Wrap Text
Variation Orders to Construction Contract Constituting a Small Related Party Transaction
ACSION LIMITED
Incorporated in the Republic of South Africa
(Registration number 2014/182931/06)
Share code: ACS ISIN: ZAE000198289
Listed on the General Segment of the Main Board
("Acsion" or the Group")
VARIATION ORDERS TO CONSTRUCTION CONTRACT CONSTITUTING A SMALL RELATED
PARTY TRANSACTION
1. Introduction
Shareholders are referred to the announcement released on SENS (and using the terms defined
therein, unless otherwise stated) on 11 November 2024 regarding the Construction Contract concluded
between Hey Joe, a wholly owned subsidiary of Acsion, and KAP for the construction of 69 hotel units
on the property owned by Hey Joe.
Subsequent to the conclusion of the Construction Contract, Hey Joe has approved, effective from
19 February 2025 until 15 August 2025, variation orders resulting in an increase of R17 211 980.50 in
the Contract Value beyond the amount initially disclosed ("Variation Orders"). These Variation Orders
arose in the ordinary course of finalising the Construction Contract and do not constitute a new
agreement or addendum between the parties.
KAP, which is beneficially owned by the chief executive officer of Acsion, Mr Kiriakos Anastasiadis, and
his family, remains a related party to Acsion. In accordance with paragraph 10.10 of service issue 32
of the JSE Listings Requirements ("Listings Requirements"), the aggregated value of the Construction
Contract, including the contingency allowance, together with the Variation Orders (collectively referred
to as "the Transaction"), constitutes a small related party transaction in terms of paragraph 10.7 of the
Listings Requirements.
2. The Transaction
2.1 Total Contract Value
The total value of the Transaction, excluding VAT, amounts to R104 748 228.73 ("Total Contract
Value") which will be settled by way of cash payments by Hey Joe of such amounts as are
certified in the monthly interim payment certificates issued by the principal agent in terms of the
Construction Contract, within 14 (fourteen) calendar days of the date of presentation thereof. To
date Hey Joe has paid R87 536 248.20.
2.2 Fairness Opinion
In terms of paragraph 10.7 of the Listings Requirements, the aggregated value of the Transaction
constitutes a small related party transaction for Acsion.
A small related party transaction is not subject to shareholder approval, provided an independent
expert has confirmed that the terms thereof are fair as far as shareholders are concerned. The
Board appointed Merchantec to provide a Fairness Opinion. Merchantec concluded that the
terms of the Transaction were fair insofar as the shareholders of Acsion are concerned, and a
copy of its Fairness Opinion in this regard has been approved by the JSE.
As required in terms of paragraph 10.7(c) of the Listings Requirements, the Fairness Opinion is
available for inspection at Acsion's registered office, Anaprop Offices, Mall@Reds Cnr Hendrik
Verwoerd Drive and Rooihuiskraal Drive, Centurion, 0157, and/or through a secure electronic
manner at the election of the person requesting the inspection, for a period of 28 days from the
date of this announcement. Shareholders who wish to view the Fairness Opinion should send
their request to the Company Secretary at michael@mwrk.co.za, who will facilitate access to
same.
Johannesburg
17 March 2026
Sponsor
Merchantec Capital
Date: 17-03-2026 02:20:00
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.
Sharenet Sites 
