Update on the Intended Offer and Renewal of Cautionary Announcement
Update on the Intended Offer and Renewal of Cautionary Announcement SPANJAARD LIMITED (Incorporated in the Republic of South Africa) (Registration number 1960/004393/06) Share code: SPA ISIN: ZAE000006938 (“the Company”) UPDATE ON THE INTENDED OFFER AND RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the cautionary announcement published on SENS on 16 April 2021 in which they were advised that a non-binding expression of interest from Spanjaard Group Limited (“Spanjaard Group”) has been received to acquire 100% of the remaining issued ordinary share capital of the Company, which it does not already own. Although the offer, at present, does not represent a firm intention by the interested party to make an offer in terms of the Companies Act 71 of 2008, the Company is currently considering the offer price of R3.00 per share from Spanjaard Group. An offer price of R3.00 per share represents a discount of 9.1% to the 30-day Volume Weighted Average Price (“VWAP”) of the Company’s share price and a premium of 3.9% to the 60-day VWAP. Accordingly, shareholders are urged to continue to exercise caution when dealing in their shares until a further announcement is made. Responsibility Statement The Board and the Independent Board each accepts responsibility for the information contained in this announcement to the extent that it relates to the Company. To the best of their knowledge and belief, the information contained in this announcement is true and nothing has been omitted which is likely to affect the importance of the information. By order of the Board Johannesburg 21 May 2021 Sponsor AcaciaCap Advisors Proprietary Limited Date: 21-05-2021 01:30:00 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.