ZEDER INVESTMENTS LIMITED - General Repurchase Of Ordinary Shares And Update On The Sum-Of-The-Parts Value Per Share

General Repurchase Of Ordinary Shares And Update On The Sum-Of-The-Parts Value Per Share

ZEDER INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2006/019240/06)
Share code: ZED
ISIN: ZAE000088431
LEI:37890022AF5FD117D649
(“the Company”)

GENERAL REPURCHASE OF ORDINARY SHARES AND UPDATE ON THE SUM-OF-THE-PARTS (“SOTP”) VALUE PER SHARE

At the annual general meeting of the Company held on 17 July 2020 ("AGM"), shareholders,
by special resolution, granted a general authority to the board of directors of the Company
(“Board”) to repurchase up to 20% of the issued ordinary share capital of the Company, on
the terms and subject to the conditions specified in the notice of AGM.

Shareholders are hereby advised that, during the period commencing on 21 July 2020 to
2 December 2020, the Company repurchased an aggregate of 49 393 433 ordinary shares,
representing 3.02% of the issued ordinary share capital of the Company as at the date on
which the authority to repurchase the ordinary shares was granted (“Repurchases”). The
aforementioned ordinary shares were repurchased for an aggregate value of R121 291 196,
funded out of the Company´s available cash resources, as follows:

 Date of              Aggregate         Highest price      Lowest price      Aggregate
 Repurchases          number of         per ordinary       per ordinary      value
                      ordinary shares   share              share
                      repurchased       repurchased        repurchased
 21 July 2020 to      49 393 433        R2.69              R2.20             R121 291 196
 2 December 2020

The Repurchases were made in terms of the general authority granted by shareholders at the
AGM and were effected through the order book operated by the JSE Limited trading system
without any prior understanding or arrangement between the Company and the
counterparties. The requirements for the general repurchase of ordinary shares in terms of
paragraph 5.72(a) of the JSE Limited Listings Requirements, have been complied with.

The ordinary shares repurchased will be delisted and cancelled as soon as possible following
the date of this announcement as the JSE Limited may permit. Following the cancellation of
these shares, the Company will hold 5 001 469 ordinary shares in treasury.

The Company may repurchase a further 277 825 759 ordinary shares (16.98% of the ordinary
shares in issue as at the date on which the authority was granted), in terms of the current
general authority, which is valid until the Company’s next annual general meeting.

The impact of the Repurchases on the financial position of the Company is immaterial, as the
Repurchases were funded out of the Company’s available cash resources.

OPINION OF THE BOARD

The Board has considered the effect of the Repurchases and is of the opinion that, for a period
of 12 months following the date of this announcement:

•    the Company and its subsidiaries (“the Group”) will be able, in the ordinary course of
     business, to repay their debts;
•    the consolidated assets of the Company and the Group will be in excess of the
     consolidated liabilities of the Company and the Group;
•    the Company´s and the Group´s share capital and reserves will be adequate for the
     purposes of the business of the Company and the Group; and
•    the Company and the Group will have sufficient working capital for ordinary business
     purposes.

SUM-OF-THE-PARTS (“SOTP”) VALUE PER SHARE

Shareholders should note that the live SOTP value per share has been updated on Zeder’s
website, simultaneously with the release of this announcement, to reflect the Repurchases.

Stellenbosch
3 December 2020

Sponsor
PSG Capital

Independent joint sponsor
UBS South Africa

Date: 03-12-2020 03:00:00
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