Mantessa Equities Proprietary Limited, Granadino Investments (Pty) Ltd and Peridot ("Offerors") Trust entered into an implementation agreement to acquire additional 13.32% stake in Mettle Investments Limited (JSE:MLE) from Hendrik Frederik Prinsloo and associates, Peter Judge and associates and others for ZAR 69.2 million on September 11, 2020. Under the terms of the agreement, Offerors will acquire 32.9 million shares for ZAR 2.1 per share. Mantessa, Granadino and Peridot will acquire 24 million shares, 7 million shares and 1.9 million shares respectively. The transaction will be financed by the existing cash resources of the Offerors. Post completion of the transaction, Mettle will be delisted from the stock exchange. The transaction is subject to i) approval from Mettle shareholders; ii) in respect of the appraisal rights of shareholders as contained in section 164 of the Companies Act, no valid appraisal demands are received by Mettle or, if any valid appraisal demands are received, such demands are received from Mettle Shareholders who, in aggregate, hold less than 5% (five percent) of the aggregate number of Mettle Shares; iii) if the scheme is rejected by 15% or more of the voting rights exercised and any person who voted against the Scheme Resolutions requires Mettle to apply to Court for approval of the Scheme in terms of section 115(3)(a): A) Mettle elects not to treat the Scheme Resolutions as a nullity, subject to the approval of the Offerors; and B) the Court approves the Scheme Resolutions, following Mettle’s application to Court for such approval; iv) if any Mettle Shareholder who voted against the Scheme Resolution applies to court for a review of the Scheme in terms of section 115(3)(b) and section 115(6) of the Companies Act, either (a) the court refuses to grant leave to apply for such review, or (b) if leave to apply for review is granted, the court refuses to set aside the Scheme Resolutions; and v) a compliance certificate in respect of the Scheme is issued by the TRP in terms of section 119(4)(b) of the Companies Act. On November 23, 2020, the transaction was approved by the shareholders of Mettle Investments Limited. QuestCo (Pty) Limited and Nodus Capital (Proprietary) Limited acted as the financial advisor for Mettle. Mettle Corporate Finance Proprietary Limited acted as joint corporate advisor to Mettle. RH Legal acted as the legal advisor for Mettle. Edward Nathan Sonnenbergs Inc. acted as legal advisor for the Offerors.