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Novus - update on TRP ruling
Shareholders ("Mustek Shareholders") of Mustek Ltd. ("Mustek") were referred to –
- the firm intention announcement released by Novus on the Stock Exchange News Service ("SENS") on Friday, 15 November 2024 ("FIA") and subsequent announcements regarding the mandatory offer by Novus to Mustek Shareholders;
- the combined offer circular outlining details of the Mandatory Offer ("Circular"), which was distributed on Friday, 30 May 2025 as well as the SENS announcement of 30 May 2025 ("30 May Announcement") alerting Mustek Shareholders of the Circular. Copies of the Circular are available on Novus' website at novus.holdings/investor-centre/ and Mustek's website at mustek.co.za/investor/; and
- the joint SENS announcement released on 1 August 2025 which, inter alia, advised of an investigation ("TRP Investigation") initiated by the TRP into matters described therein.
TRP Ruling - Concert Parting Determination
Notwithstanding the submissions made by Novus and one of its brokers, Numus Capital (Pty) Ltd. ("Numus"), the TRP determined that Numus is a concert party of Novus for the purposes of the Mandatory Offer.
Novus fundamentally disagrees with the conclusions reached by the TRP in this respect and will consider its rights and/or remedies.
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