enX GROUP LIMITED - Update on Transaction

Update on Transaction

ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX
ISIN: ZAE000222253
(“enX” or “the Company”)


UPDATE ON TRANSACTION

Further to the approval by enX shareholders on 29 November 2019 of the divestment by enX of its
ownership interest in its Fleet Management and Logistics business to Bidvest Bank Limited (“Bidvest”)
(“the Transaction”), shareholders are advised that the Company today received approval from the
South African competition authorities for the Transaction. Approval of the Namibia, Botswana and
Eswatini competition authorities have also been received.

The material conditions precedent that remain outstanding include, inter alia:

    •   the Prudential Authority established in terms of the Financial Sector Regulation Act, 2017
        approving the Transaction as required in terms of section 52 of the Banks Act;
    •   the holders of notes issued pursuant to enX’s note programme approving the necessary
        amendments required to provide for the early redemption of the notes;
    •   enX delivering to Bidvest a signed copy of the financing agreement(s) in respect of the
        refinancing of the South African forklift business; and
    •   the warranty and indemnity insurance policy being issued on terms satisfactory to enX and
        Bidvest.

The parties to the Transaction are working to fulfil these conditions by the end of the first quarter of
2020 and will inform shareholders accordingly.

Johannesburg
11 December 2019

Sponsor

The Standard Bank of South Africa Limited

Date: 11-12-2019 04:00:00
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