ASTORIA INVESTMENTS LIMITED - Fairness Opinion in respect of Related Party Agreement

Fairness Opinion in respect of Related Party Agreement

ASTORIA INVESTMENTS LTD
(Incorporated in the Republic of Mauritius)
(Registration number 129785 C1/GBL)
SEM share code: ATIL.N0000
JSE share code: ARA
ISIN: MU0499N00007
(“Astoria” or “the Company”)

FAIRNESS OPINION IN RESPECT OF RELATED PARTY AGREEMENT

Shareholders are referred to the announcement dated 5 May 2020, in which they were advised that
the Company had entered into an investment management agreement with RAC Advisory (Mauritius)
Limited (“RAC Advisory MU”) (“the IM Agreement”).

RAC Advisory MU is a Mauritian-domiciled, licenced Investment Adviser, which is owned, inter alia,
by associates of Messrs. Piet Viljoen and Jan van Niekerk, who are both directors of Astoria. The IM
Agreement therefore constitutes an agreement with related parties in terms of the Listings
Requirements of the JSE Limited (“the JSE”).

Accordingly, a fairness opinion from an independent expert was sought.

Moore Corporate Services Cape Town (Pty) Ltd, in its capacity as independent expert, has advised that
the terms of the IM Agreement are fair and a copy of such opinion can be found on the Company’s
website at the following link: http://www.astoria.mu/publications/.

Astoria has primary listings on the Stock Exchange of Mauritius (“SEM”) and the Alternative
Exchange of the JSE.

This notice is issued pursuant to SEM Listing Rules 11.3 and Rule 5(1) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules 2007. The Board accepts full responsibility
for the accuracy of the information contained in this announcement.


Mauritius
19 May 2020

Designated Advisor
Questco Corporate Advisory Proprietary Limited

SEM authorised representative and sponsor
GB Capital

Independent Expert
Moore Corporate Services Cape Town
Proprietary Limited

Date: 19-05-2020 09:30:00
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.