IJ Calisto agreed to acquire 68.4% stake in Cartrack Holdings Limited (JSE:CTK) for ZAR 2.7 billion on February 28, 2019. Pursuant to the terms of the transaction, IJ Calisto acquired 204.5 million shares in Cartrack Holdings Limited for ZAR 13.44 per share. The fulfillment of the transaction is subject to applicable regulatory requirements and other conditions precedent. Prior clearance for the transaction was obtained. IJ Calisto completed the acquisition of 68.4% stake in Cartrack Holdings Limited (JSE:CTK) on July 17, 2019. As IJ Calisto holds in excess of 35% of the issued share capital of Cartrack, so in consequence, a mandatory offer has been triggered at a price of ZAR 13.44 per Cartrack share, being the highest price at which IJ Calisto or its concert parties acquired Cartrack shares within the six month period before the commencement of the current offer period. The subsequent offer will open on August 19, 2019 and close on September 27, 2019.