The month of May was a very busy, but extremely exciting month for us.

 

Earlier this year we planned, in conjunction with all parties involved, to implement 3 transactions in sequence on the 31st of May.

 

  • The first transaction was the sale of a partnership interest with a deal value ZAR 55 700 000;

 

  • the second transaction was also the sale of a partnership interest with a deal value ZAR 330 514 573; and

 

  • the third transaction was an acquisition of shares transaction with a deal value of ZAR 800 000 000.

 

The success of each transaction was dependent on the other transactions, which were altogether complex and there was extensive finance applicable to the transactions.

 

There were in total 40 entities involved. Some were involved a great deal and others, to a lesser extent.

 

The success of this implementation is in large part attributable to the right people being involved; landing transactions of this magnitude and complexity presented great difficulty as it was all planned for a specific day.

 

It does confirm again our view that there is no substitute for exceptionally skilled people.

 

We enclose the SENS announcement regarding the detail of the transactions.