RESULTS OF THE ODD-LOT OFFER
ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR
ISIN: ZAE000000139
(“Adcorp” or “the Company“)
RESULTS OF THE ODD-LOT OFFER
1. Introduction
1.1 Shareholders are referred to the circular distributed to shareholders on Monday, 29 January 2024 (“Circular”), containing the details of the odd-lot offer to all shareholders holding less than 100 (one hundred) ordinary shares in the Company (“Odd-lot Offer”) and to the finalisation announcement released on Tuesday, 5 March 2024, which advised shareholders of the Odd-Lot Offer price and confirmed that the Odd-lot Offer had become unconditional and that the Company
would accordingly proceed with the implementation of the Odd-lot Offer.
1.2 Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the meanings ascribed thereto in the Circular.
2. Results of the Odd-lot Offer
2.1 Shareholders are hereby advised that the Odd-lot Offer closed at 12:00 on Friday, 22 March 2024 and the results thereof are as follows:
| Number of Adcorp Shares retained by election | Number of Adcorp Shares sold by election | Number of Adcorp Shares sold by default ¹ | Total number of Adcorp Shares repurchased by the Company pursuant to the Odd-lot Offer | |
| Certificated | – | – | 7 405 | 7 405 |
| Dematerialised | 4 938 | 52 004 | 14 292 | 66 296 |
| Total | 4 938 | 52 004 | 21 697 | 73 701 |
Note:
- In terms of the Odd-lot Offer, Odd-lot Holders who did not make an election were automatically deemed to have agreed to dispose of their Odd-lot Holdings to Adcorp and to receive the Odd-lot Consideration in respect thereof.
2.2 In terms of the Odd-lot Offer, Adcorp repurchased a total of 73 701 Adcorp Shares, representing 0.07% of the total issued ordinary share capital of Adcorp, from 6 955 Odd-lot Holders for a total Odd-lot Consideration of R295 797.84.
2.3 The Adcorp Shares repurchased by the Company in terms of the Odd-lot Offer will be cancelled and delisted on or about Thursday, 28 March 2024, and accordingly, the total issued ordinary share capital of Adcorp will be reduced from 109 954 675 to 109 880 974 Adcorp Shares.
3. Salient Dates and Times
Shareholders are reminded of the following remaining Salient Dates and Times in relation to the Odd-lot Offer:
| 2024 | |
| Payment of the Odd-lot Consideration to Certificated Odd-lot Holders who have accepted the Odd-lot Offer or who have made no election | Monday, 25 March |
| Dematerialised Odd-lot Holders who have accepted the Odd-lot Offer or who have made no election will have their accounts at their CSDP or Broker credited with the Odd-lot Consideration | Monday, 25 March |
| Results of the Odd-lot Offer published in the South African press on or about | Tuesday, 26 March |
| Delisting and cancellation of Adcorp Shares repurchased in terms of the Odd-lot Offer on or about | Thursday, 28 March |
Johannesburg
25 March 2024
Corporate Advisor and Sponsor
Valeo Capital (Pty) Limited