STEINHOFF AFRICA RETAIL LIMITED - Update On Shoprite Call Options
SRR 201712150047A
Update On Shoprite Call Options
Steinhoff Africa Retail Limited
(Previously K2017221869 (South Africa) Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2017/221869/06)
Share Code: SRR
ISIN: ZAE000247995
(?STAR? or the ?Company?)
UPDATE ON SHOPRITE CALL OPTIONS
Shareholders are referred to STAR?s previous announcement dated 30 November 2017
pertaining to the exercise of call option agreements with PIC, Lancaster, Titan and Lavender
Sky (?call options?) to acquire approximately 23.1% economic interest in, and approximately
50.6% voting control of Shoprite, which call option agreements are subject to certain
conditions precedent.
The STAR board received confirmation from Titan which confirms that the call option
agreement with Titan will not be capable of implementation and will not become
unconditional. This means that the Lavender Sky call option agreement will also terminate.
As a result, the STAR board will therefore not be able to implement the call options pertaining
to Titan and Lavender Sky.
The STAR board will enter into discussions with the remaining parties in respect of their call
option agreements to assess the way forward.
Stellenbosch
15 December 2017
Sponsor
PSG Capital
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