Heriot Properties Proprietary Limited, Heriot Investments Proprietary Limited and Reya Gola Investments Pty Ltd (Offerors) made a general offer to acquire remaining 60.10% stake in Safari Investments RSA Limited (JSE : SAR) for approximately ZAR 870 million on June 3, 2022. The offer price is ZAR 5.6 cash per share. Prior to this transaction, Safari Investments is held 33.1% by the Offerors.

The Company has constituted an independent board of directors, consisting of MT Matshoba-Ramuedzisi, GJ Heron and MH Muller to fulfil the role of an “independent board” for the purpose of the offer and of advising Safari shareholders thereon. The South African Competition Authorities have unconditionally approved a merger between Heriot and Safari. The offer is unconditional, acceptance of the offer will be irrevocable.

The offer will open on June 22, 2022, and close on August 5, 2022. As of October 13, 2022, the tender offer will commence on October 14, 2022 and close on November 25, 2022. If the Offerors stake exceed the 35% threshold as a result of acceptances of the offer, then they are not required to make a mandatory offer to Safari shareholders under Chapter 5 of the Companies Act and the Takeover Regulation.

Takeover Regulation Panel has extended the date by which Heriot must post its offer circular to 29 July 2022. Takeover Regulation Panel has extended the date by which Heriot must post its offer circular to September 30, 2022. Java Capital (Proprietary) Limited acted as the financial advisor to Heriot.

Computershare Investor Services (Proprietary) Limited acted as registrar to Safari Investments. Werksmans Attorneys Incorporating Jan S. de Villiers acted as legal advisor to Heriot Properties.