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Sea Harvest - small related party transaction
In terms of the Sale of Shares and Claims Agreement ("SPA") entered into between, inter alias, Sea Harvest and Terrasan (the “Parties”), West Point Processors (Pty) Ltd. ("West Point Processors"), one of the acquired companies, is required to remediate certain matters in terms of the SPA ("Remediation Process"). Details of the arrangements governing the remediation of, and security for, the associated liability are set out in the SPA as detailed in, and made available for inspection pursuant to, the joint circular issued by the parties on 14 February 2024 (“2024 Circular”). Shareholders are referred to the 2024 Circular for additional details relating to that transaction.
Pursuant to the above, the Parties have entered into a cession and pledge of shares agreement (“Cession and Pledge Agreement”) and a related escrow agent appointment letter with Computershare Investor Services (Pty) Ltd., as escrow agent, to regulate the security arrangements relating to the Remediation Process.
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