Raubex (pty) Limited made an offer to acquire additional 10.62% stake in Bauba Resources Limited (JSE:BAU) for ZAR 33.4 million on February 3, 2022. The offer consideration of ZAR 0.42 per share in cash shall be paid. Bauba Shareholders may elect to accept the Offer in whole or in part. 2.1.2 The Offer is subject only to the TRP having issued a compliance certificate in respect of the Offer. The Offer is expected to open for acceptance from, March 2, 2022, being one day after the expected posting of the combined offer circular to be distributed to Bauba Shareholders in respect of the Offer for a minimum period of 30 business days. An independent committee of the Bauba board of directors comprising Nakedi Matthews Phosa, Eugene Nel and Vincent Sean Edwards has been formed for the purposes of considering the Offer. Raubex has provided the TRP with an irrevocable and unconditional bank guarantee issued by Nedbank Limited. The amount of the bank guarantee is sufficient to satisfy the maximum aggregate Offer Consideration payable to Bauba Shareholders that accept the Offer. The offer will open from March 28, 2022 to May 27, 2022. The Offer is unconditional as to acceptances but is subject to the fulfilment of the Condition Precedent. Raubex has obtained the necessary authorizations and approvals from the Raubex Board to proceed with the Offer. No Shareholder has provided any irrevocable undertaking in respect of the Offer. Independent Expert has concluded that the terms and conditions of the Offer are fair and reasonable to Minority Shareholders.

Mazars Corporate Finance Proprietary Limited is acting as an independent expert in relation to the offer is advising independent board committee. Webber Wentzel acted as legal advisor for Bauba. Investec Bank Limited acted as financial advisor while DLA Piper South Africa Services (Pty) Ltd acted as legal advisor for Raubex.

Raubex (pty) Limited completed the acquisition of additional 10.62% stake in Bauba Resources Limited (JSE:BAU) on June 10, 2022.