to the Corporate Restructure. Montauk Renewables is a renewable
energy company specialising in the recovery and processing of biogas from landfills and other
non-fossil fuel sources for beneficial use as a replacement to fossil fuels. The Company develops,
owns and operates renewable natural gas ("RNG") projects in the US, using proven technologies
that supply renewable fuel into the transportation and electrical power sectors. Having participated
in the industry for over 30 years, Montauk Renewables is one of the largest US producers of RNG.
The Company established its operating portfolio of 12 RNG and three renewable electricity
projects through self-development, partnerships, and acquisitions that span six states and have
grown revenues from $34.0 million in 2014 to $107.4 million in 2019.
Biogas is produced by microbes as they break down organic matter in the absence of oxygen
(during a process called anaerobic digestion). Montauk Renewables' two current sources of
commercial scale biogas are landfill gas ("LFG") or anaerobic digester gas ("ADG"). The Company
typically secures biogas feedstock through long-term fuel supply agreements and property lease
agreements with biogas site hosts. Once long-term fuel supply rights are secured, the Company
designs, builds, owns, and operates facilities that convert the biogas into RNG or use the
processed biogas to produce renewable electricity. Montauk Renewables sells the RNG and
renewable electricity through a variety of short-, medium-, and long-term agreements. Because
the Company is capturing waste methane and making use of a renewable source of energy, RNG
and renewable electricity generate valuable environmental attributes which Montauk Renewables
is able to monetise under US federal and state regulatory initiatives.
Based on analysis performed, the Company believes that there are sources of waste methane in
the US that could serve as potential future project opportunities. Montauk Renewables expects to
continue its growth through optimisation of the current project portfolio, securing greenfield
developments and acquiring existing projects, all while pursuing vertical integration opportunities.
The successful evaluation and execution of project opportunities is based on the Company's ability
to leverage significant industry experience, relationships with customers and vendors, access to
interconnections for rights-of-way, and capabilities to construct pipeline and electrical
interconnections that ensure the economic viability of opportunities the Company pursues.
Montauk Renewables exercises financial discipline in pursuing these projects by targeting project
returns that are in line with the relative risk of the specific projects and associated feedstock costs,
offtake contracts and any other related attributes that can be monetised.
Montauk Renewables' current operating projects generate RNG from landfill sites and a livestock
farm. The Company views livestock farms as a significant opportunity to expand the RNG
business and is also evaluating other agricultural markets. It believes that the business is scalable,
which will allow the Company to continue to grow through development and acquisitions.
Montauk Renewables' projects provide their landfill and livestock farm partners with a variety of
benefits, including a means to monetise biogas from their sites, support their regulatory
compliance, and providing them with environmental services. The Company differentiates itself
from competitors based on a long history of working with leading vendors and technologies and
through extensive expertise in designing, tuning and managing gas control collection systems at
host sites. The Company has significant experience with commercialised beneficial uses of
processed biogas, including pipeline quality natural gas, power generation, carbon capture and
boiler fuel gas products.
The Company's revenues are generated from the sale of RNG and renewable electricity, under
long-term contracts, along with the environmental attributes that are derived from these products.
RNG has the same chemical composition as natural gas from fossil sources, but has unique
environmental attributes assigned to it due to its origin from low-carbon, renewable sources, which
the Company can also monetise. Virtually all of the RNG produced is used as a transportation fuel
because this end market generally provides the most value for RNG production. The RNG the
Company processes is pipeline-quality and can be used for transportation fuel when converted to
compressed natural gas ("CNG") or liquefied natural gas ("LNG"). CNG has been the most
common fuel used by fleets where medium-duty trucks are close to the fueling station, such as
city fleets, local delivery trucks, and waste haulers. The environmental attributes that the Company
sells are composed of renewable identification numbers ("RINs") and state low-carbon fuel credits,
which are generated from the conversion of biogas to RNG that is used as a transportation fuel,
as well as renewable energy credits ("RECs") generated from the conversion of biogas to
renewable electricity. In addition to revenues generated from product sales, the Company also
generates revenues by providing operations and maintenance services to certain biogas site
partners.
Whenever possible, the Company seeks to mitigate exposure to commodity and environmental
attribute pricing volatility. Through contractual arrangements with site hosts and counterparties,
the Company typically shares pricing and production risks while retaining the ability to benefit from
potential upside. A significant portion of the RNG volume produced is sold under bundled fixed-
price arrangements for the RNG and environmental attributes, with a sharing arrangement where
the Company benefits from prices above certain thresholds. For the remaining RNG projects, the
Company sometimes enters into in-kind sharing arrangements where partners receive the
environmental attributes instead of a cash payment, thereby sharing in the environmental attribute
pricing risk.
Montauk Renewables strives to sell the remaining RNG and environmental products under
medium-and long-term indexed pricing and margin sharing arrangements designed to give the
Company optimal price and revenue certainty. On the electricity side, all of the Company's
products and related environmental attributes are sold under fixed-price contracts with escalators,
limiting pricing risk. Finally, payments to site hosts are entirely in the form of royalties based on
realised revenues, or, in some select cases, based on production volumes.
For further information on Montauk Renewables' operations, please refer to Montauk's
website (www.montaukenergy.com).
Montauk Renewables is a new entity, incorporated on 21 September 2020 in the US and formed
under the laws of the State of Delaware.
The Company is domiciled in the US with its registered address at 680 Anderson Drive, 5th Floor,
Pittsburgh, PA 15220, US. The Company is not registered as an external company in South Africa.
The Company has appointed Computershare Investor Services Proprietary Limited as its transfer
secretaries in South Africa, which have their registered address and primary place of business at
Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196, South Africa. The
Company's transfer agent in the US is Computershare Investor Services with its registered
address and primary place of business at 462 South 4th Street, Suite 1600, Louisville, KY, 40202,
US.
3 RATIONALE FOR THE SECONDARY INWARD LISTING AND US OFFERING
The secondary inward listing on the Main Board of the JSE will enable Montauk to effect the
Distribution and for its Shareholders to receive listed Montauk Renewables Shares without
impacting any foreign investment allowances, whilst allowing them to continue to enjoy exposure
to the attractive prospects of the Montauk group (transferred to Montauk Renewables as part of
the Corporate Restructure) and the sector in which it operates. Post the Distribution, Montauk
Renewables Shareholders will be able to trade their Shares both on the JSE and the NASDAQ,
subject to any applicable exchange control restrictions that may be applicable to South African
exchange control residents.
The US offering is being pursued to raise capital to fund the identification of, and diligence
activities with respect to, potential new projects, which include evaluating new project sites,
project conversions and strategic acquisitions and to complete a listing on the NASDAQ.
4 SETTLEMENT IN SOUTH AFRICA
Shares will be traded on the JSE in electronic form only (as dematerialised shares) and will be
tradable for electronic clearing and settlement, via Strate Limited ("Strate"), immediately following
the Secondary Listing of the Company on the JSE. Strate is a system of "paperless" transfer of
securities used by the JSE to settle trades. All investors owning dematerialised Shares or wishing
to trade their Shares on the JSE are required to appoint either a broker or a Central Securities
Depository Participant ("CSDP") in South Africa to act on their behalf and to handle their settlement
requirements. If you have any doubt as to the mechanics of Strate, please consult your broker,
CSDP or other appropriate adviser. You are also referred to the Strate website (www.strate.co.za)
5 SHARE CAPITAL
The authorised and issued share capital of the Company as at the date of this announcement is
set out below:
Class of Shares Number of Shares $'000
Authorised Common Shares with a par value of $0.01 690 000 000 6 900
Authorised Preference Shares with a par value of $0.01 10 000 000 100
Issued Common Shares with a par value of $0.01 138 312 713 1 383
Issued Preference Shares with a par value of $0.01 - -
The issued share capital of the Company will be adjusted to reflect the number and value of Shares
taken up as part of the US offering, as further described in the Form S-1, which will only be
determined after the US offering closes on Thursday, 21 January 2021. Should all the shares being
offered in the US offering be taken up, between 2 350 000 and 2 702 500 (if the underwriter exercises
its option to purchase additional shares in full) additional Common Shares will be issued.
The Shares carry full voting rights. The authorised and issued Shares of Montauk Renewables
are of the same class and rank pari passu in all respects. There are no Shares in the share capital
of the Company held in treasury as at the date of this pre-listing announcement.
The Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws of
Montauk Renewables ("Certificate of Incorporation and Bylaws") do not contain any
restrictions on the transfer of any Shares.
Details of the rights attached to each class of Shares of Montauk Renewables are set out in
the Certificate of Incorporation and Bylaws which are attached as exhibits to the Form S-1.
The Company has had no issues or offers of securities of Montauk Renewables and/or its major
subsidiaries, or by any subsidiary where such issues or offers were material to Montauk
Renewables during the three years preceding this announcement, except for in connection with
the Corporate Restructure.
No consolidations or sub-divisions of Montauk Renewables securities have occurred during the
three years preceding this announcement.
6 BORROWING POWERS
The Directors may raise or borrow capital from time to time for the purposes of the Company. There
are no restrictions on the Company's borrowing powers and no specific provisions in relation
to their amendment.
The borrowing powers of neither Montauk Renewables nor any of its major subsidiaries have
been exceeded during the three years preceding this announcement.
There are no exchange control or other restrictions on the borrowing powers of Montauk
Renewables or any of its major subsidiaries.
7 FINANCIAL INFORMATION
The financial year-end of Montauk Renewables is 31 December of each year.
The basic earnings, diluted earnings and headline earnings per Share for the years ended 31
December 2019 and 31 December 2018 and the nine month periods ended 30 September 2020
and 30 September 2019 for Montauk are as below.
As substantially all the assets and operations of Montauk have been transferred to Montauk
Renewables as part of the Corporate Restructure, the information below has been based on
the results of Montauk for the respective periods. The nine month period through 30 September
2020 and comparative nine month period ending 30 September 2019 has been included to
align with the latest financial information presented in the Form S-1.
30 Sep 30 Sep 31 Dec 31 Dec
2020 2019 2019 2018
(nine (nine (twelve (twelve
months) months) months) months)
(All amounts net of tax, $'000, except if
indicated otherwise)
Reconciliation of headline profit:
Profit attributable to equity holders of the parent 2 147 5 448 5 820 28 767
(Profit) / losses on disposal of plant and equipment (592) 7 (32) 166
Impairment of plant and equipment - 1 157 1 953 854
Impairment of intangible assets 278 - - -
Gain on disposal of joint arrangement - (94) (94) -
Gain on disposal of intangible assets - - - (688)
Loss on disposal of assets held for sale - - - 369
Headline profit attributable to equity holders of the parent 1 833 6 518 7 647 29 468
Basic earnings per share (cents)
Earnings per share (cents) 1.56 3.99 4.25 21.12
Headline earnings per share (cents) 1.33 4.77 5.59 21.63
Weighted average number of shares in issue ('000) 138 047 136 685 136 855 136 232
Diluted earnings per share (cents)
Diluted earnings per share (cents) 1.55 3.94 4.21 20.83
Diluted headline earnings per share (cents) 1.32 4.71 5.53 21.34
Weighted average number of shares in issue for
diluted earnings per share ('000) 138 609 138 302 138 217 138 101
The historical financial information of Montauk is available on Montauk's website
(www.montaukenergy.com).
8 MATERIAL CHANGES
No material changes to the financial position or trading position of Montauk, and therefore
substantively that of Montauk Renewables, have occurred since the publication of Montauk's
audited financial results for the year ended 31 December 2019.
9 MAJOR SHAREHOLDERS
As of the date of this announcement, the following Shareholders were, directly or indirectly,
beneficially interested in, or responsible for managing, 5% or more of each class of the
Company's issued share capital:
Entity Direct Beneficial % of Shares held
Montauk 138 312 713 100%
10 BOARD OF DIRECTORS
Name, nationality and age Business address Occupation /
Function
Executive Director
Sean Fitzgerald McClain 680 Andersen Drive, Foster President and
United States of America Plaza Building 10, Pittsburgh, PA Chief Executive
(46) 15220 Officer
Non-Executive Directors
John Anthony Copelyn Suite 801, The Point, 76 Regent Chairperson, Non-
South Africa Road, Sea Point, 8005 Executive
(70)
Theventheran Govindsamy Suite 801, The Point, 76 Regent Non-Executive
Govender Road, Sea Point, 8005
South Africa
(50)
Independent Non-Executive
Directors
Mohamed Haroun Ahmed 52 Intersite Avenue, Umgeni Independent Non-
South Africa Business Park, Durban, 4001 Executive
(56)
Michael Alon Jacobson Suite 57, 14 Narabang Way, Independent Non-
Australia Belrose, 2085, Sydney, Australia Executive
(53)
Bruce Steven Raynor 275 Madison Avenue, Suite Independent Non-
United States of America 2110, New York, NY 10989 Executive
(71)
For further information in relation to the board of directors of Montauk Renewables
("Directors"), please refer to the Form S-1.
11 DIRECTORS DECLARATIONS
Each Director has confirmed that he/she:
11.1. has not been declared bankrupt, insolvent or sequestrated or at any time been a party
to a scheme of arrangement or made any other form of compromise with their creditors
in any jurisdiction;
11.2. has not ever been involved in any business rescue plans and/or resolution proposed
by any entity to commence business rescue proceedings, application having been made
for any entity to begin business rescue proceedings, notices having been delivered in
terms of section 129(7) of the South African Companies Act, No. 71 of 2008 (as
amended) (the "Companies Act"), receiverships, compulsory liquidations,
administrations, company voluntary arrangements or any composition or arrangement
with creditors generally or any class of creditors of any company where such person is
or was a director, with an executive function within such company at the time of, or within
the 12 months preceding, such events;
11.3. has not entered into creditors' voluntary liquidations of any company where such person
is or was a director, with an executive function within such company at the time of, or
within the 12 months preceding such events;
11.4. has not been involved in any compulsory liquidation, administration or voluntary
arrangements of any partnership where such person is or was a partner at the time of,
or within the 12 months preceding, such events;
11.5. has not had receivership of any of the assets of such person or of a partnership of which
he or she is or was a partner at the time of, or within 12 months preceding, such events;
11.6. has not been the subject of public criticism by any statutory or regulatory authorities,
including recognised professional bodies, or been disqualified by a court from acting as
a director of a company or from acting in the management or conduct of the affairs of
any company;
11.7. has not ever been convicted of or committed any offence involving dishonesty, fraud,
theft, forgery, perjury, misrepresentation or embezzlement committed by such person;
11.8. has not ever been found guilty in disciplinary proceedings, by an employer or regulatory
body, due to dishonest activities committed by such person;
11.9. has not ever been removed from an office of trust on the grounds of misconduct and
involving dishonesty;
11.10. has not ever been barred from entry into any profession or occupation;
11.11. has not ever been convicted in any jurisdiction of any criminal offence or an offence
under legislation relating to the Companies Act, and no company of which he or she was
a director, alternate director or officer at the time of the offence has been convicted in
any jurisdiction of any criminal offence, or an offence under legislation relating to the
Companies Act; or
11.12. is not or has not been subject to any court order declaring him or her delinquent or
placing him or her under probation under section 162 of the Companies Act and/or
section 47 of the Corporations Act No. 69 of 1984, as amended, or disqualifying him or
her to act as a director under sections 69 or 219 of the Companies Act.
12 DIRECTORS' REMUNERATION
Information in relation to the Director's remuneration can be found on pages 127 - 136 of the
Form S-1. Historical rather than expected remuneration has been disclosed, as expected
remuneration has not yet been agreed and approved.
There will be no variation in remuneration receivable by any of the Directors of Montauk
Renewables in consequence of the Secondary Listing.
13 PROMOTER
The is no promoter in relation to the Secondary Listing and no amount is due to be paid,
proposed to be paid or has been paid nor any other benefit given within the three years
preceding the Secondary Listing to any promoter or to any related partnership, syndicate or
other association of which any promoter is or was a member.
14 COMMISSIONS PAID OR PAYABLE IN RESPECT OF UNDERWRITING
No amount has been paid, or has accrued as payable, within the preceding three years, as
commission to any person in respect of underwriting, including commission so paid or payable
to any sub-underwriter that is the holding company or a promoter or Director or officer of Montauk
Renewables, for subscribing or agreeing to subscribe, or procuring, or agreeing to procure,
subscriptions for any securities of Montauk Renewables.
No commissions, discounts, brokerages or other special terms have been granted during the
three years preceding the date of this announcement in connection with the issue or sale of any
securities, stock or debentures in the capital of Montauk Renewables.
15 INTERESTS OF DIRECTORS OR PROMOTERS
No Director or promoter has any material beneficial interest, direct or indirect, in the promotion
of Montauk Renewables, or in any material property acquired or proposed to be acquired out of
the proceeds of the US offering or during the three years preceding the date of this
announcement, other than the Directors' interests held in Montauk Renewables as disclosed on
page 138 of the Form S-1.
No sums have been paid, or agreed to be paid, within the three years preceding the date of this
announcement, to any Director or to any company in which a Directors is beneficially interested,
directly or indirectly, or of which he is a director (the "associate company") or to any partnership,
syndicate or other association of which he is a member (the "associate entity"), in cash,
securities or otherwise, by any person, either to induce him to become, or to qualify him as a
Director or otherwise for services rendered by him or by the associate company or the associate
entity in connection with the promotion or formation of Montauk Renewables.
16 DIRECTORS' INTERESTS IN TRANSACTIONS
No Directors, including Directors who have resigned within the 18 months preceding the date of
this announcement have had any material beneficial interests, whether direct or indirect, in
transactions that were effected by Montauk Renewables during the current or immediately
preceding financial year, or during an earlier financial year which remain in any respect
outstanding or unperformed other than the Corporate Restructure, Distribution and Secondary
Listing as contemplated in this announcement and the Form S-1.
17 MATERIAL ACQUISITIONS OR DISPOSALS
Save as required for purposes of the Corporate Restructure, neither Montauk Renewables nor
Montauk have concluded any material acquisitions or disposals, within the last three years of
the date of this announcement, and there are no proposed acquisitions or disposals by Montauk
Renewables or any of its major subsidiaries, or any subsidiary where the acquisition or disposal
or proposed acquisition or disposal is material to Montauk Renewables, of any securities in, or
the business undertaking of, any other company, or business enterprise or any immovable
property or other property in the nature of a fixed asset or any option to acquire such property.
18 MATERIAL CONTRACTS
Montauk Renewables has entered into a Transaction Implementation Agreement with Montauk
and Montauk Holdings USA, LLC related to the Corporate Restructure and the Distribution. This
agreement and the ancillary agreements and other documents contemplated thereby (including
the Share Exchange Agreement and the Montauk USA Wind-Up Agreement) govern the
relationship among Montauk, Montauk USA and Montauk Renewables prior to and after date of
completion of the Distribution. Pursuant to these agreements Montauk Renewables will agree
to assume liabilities relating to the operation of Montauk's business prior to the Distribution. The
key terms have been highlighted in paragraph 7.2 of the circular distributed to Montauk
shareholders on Monday, 16 November 2020 in relation to the Distribution, which can be found
on Montauk's website at www.montaukenergy.com.
19 BOARD OF DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that, to the best of their knowledge and belief, Montauk Renewables has
adhered to all legal and regulatory requirements of the NASDAQ, as applicable.
The Directors have no reason to believe that the working capital available to Montauk
Renewables will not be sufficient for at least twelve months from the date of the Secondary
Listing.
20 FURTHER INFORMATION
All documents and announcements which Montauk has made public over the last two years,
including Montauk's financial information, annual reports and regulatory announcements, are
available for download on Montauk's website at www.montaukenergy.com.
This announcement is not an invitation to the public to subscribe for or purchase Shares but is
issued in compliance with the listings requirements of the JSE relating to the Secondary Listing
of Montauk Renewables on the Main Board of the JSE.
21 INFORMATION REGARDING MONTAUK RENEWABLES' CERTIFICATE OF INCORPORATION AND BYLAWS
Following the Corporate Restructure, Montauk Renewables' Shares will be subject to Montauk
Renewables Certificate of Incorporation and Bylaws, attached as exhibits to the Form S-1,
which are compliant with the requirements of the NASDAQ.
22 CORPORATE GOVERNANCE
Montauk Renewables will be subject to and, other than the exemptions as a result of being a
'controlled company' as described under the Management section in the Form S-1, will comply
with the corporate governance requirements of Nasdaq, US securities laws and Delaware state
law. The Company has further adopted Corporate Governance Guidelines and a Code of Business
Conduct and Ethics, both of which are available on the Company's website at
www.montaukrenewables.gcs-web.com..
23 SALIENT DATES AND TIMES
2021
Publish pre-listing announcement on SENS on the JSE Wednesday, 20 January 2021
Listing and commencement of trading Montauk Renewables'
Shares on the Main Board of the JSE from the commencement of
trade on Monday, 25 January 2021
The above dates are subject to change. Any change will be announced on SENS.
20 January 2021
Financial Advisor and Sponsor
Investec Bank Limited
South African Legal Advisor
Edward Nathan Sonnenbergs Incorporated
ANNEXURE A
Past directorships
Currently hold
position as
Director Directorships director?
John A. Copelyn 2 Toman Close Hydepark (Pty) Ltd Yes
21 Impala Road Properties (Pty) Ltd Yes
Blue Beacon Investments 240 (Pty) Ltd Yes
Braylon Investments (Pty) Ltd Yes
Business Systems Group (Africa) (Pty) Ltd Yes
Chearsley Investments (Pty) Ltd Yes
Circumference Investments (Pty) Ltd Yes
Curagen Investments (Pty) Ltd Yes
Deneb Investments Limited Yes
E Media Holdings Limited Yes
E Media Investments (Pty) Ltd Yes
FI Developments (Pty) Ltd Yes
FI Equity Group (Pty) Ltd Yes
Foothills Trading and Investment 8 (Pty) Ltd Yes
Fulela Trade and Invest 81 (Pty) Ltd Yes
Fulela Trade and Invest 96 (Pty) Ltd Yes
Gelprop (Pty) Ltd Yes
Glendal Trading (Pty) Ltd Yes
HCI - Treasury (Pty) Ltd Yes
HCI Australian Operations Pty Ltd Yes
HCI Central Investments (Pty) Ltd Yes
HCI Coal (Pty) Ltd Yes
HCI Food and Beverage Investments (Pty) Ltd Yes
HCI Invest14 Holdco (Pty) Ltd Yes
HCI Invest15 Holdco (Pty) Ltd Yes
HCI Invest17 Holdco (Pty) Ltd Yes
HCI Invest19 Holdco (Pty) Ltd Yes
HCI Invest20 Holdco (Pty) Ltd Yes
HCI Invest21 Holdco (Pty) Ltd Yes
HCI Invest22 Holdco (Pty) Ltd Yes
HCI Invest25 Holdco (Pty) Ltd Yes
HCI Invest3 Holdco (Pty) Ltd Yes
HCI Invest6 Holdco (Pty) Ltd Yes
HCI Invest7 Holdco (Pty) Ltd Yes
HCI Investments Australia Pty Ltd Yes
HCI Managerial Services (Pty) Ltd Yes
HCI Monte Precinct (Pty) Ltd Yes
HCI Niveus Holdco 1 (Pty) Ltd Yes
HCI Property Investments (Pty) Ltd Yes
HCI Property Investments 2 (Pty) Ltd Yes
HCI Renewable Energy Investments (Pty) Ltd Yes
HCI Sun Energy Three (Pty) Ltd Yes
HCI Sun Energy Two (Pty) Ltd Yes
HCI Vergenoegd (Pty) Ltd Yes
HCI Water One (Pty) Ltd Yes
HCI-Propco1 (Pty) Ltd Yes
HCI-The Palms (Pty) Ltd Yes
Highland Night Investments 93 (Pty) Ltd Yes
Hosken Consolidated Investments Limited Yes
House 22 Ronald Avenue (Pty) Ltd Yes
IGI Investment Company (Pty) Ltd Yes
Impact Oil and Gas Limited Yes
Johnnic Casino Holdings (Pty) Ltd Yes
Johnnic Holdings Limited Yes
Johnnic Property Holdings (Pty) Ltd Yes
Johnnies Strategic Investment Holdings (Pty) Ltd Yes
Kalahari Village Mall (Pty) Ltd Yes
La Concorde Holdings Limited Yes
Lennings (Pty) Ltd Yes
Leopont 255 Properties (Pty) Ltd Yes
Leopont 261 Properties (Pty) Ltd Yes
Leopont 262 Properties (Pty) Ltd Yes
Leyvan House (Pty) Ltd Yes
Limitless Angel Fund (Pty) Ltd Yes
Lynnridge Shopping Centre (Pty) Ltd Yes
Maclyn House (Pty) Ltd Yes
Main Place Holdings (Pty) Ltd Yes
Main Street 614 (Pty) Ltd Yes
Merilyn Investments (Pty) Ltd Yes
Metshelf Investments 9 (Pty) Ltd Yes
Mirino Investments (Pty) Ltd Yes
Mironetix (Pty) Ltd Yes
Mironetix 2 (Pty) Ltd Yes
Montauk Holdings Limited Yes
Move-On-Up 104 (Pty) Ltd Yes
Nexrealm Technologies (Pty) Ltd Yes
No 10 Grootpaternoster Private Nature Reserve (Pty) Ltd Yes
Pearl Beach Investments (Pty) Ltd Yes
Permasolve Investments (Pty) Ltd Yes
Platinum Group Metals Limited Yes
Radius Trading (Pty) Ltd Yes
Rivetprops 47 (Pty) Ltd Yes
Ronaldgate (Pty) Ltd Yes
SA Amalgamated Union Fishing (Pty) Ltd Yes
SACTWU Mining Investments (Pty) Ltd Yes
SACTWU Mining Investments (SPV) (Pty) Ltd Yes
TIH Prefco (RF) (Pty) Ltd Yes
TIHC Investments (RF) (Pty) Ltd Yes
Tsogo Investment Holding Company (Pty) Ltd Yes
Tsogo Sun Gaming Limited Yes
Tsogo Sun Hotels Limited Yes
Tylon Holdings (Pty) Ltd Yes
Unit 1501 Twin Towers South (Pty) Ltd Yes
W H Press House (Pty) Ltd Yes
WESGRO (Pty) Ltd Yes
Lone Hill Estates (Pty) Ltd No
Almania Investments (Pty) Ltd No
Aston Bay Holiday Resorts (Pty) Ltd No
C and A Associated Consultants (Pty) Ltd No
Catwalk Investments 167 (Pty) Ltd No
Catwalk Leisure Investments (Pty) Ltd No
Descarte Investments No 8 (Pty) Ltd No
Fabcos Investment Holding Company (Pty) Ltd No
Flaghigh Investments (Pty) Ltd No
Glenny Buchner Investment (Pty) Ltd No
H J S Advisory Services (Pty) Ltd No
HCI Properties (Pty) Ltd No
Johnnic Property Developments (Pty) Ltd No
Johnnic Property Investments (Pty) Ltd No
Mercanto Investments (Pty) Ltd No
Pretoria International Airport Corporation (Pty) Ltd No
Tangney Investments (Pty) Ltd No
Winslet Investments (Pty) Ltd No
Vukani Gaming Equipment (Pty) Ltd No
ABSA Technology Finance Solutions (Pty) Ltd No
Africa On Air (Pty) Ltd No
Anytime Power (Pty) Ltd No
Bato Star Fishing (Pty) Ltd No
Cape Talk (Pty) Ltd No
Cape Town Film Studios (Pty) Ltd No
Cherry Moss Trade and Invest 188 (Pty) Ltd No
Clover Industries (Pty) Ltd No
Clover S A Limited No
Curagen Investments (Pty) Ltd No
Dreamworld Management Company (Pty) Ltd No
Durban Add-Ventures (Pty) Ltd No
E Sat Tv (Pty) Ltd No
E Tv (Pty) Ltd No
Euphorbia (Pty) Ltd No
FI Funding and Investments Holdco (Pty) Ltd No
FI Operations (Pty) Ltd No
Formex Industries (Pty) Ltd No
Francolin Investments (Pty) Ltd No
Galaxy Bingo International South Africa (Pty) Ltd No
Galaxy Gaming and Entertainment (Pty) Ltd No
Gallagher Estate Holdings (Pty) Ltd No
Golden Arrow Bus Services (Pty) Ltd No
Griffin Oil and Gas (Pty) Ltd No
HCI Food and Beverage Investments (Pty) Ltd No
HCI Invest1 Holdco (Pty) Ltd No
HCI Invest10 Holdco (Pty) Ltd No
HCI Invest23 Holdco (Pty) Ltd No
HCI Invest24 Holdco (Pty) Ltd No
HCI Invest3 Holdco (Pty) Ltd No
HCI Live the City (Pty) Ltd No
HCI Westlake Properties (Pty) Ltd No
Hi-Reach Manlift (Pty) Ltd No
Hollyberry Props 12 (Pty) Ltd No
International Payment Systems (Pty) Ltd No
Johnnic Holdings Management Services (Pty) Ltd No
Leopardsrand (Pty) Ltd No
Ligitprops 109 (Pty) Ltd No
Limtech Biometric Solutions (Pty) Ltd No
Marc Group (Pty) Ltd No
Megapro Holdings (Pty) Ltd No
Niveus Investments Limited No
Niveus-La Concorde Holdings (Pty) Ltd No
Openfield Marketing Johannesburg (Pty) Ltd No
Platco Digital (Pty) Ltd No
Real Africa Holdings (Pty) Ltd No
Sabido Properties (Pty) Ltd No
SACTWU Durban Properties (Pty) Ltd No
SACTWU Johannesburg Property (Pty) Ltd No
Silver Vanity Investments (Pty) Ltd No
The Millennium Casino (Pty) Ltd No
Tsogo Sun Alternative Gaming Investments (Pty) Ltd No
Tsogo Sun Hotels Gaming and Entertainment (Pty) Ltd No
Tsogo Sun Kwazulu-Natal (Pty) Ltd No
Vectofon (Pty) Ltd No
Viamax Fleet Solutions (Pty) Ltd No
Vukani Gaming Corporation (Pty) Ltd No
Vukani Gaming Eastern Cape (Pty) Ltd No
Vukani Gaming Free State (Pty) Ltd No
Vukani Gaming Gauteng (Pty) Ltd No
Vukani Gaming Kwazulu Natal (Pty) Ltd No
Vukani Gaming Limpopo (Pty) Ltd No
Vukani Gaming Mpumalanga (Pty) Ltd No
Vukani Gaming North West (Pty) Ltd No
Vukani Gaming Northern Cape (Pty) Ltd No
Vukani Gaming Western Cape (Pty) Ltd No
Y Magazine (Pty) Ltd No
Yired (Pty) Ltd No
Zenzeleni Clothing (Pty) Ltd No
Ancestral Investments (Pty) Ltd No
Black Ginger 75 (Pty) Ltd No
C And M A Shelf 73 (Pty) Ltd No
HCI Lifting Services (Pty) Ltd No
HCI Proprojects (Pty) Ltd No
Rowan Tree 4 (Pty) Ltd No
S A M Sisonke (Pty) Ltd No
Tiradeprops 99 (Pty) Ltd No
Tylon (Pty) Ltd No
Datafer (Pty) Ltd No
Amalgamated Union Transport and Automotive (Pty) Ltd No
Atlantic International Entertainment S A (Pty) Ltd No
Avenpalm Investments (Pty) Ltd No
Beier Finance (Pty) Ltd No
Blue Ridge Investments (Pty) Ltd No
Braber Investments (Pty) Ltd No
Denkova Investments (Pty) Ltd No
Equity Plus Trading (Pty) Ltd No
Fabulous Gaming and Leisure Diversified Investments (Pty) Ltd No
First Ready Development 213 (Pty) Ltd No
Fluxrab Investments No 57 (Pty) Ltd No
Free-Flowing Property Holdings (Pty) Ltd No
HCI Khusela Coal Plus (Pty) Ltd No
JC Nominees (Pty) Ltd No
Johnnic Management Services (Pty) Ltd No
Magicover (Pty) Ltd No
Masana Handweavers (Pty) Ltd No
S A Amalgamated Union Investments (Pty) Ltd No
Saram Investors (Pty) Ltd No
Self-Nurturing Investments (Pty) Ltd No
Shell Case 59 (Pty) Ltd No
Tree Tell 23 (Pty) Ltd No
Unifer Holdings Limited No
Unit 1 The Oaks (Pty) Ltd No
Usl (Pty) Ltd No
Warwick Africa (Pty) Ltd No
20 Sydney Street Greenpoint (Pty) Ltd No
Fulela Trade and Invest 81 (Pty) Ltd No
G E Property and Marketing (Pty) Ltd No
Gallagher Convention Centre (Pty) Ltd No
HCI Sydney Road (Pty) Ltd No
Johnnic Properties (Pty) Ltd No
Taverna Sports Bar - Sea Point (Pty) Ltd No
Three Blind Mice Communications (Pty) Ltd No
Vpos Integrated Business Solutions (Pty) Ltd No
Workflow and Imaging Solutions (Pty) Ltd No
Mohamed H. Ahmed Deneb Investments Limited Yes
Hosken Consolidated Investments Limted Yes
Brevity Trade 50 (Pty) Ltd Yes
Go 4 Tiles (Pty) Ltd Yes
Go 4 Tiles (Durban) (Pty) Ltd Yes
Greenwood Park Distributors (Pty) Ltd Yes
Montauk Holdings Limited Yes
Kelston Investments (Pty) Ltd Yes
Ritzshelf 25 (Pty) Ltd Yes
Ritz Tiles (Pty) Ltd Yes
Rose Tree Investments (Pty) Ltd Yes
Clicking Investments (Pty) Ltd Yes
Rivetprops 2 (Pty) Ltd Yes
Niveus Investments Limited No
Tsogo Sun Hotels Limited Yes
Hospitality Property Fund Limited Yes
Continental Trust Yes
Haroun Ahmed Family Trust Yes
Gallagher Charitable Trust Yes
Everest Trust Yes
Diamond Trust Yes
Perth Trust Yes
Corjo Trust Yes
Lasko Investments (Pty) Ltd No
Amarilla Investments (Pty) Ltd No
COSATU Holdings (Pty) Ltd No
Dontello Investments (Pty) Ltd No
Helio Investments (Pty) Ltd No
Jardel Investments (Pty) Ltd No
Kentview Trading (Pty) Ltd No
Lorato Investments (Pty) Ltd No
Magicover (Pty) Ltd No
Marble Gold 434 (Pty) Ltd No
Marine Nominees (Pty) Ltd No
Ritzshelf 24 (Pty) Ltd No
SACTWU Cellular Services (Pty) Ltd No
Union Telecommunications (Pty) Ltd No
Yolan Investments (Pty) Ltd No
Canelli Investments (Pty) Ltd No
Atterbell Invesments (Pty) Ltd No
eMedia Holdings Limited No
Hollyberry Props 63 (Pty) Ltd No
First Ready Development 213 (Pty) Ltd No
Michael A. Jacobson Oceania Capital Partners Limited Yes
Montauk Holdings Limited Yes
Montauk Holdings USA, LLC Yes
Rozetta Technology Pty Ltd Yes
RZT Holdings Pty Ltd Yes
Boody Australia Pty Ltd Yes
OCP Boody Holdings Pty Ltd Yes
Crimsafe Holdings Pty Ltd Yes
HCI Australian Operations Pty Ltd Yes
HCI Investments Australia Pty Ltd Yes
Crimsafe Security Systems Pty Ltd Yes
IPH International Pty Ltd Yes
Proline Quality Finishing Pty Ltd Yes
OCP Shelf 2 Pty Ltd Yes
SJB Investco Pty Ltd Yes
Baycorp Finance (Aust) Pty Ltd No
Baycorp Group Finance Pty Ltd No
Baycorp Holdings Pty Ltd No
Trans Tasman Collections Investments Pty Ltd No
BC Holdings I Pty Ltd No
BC Holdings II Pty Ltd No
Cohort Australia Pty Ltd No
Cohort Developments Pty Ltd No
Cohort Holdings Australia Pty Ltd No
Winr Corporation Pty Ltd No
Bruce Raynor Sidney Hillman Foundation Yes
Rockland BOCES Foundation Yes
TransAfrica Forum Yes
Montauk Holdings Limited Yes
Montauk Energy Holdings, LLC (USA) Yes
Montauk Energy Capital, LLC (USA) Yes
R&S Associates, LLC (USA) Yes
Amalgamated Bank No
Theventheran (Kevin) G. Govender 21 Impala Road Properties (Pty) Ltd Yes
Blue Beacon Investments 240 (Pty) Ltd Yes
Braylon Investments (Pty) Ltd Yes
Bridoon Trade and Invest 196 (Pty) Ltd Yes
Cherry Moss Trade and Invest 145 (Pty) Ltd Yes
Curagen Investments (Pty) Ltd Yes
Deneb Investments Limited Yes
E Media Holdings Limited Yes
E Media Investments (Pty) Ltd Yes
FI Developments (Pty) Ltd Yes
Foothills Trading and Investment 8 (Pty) Ltd Yes
Fulela Trade and Invest 81 (Pty) Ltd Yes
Fulela Trade and Invest 96 (Pty) Ltd Yes
Gelprop (Pty) Ltd Yes
Glendal Trading (Pty) Ltd Yes
Golden Arrow Bus Services (Pty) Ltd Yes
Grey Jade Trade and Invest 145 (Pty) Ltd Yes
Grey Jade Trade and Invest 19 (Pty) Ltd Yes
Griffin Oil and Gas (Pty) Ltd Yes
Gripp Advisory (Pty) Ltd Yes
HCI - Treasury (Pty) Ltd Yes
HCI Auckland Park (Pty) Ltd Yes
HCI Blue Hills Phase 2 (Pty) Ltd Yes
HCI Cecilia Precinct (Pty) Ltd Yes
HCI Central Investments (Pty) Ltd Yes
HCI Invest1 Holdco (Pty) Ltd Yes
HCI Invest10 Holdco (Pty) Ltd Yes
HCI Invest14 Holdco (Pty) Ltd Yes
HCI Invest15 Holdco (Pty) Ltd Yes
HCI Invest17 Holdco (Pty) Ltd Yes
HCI Invest19 Holdco (Pty) Ltd Yes
HCI Invest20 Holdco (Pty) Ltd Yes
HCI Invest21 Holdco (Pty) Ltd Yes
HCI Invest23 Holdco (Pty) Ltd Yes
HCI Invest24 Holdco (Pty) Ltd Yes
HCI Invest25 Holdco (Pty) Ltd Yes
HCI Invest3 Holdco (Pty) Ltd Yes
HCI Invest6 Holdco (Pty) Ltd Yes
HCI Invest7 Holdco (Pty) Ltd Yes
HCI Managerial Services (Pty) Ltd Yes
HCI Monte Precinct (Pty) Ltd Yes
HCI Paarl Office Precinct (Pty) Ltd Yes
HCI Propco15 (Pty) Ltd Yes
HCI Propco16 (Pty) Ltd Yes
HCI Property Investments 2 (Pty) Ltd Yes
HCI Roeland Park (Pty) Ltd Yes
HCI Solly Sachs House (Pty) Ltd Yes
HCI Sun Energy Three (Pty) Ltd Yes
HCI Twickenham (Pty) Ltd Yes
HCI Vergenoegd (Pty) Ltd Yes
HCI Water One (Pty) Ltd Yes
HCI Westlake Properties (Pty) Ltd Yes
HCI-Propc06 (Pty) Ltd Yes
HCI-Propco1 (Pty) Ltd Yes
HCI-Propco3 (Pty) Ltd Yes
HCI-Properties (Pty) Ltd Yes
HCI-Rand Daily Mail (Pty) Ltd Yes
HCI-Shell House (Pty) Ltd Yes
HCI-The Palms (Pty) Ltd Yes
HCI - Treasury (Pty) Ltd Yes
HCI-Whale Coast Village (Pty) Ltd Yes
Hendico Investments (Pty) Ltd Yes
Highland Night Investments 93 (Pty) Ltd Yes
Hollyberry Props 12 (Pty) Ltd Yes
Hollyhill Investments (Pty) Ltd Yes
Hosken Consolidated Investments Limited Yes
Hosken Passenger Logistics and Rail Limited Yes
HPL And R Investments (Pty) Ltd Yes
IGI Investment Company (Pty) Ltd Yes
Johnnic Holdings Limited Yes
Johnnic Holdings Management Services (Pty) Ltd Yes
K2013204008 (Pty) Ltd Yes
K2020924854 (Pty) Ltd Yes
Keynote Trading and Investment 53 (Pty) Ltd Yes
Leyvan (Pty) Ltd Yes
Lynnridge Shopping Centre (Pty) Ltd Yes
Maclyn House (Pty) Ltd Yes
Majorshelf 183 (Pty) Ltd Yes
Mentor Trading and Investment 70 (Pty) Ltd Yes
Merilyn Investments (Pty) Ltd Yes
Mironetix (Pty) Ltd Yes
Montauk Holdings Limited Yes
Move-On-Up 104 (Pty) Ltd Yes
Olympus Village (Pty) Ltd Yes
Permasolve Investments (Pty) Ltd Yes
Sage Wise 118 (Pty) Ltd Yes
Squirewood Investments 64 (Pty) Ltd Yes
Sweet Sensation 103 (Pty) Ltd Yes
Three Blind Mice Communications (Pty) Ltd Yes
TIH Prefco (RF) (Pty) Ltd Yes
TIHC Investments (RF) (Pty) Ltd Yes
Tsogo Investment Holding Company (Pty) Ltd Yes
Tylon Holdings (Pty) Ltd Yes
Unit 1b Corporate Park (Pty) Ltd Yes
Unit 4b Corporate Park (Pty) Ltd Yes
W H Press House (Pty) Ltd Yes
All in All Investments (Pty) Ltd No
Ancestral Investments (Pty) Ltd No
Andermain Investments (Pty) Ltd No
Anytime Power (Pty) Ltd No
Ardrosan Investments (Pty) Ltd No
Aston Bay Holiday Resorts (Pty) Ltd No
Braber Investments (Pty) Ltd No
Business Venture Investments No 15 (Pty) Ltd No
C And A Associated Consultants (Pty) Ltd No
C And M A Shelf 73 (Pty) Ltd No
Catwalk Investments 167 (Pty) Ltd No
Centfox Investments (Pty) Ltd No
Clare Developments (Pty) Ltd No
Curagen Investments (Pty) Ltd No
Durban Add-Ventures (Pty) Ltd No
E Sat Tv (Pty) Ltd No
E Tv (Pty) Ltd No
Effit Investments (Pty) Ltd No
Egistic Investments (Pty) Ltd No
Enver Investments (Pty) Ltd No
Euphorbia (Pty) Ltd No
Euphorbia Lot 1 Share Block Limited No
Euphorbia Lot 2 Share Block Limited No
Euphorbia Lot 3 Share Block Limited No
Euphorbia Lot 4 Share Block Limited No
Euphorbia Lot 5 Share Block Limited No
Euphorbia Lot 6 Share Block Limited No
FI Funding and Investments Holdco (Pty) Ltd No
Flaghigh Investments (Pty) Ltd No
Foxway Investments (Pty) Ltd No
Francolin Investments (Pty) Ltd No
Frosthill Investments (Pty) Ltd No
G E Property and Marketing (Pty) Ltd No
Galaxy Bingo International South Africa (Pty) Ltd No
Gallagher Estate Holdings (Pty) Ltd No
Generation Y (Pty) Ltd No
Glenny Buchner Investment (Pty) Ltd No
H J S Advisory Services (Pty) Ltd No
Harvey Fox (Pty) Ltd No
HCI Invest22 Holdco (Pty) Ltd No
HCI Niveus Holdco 1 (Pty) Ltd No
HCI Picardi (Pty) Ltd No
HCI Properties (Pty) Ltd No
HCI-Propco5 (Pty) Ltd No
HCI Proprojects (Pty) Ltd No
HCI Renewable Energy Investments (Pty) Ltd No
HCI Live the City (Pty) Ltd No
HCI Sun Energy Two (Pty) Ltd No
HCI Sydney Road (Pty) Ltd No
Hi-Reach Manlift (Pty) Ltd No
Hubert Street Properties (Pty) Ltd No
I C Harrison (Pty) Ltd No
Isilumko Staffing (Pty) Ltd No
Jena Investments (Pty) Ltd No
Johnnic Casino Holdings (Pty) Ltd No
Johnnic Management Services (Pty) Ltd No
Johnnic Properties (Pty) Ltd No
Johnnic Property Developments (Pty) Ltd No
Johnnic Property Holdings (Pty) Ltd No
Johnnic Property Investments (Pty) Ltd No
Johnnies Strategic Investment Holdings (Pty) Ltd No
Justus House (Pty) Ltd No
Kayling Properties Share Block Limited No
Kevro Consulting (Pty) Ltd No
La Cosca Investments (Pty) Ltd No
Lennings (Pty) Ltd No
Leyvan House (Pty) Ltd No
Lone Hill Estates (Pty) Ltd No
Lynpro Investments (Pty) Ltd No
Main Place Holdings (Pty) Ltd No
Mainway Investments (Pty) Ltd No
Megapro Holdings (Pty) Ltd No
Mercanto Investments (Pty) Ltd No
Mironetix 2 (Pty) Ltd No
Montello Investments (Pty) Ltd No
Ortaga Investments (Pty) Ltd No
Platco Digital (Pty) Ltd No
Portello Investments No 12 (Pty) Ltd No
Publik Collective (Pty) Ltd No
Red Pepper Pictures (Pty) Ltd No
Romancista Property (Pty) Ltd No
S A M Sisonke (Pty) Ltd No
SACTWU Sixth Investments Company (Pty) Ltd No
SACTWU Seventh Investments Company (Pty) Ltd No
Schedar Investments (Pty) Ltd No
Shell Case 59 (Pty) Ltd No
Sibanye Bus Services (Pty) Ltd No
Simbolia Investments (Pty) Ltd No
Soundprops 1065 Investments (Pty) Ltd No
Tangney Investments (Pty) Ltd No
Taverna Sports Bar - Sea Point (Pty) Ltd No
Temco Investments (Pty) Ltd No
The Millennium Casino (Pty) Ltd No
Thermapp Sa (Pty) Ltd No
Tradequick 84 (Pty) Ltd No
Tsogo Sun Kwazulu-Natal (Pty) Ltd No
Tylon (Pty) Ltd No
Varied Investments (Pty) Ltd No
Vectofon (Pty) Ltd No
View Cut Mix (Pty) Ltd No
Westfox Investments (Pty) Ltd No
Westmar Investments (Pty) Ltd No
Winslow Investments (Pty) Ltd No
Xmas Media (Pty) Ltd No
Yired (Pty) Ltd No
Zenzeleni Clothing (Pty) Ltd No
Zillian Investments (Pty) Ltd No
DISCLAIMER
This pre-listing announcement does not constitute an offer to the public for the sale of or
subscription for, or the solicitation of an offer to buy and/or subscribe for, shares as defined in the
Companies Act, or otherwise and will not be distributed to any person in South Africa in any
manner which could be construed as an offer to the public in terms of the Companies Act. This
pre-listing announcement does not constitute a prospectus registered and/or issued in terms of
the Companies Act.
This pre-listing announcement includes statements about Montauk Renewables that are, or may
be deemed to be, forward-looking statements. All statements other than statements of historical
fact are, or may be deemed to be, forward-looking statements. These forward-looking statements
are not based on historical facts, but rather reflect current expectations concerning future results
and events and generally may be identified by the use of forward- looking words such as "targets",
"believe", "aim", "expect", "project", "anticipate", "intend", "foresee", "forecast", "likely", "should",
"planned", "may", "will", "estimated", "potential" or similar words and phrases.
Examples of forward-looking statements include statements regarding a future financial position
or future profits, cash flows, corporate strategy, estimates of capital expenditures, acquisition
strategy, or future capital expenditure levels, and other economic factors, such as, amongst other
things, interest and exchange rates and public sector spend and resource allocation.
By their nature, forward-looking statements involve known and unknown uncertainties,
assumptions and other important factors, because they relate to events and depend on
circumstances that may or may not occur in the future, whether or not outside of the control of
Montauk Renewables. Such factors may cause Montauk Renewables' actual results, financial and
operating conditions, liquidity and the developments within the industry in which Montauk
Renewables intends to operate to differ materially from those made in, or suggested by, the
forward-looking statements contained in this pre-listing announcement. Montauk Renewables
cautions that forward-looking statements are not guarantees of future performance.
All these forward-looking statements are based on estimates and assumptions made by
Montauk Renewables, all of which estimates and assumptions, although Montauk Renewables
believes them to be reasonable, are inherently uncertain. Accordingly, no assurance can be
given that any such forward-looking statements will prove to have been correct. Any forward-
looking statement made in this pre-listing announcement or elsewhere is applicable only at the
date on which such forward-looking statement is made. New factors that could cause the
business of Montauk Renewables not to develop as expected may emerge from time to time and
it is not possible to predict all of them. Further, the extent to which any factor or combination of
factors may cause actual results to differ materially from those contained in any forward-looking
statement is not known. Montauk Renewables has no duty to, and does not intend to, update or
revise the forward-looking statements contained in this pre-listing announcement after the date
of this pre-listing announcement, except as may be required by law or regulation.
Date: 20-01-2021 08:22:00
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.