10 Jun - 2 min read

Fulfilment of Condition Precedent to the Adapt IT Offer

Fulfilment of Condition Precedent to the Adapt IT Offer

(Registration number 2006/023587/06)
Share code: HUG      ISIN: ZAE000102042
(“Huge” or “the Company” or “the Group”)


1.   Introduction

     Shareholders are referred to the circular to shareholders of Adapt IT Holdings Limited
     (“Adapt IT”) dated 16 April 2021 (“Circular”), and the previous announcements
     released by Huge on SENS (the last of which was dated 28 May 2021) advising that
     Huge had given notice to the board of directors of Adapt IT that Huge had made
     a general offer (“Offer”) as contemplated in section 117(c)(v) of the Companies
     Act, 2008 (as amended) to the holders of ordinary shares (“Adapt IT Shareholders”)
     of Adapt IT (“Adapt IT Shares”) to acquire up to 100% of the issued Adapt IT Shares.

2.   Fulfilment of condition precedent

     Shareholders are advised that the Company has received acceptances of the
     Offer from Adapt IT Shareholders holding 80 000 Adapt IT Shares constituting 0.583%
     of the issued Adapt IT Shares, excluding treasury shares.

     The condition precedent set out in paragraph 3.5.1 of the Circular has therefore
     been fulfilled and the Offer is now unconditional as to acceptances.

     The Offer is still conditional upon receipt of a compliance certificate from the
     Takeover Regulation Panel as contemplated in Regulation 102(13) of the
     Companies Regulations, 2011.

3.   Responsibility statement

     The Huge Board accepts responsibility for the information contained in this
     announcement insofar as it relates to Huge. To the best of its knowledge and belief,
     the information contained in this announcement is true and the announcement
     does not omit anything likely to affect the importance of the information.

10 June 2021

Corporate Advisor and Transaction Sponsor
Questco Proprietary Limited

Legal Advisor
Herbert Smith Freehills South Africa LLP

Date: 10-06-2021 03:12:00
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