BRAINWORKS LIMITED - Results of the Rights Offer

Results of the Rights Offer

Brainworks Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 115883 C1/GBL)
Share Code: BWZ ISIN: MU0548S00000
(“Brainworks” or “the Company”)

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE
UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN AND ANY OTHER JURISDICTION WHERE
EXTENSION OR MAKING THE RIGHTS OFFER WOULD BE UNLAWFUL OR IN CONTRAVENTION OF
APPLICABLE LAW. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM AN OFFER OF SECURITIES
IN THE UNITED STATES OR ANY OTHER JURISDICTION.

RESULTS OF THE RIGHTS OFFER

Shareholders are referred to the circular distributed to shareholders dated Monday, 02 September 2019 and the
announcement released by the Company on SENS on Tuesday, 27 August 2019, wherein the Company announced
its intention to raise up to ZAR85 799 980.50 by way of a renounceable rights offer (the “Rights Offer”).

The Rights Offer closed at 12h00 on Friday, 20 September 2019, and the board of directors of Brainworks is pleased
to announce that 71.42% of the Rights Offer Shares were subscribed for.

The results of the Rights Offer are set out in the table below:

                                                    Number of Rights             Rand value     % of Rights Offer
                                                       Offer Shares                                        Shares

Total shares available for subscription in terms            13 199 997     ZAR85 799 980.50               100.00%
of the Rights Offer (“Rights Offer Shares”)

Rights Offer Shares subscribed for                           9 427 476     ZAR61 278 594.00                71.42%

Following the issue of the Rights Offer Shares, the number of Brainworks’ shares in issue will be 105 733 671
(including 7 775 000 treasury shares).

Issue of Rights Offer Shares

The Central Securities Depository Participant (“CSDP”) or broker accounts of dematerialised Brainworks
shareholders who have followed their rights in terms of the Rights Offer will be credited with their Rights Offer
Shares and debited with any payments due on or about Monday, 23 September 2019.

Share certificates relating to the Rights Offer Shares will be posted to certificated Brainworks shareholders on or
about Monday, 23 September 2019, by registered post at their own risk.

Grand Baie, Mauritius
23 September 2019

Transaction sponsor                                       Legal advisor
Questco (Pty) Ltd                                         Bowmans

Date: 23/09/2019 08:54:00
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