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ADAPT IT HOLDINGS LIMITED - Volaris Offer: Disclosure of Dealing in Securities and Exit Elections

Release Date: 27/09/2021 17:00
Code(s): ADI     PDF:  
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Volaris Offer: Disclosure of Dealing in Securities and Exit Elections

ADAPT IT HOLDINGS LIMITED
(Incorporated in the Republic of South Af rica)
(Registration number: 1998/017276/06)
Share code: ADI
ISIN: ZAE000113163
(“Adapt IT” or “the Company”)

VOLARIS GROUP INC
(Incorporated in Canada)
(Corporation number: 002277095)
(“Volaris”)


VOLARIS OFFER: DISCLOSURE OF DEALING IN SECURITIES AND EXIT ELECTIONS


1.    Introduction

      1.1. Shareholders of Adapt IT ("Adapt IT Shareholders") are referred to the various announcements
           released on SENS relating to the offer by Volaris to acquire control of Adapt IT through the
           acquisition of up to 100% of the issued ordinary shares (excluding treasury shares) of Adapt IT
           from the Adapt IT Shareholders for a cash consideration of R7.00 per Adapt IT share ("Volaris
           Offer").

      1.2. Capitalised terms used herein that are not otherwise defined, bear the meanings ascribed to them
           in the joint circular distributed to Adapt IT Shareholders relating to the Volaris Offer dated 1 June
           2021 (“Joint Circular”).

2.    Dealing in Securities

      2.1. In compliance with regulation 98(3) of the Companies Regulations, 2011, as amended
           (“Companies Regulations”), shareholders are advised that during the week commencing on 20
           September 2021 Volaris has acquired 300 839 Adapt IT Shares on the market, such that the entire
           beneficial shareholding held by Volaris in Adapt IT amounts to 0.218% of the total number of Adapt
           IT Shares in issue (and 0.219% of the total number of Adapt IT Shares in issue excluding treasury
           shares).

      2.2. As required in terms of regulation 98(2) of the Companies Act, Volaris has filed the required notices
           with the Takeover Regulation Panel.

3.    Elections

      3.1. Adapt IT Shareholders are reminded that the Transaction is subject inter alia to the condition that
           Exit Elections are made in respect of more than 50% of the Adapt IT Shares (excluding treasury
           shares).

      3.2. As at the date of this announcement, Exit Elections have been received in respect of 13,498,381
           Adapt IT Shares which amounts to 9.80% of the total number of Adapt IT Shares in issue (and
           9.83% of the total number of Adapt IT Shares in issue excluding treasury shares).

      3.3. Adapt IT Shareholders are hereby advised that to the extent that the Scheme becomes
           unconditional before the expected Scheme Finalisation Date as detailed in the Joint Circular, that
           the Scheme Implementation Date will be brought forward.

      3.4. Accordingly, Adapt IT Shareholders are encouraged to make their Exit Election or Continuation
           Election in respect of their Adapt IT Shares as soon as possible, for the reason set out above.

      3.5. Adapt IT Shareholders that make the Exit Election or Continuation Election should note that their
           elections are irrevocable.

4.    Adapt IT Board Responsibility Statement

      The independent board of Adapt IT accepts responsibility for the information contained in this
      announcement which relates to Adapt IT and confirms that, to the best of its knowledge and belief, the
      information contained in this announcement is true and nothing has been omitted which is likely to
      affect the importance of the information.

5.    Volaris Board Responsibility Statement

      The board of directors of Volaris accepts responsibility for the information contained in this
      announcement which relates to Volaris and confirms that, to the best of its knowledge and belief, the
      information contained in this announcement is true and nothing has been omitted which is likely to
      affect the importance of the information.


Johannesburg
27 September 2021

Sponsor
Merchantec Capital

Financial Advisor
The Standard Bank of South Africa Limited

Legal Advisor
Webber Wentzel

Transaction Advisor to Volaris
PSG Capital

Legal Advisor to Volaris
Cliffe Dekker Hofmeyr

Date: 27-09-2021 05:00:00
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