BROAD-BASED BLACK ECONOMIC EMPOWERMENT TRANSACTION
("B-BBEE TRANSACTION") UPDATE
SANDTON / ACCESSWIRE / December 13, 2019 / Further to the announcement released on the stock exchange news service of the JSE Limited ("SENS") on
5 June 2019 and using the terms as defined in the Barloworld circular to shareholders dated 18 December 2018, Barloworld Shareholders are advised that, following fulfilment of the Conditions Precedent to the B-BBEE Transaction on 31 May 2019, the transaction is in the process of being implemented.
In accordance with the terms of the Framework Agreement, Barloworld has determined that a sufficient minimum value of Properties (as amended in terms of the SENS announcement released on 9 April 2019: Amendment to the Terms of the B-BBEE Transaction), have been transferred to Khula Sizwe.
Accordingly, the Foundation Shares, being 6 578 121 Barloworld Shares, are being allotted and issued on 13 December 2019 to the Foundation and application has been made to the JSE for the listing of the Foundation Shares on or before 20 December 2019.
Barloworld and Khula Sizwe continue to exercise their respective reasonable commercial endeavours to transfer the balance of the Properties to Khula Sizwe.
Johannesburg
13 December 2019
Company Secretary
A Ndoni
Corporate Adviser and Transaction Sponsor to Barloworld
Tamela Holdings Proprietary Limited
Sponsor to Barloworld
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Legal Adviser to Barloworld
Dentons
Corporate Adviser to Khula Sizwe
Tamela Holdings Proprietary Limited
Legal Adviser to Khula Sizwe
Poswa Incorporated
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: Barloworld Limited