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Further support for the offer and competition commission approval

Friday, 3 March 2017

Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the joint firm intention announcement published by Petmin, Bidco and Capitalworks on SENS on 19 December 2016 (“Firm Intention Announcement”).

Shareholders are referred to the Firm Intention Announcement and the subsequent announcements pertaining to the Offer, published on SENS on:

29 December 2016, relating to further irrevocable support for the Offer (“Update Announcement”);
20 February 2017, relating to the extension of the posting date of the Circular, accompanied by the Prospectus; and
23 February 2017, relating to the revised pro forma financial effects of the Offer.

FURTHER SUPPORT FOR THE OFFER

Shareholders were advised in the Update Announcement that further Irrevocables had been obtained, such that support for the Offer in the form of Irrevocables represented 46.47% of the Offer Shares.

Shareholders are advised that, since the Update Announcement, further Irrevocables and non-binding letters of support (“Letters of Support”) in respect of the Offer have been obtained.

As at the date of this announcement, the total Shareholder support for the Offer represents 56.70% of the Offer Shares, comprising:

49.87% of the Offer Shares in the form of Irrevocables; and
6.83% of the Offer Shares in the form of Letters of Support.

COMPETITION COMMISSION APPROVAL

In the Firm Intention Announcement Shareholders were informed that the implementation of the Scheme and the Standby Offer are conditional upon the receipt of the Regulatory Consents. These Regulatory Consents include the approval of the South African Competition Authorities.

Shareholders are advised that, since the Firm Intention Announcement, the Competition Commission has unconditionally approved the Transaction. Details of the remaining Scheme Conditions and Standby Offer Conditions will be set out in the Circular, accompanied by the Prospectus, which will be posted to Shareholders on or about 3 April 2017.

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