eXtract GROUP LIMITED - Conclusion of subscription agreement
EXG 201710310045A
Conclusion of subscription agreement
EXTRACT GROUP LIMITED
(previously Eqstra Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
JSE share code: EXG ISIN: ZAE000223202
(“eXtract”)
CONCLUSION OF SUBSCRIPTION AGREEMENT
1. INTRODUCTION
Shareholders are advised that Newshelf 1396 Proprietary Limited (“Newshelf”) (a wholly-owned subsidiary
of eXtract) has concluded an agreement (the “subscription agreement”) with Last Mile Fund Proprietary
Limited (“LMF”) in terms of which Newshelf will subscribe for 192 shares in LMF for a subscription
consideration of R25 million (the “transaction”).
2. RATIONALE
LMF is a fund created by eXtract, the ARC Fund (“ARC”), Bernard Swanepoel and Clinton Halsey with the
purpose of making high return investments within the resources and mining supply sectors. The fund will be
equity funded by ARC with an initial R92.5 million (representing 71.2% of the equity in LMF), eXtract
(through Newshelf) with an initial R25 million (representing 19.2% of the equity in LMF), and a combined
R12.5 million by Bernard Swanepoel and Clinton Halsey (representing 9.6% of the equity in LMF).
LMF has identified its first investment opportunity, being to fund a consortium which will acquire the
Mooiplaats Coal Mine, situated near Ermelo in Mpumalanga, from Coal of Africa. The initial equity funding
provided by the LMF shareholders will be used to part finance this investment opportunity.
3. SALIENT TERMS OF THE TRANSACTION
The subscription agreement is unconditional and will be implemented with immediate effect. The subscription
consideration of R25 million is payable within 15 business days after signature of the subscription agreement,
against the allotment and issue of the 192 LMF shares to Newshelf.
The subscription agreement contains undertakings which are normal for a transaction of this nature.
4. CATEGORISATION OF THE TRANSACTION
The transaction is categorised as a category 2 transaction in terms of the JSE Listings Requirements for
eXtract and accordingly does not require approval by eXtract shareholders.
5. FINANCIAL INFORMATION
The value of the net assets acquired in terms of the transaction is R25 million, being the subscription
consideration. LMF is a newly incorporated entity. As such there are no historic profits attributable to the net
assets being acquired by Newshelf.
31 October 2017
Sponsor Legal advisor
Java Capital enS Africa
Date: 31/10/2017 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
