Old Mutual Private Equity managed by Old Mutual Private Equity Fund V made as cash offer to acquire Long4life Limited (JSE:L4L) for ZAR 3.7 billion on December 3, 2021. Under terms of cash offer, OMPE to acquire all of the ordinary shares in Long4Life for a purchase consideration of ZAR 5.80 per Long4Life share, by way of a scheme of arrangement in accordance with section 114 of the Companies Act, No 71 of 2008 and subsequent delisting of Long4Life from the Johannesburg Stock Exchange. As on December 20, 2021, the offer price was increased to ZAR 6.2 per share. As of May 13, 2022, each shareholder to receive ZAR 6.2249 per share. OMPE has successfully concluded a due diligence investigation. The Long4Life board of directors has constituted an independent board comprising Graham Dempster, Lionel Jacobs, Tasneem Abdool-Samad and Keneilwe Moloko (the “Independent Board”) to consider and engage with OMPE in relation to the Proposed Transaction.

Implementation of the Scheme is subject to the fulfilment or (where applicable) waiver of the Scheme Conditions including, inter alia, approval of the Scheme by the Long4Life Shareholders by way of the Scheme Special Resolution. In the event that the Scheme becomes operative, the JSE has granted approval for the suspension of the listing of Long4Life's Shares on the JSE with effect from the commencement of trade on the JSE on the day following the Scheme Last Day to Trade, which is expected to be Tuesday, June 7, 2022, and the termination of the listing of the Long4Life Shares on the JSE from the commencement of trade on the day following the Operative Date, which is expected to be Monday, June 13, 2022. By no later than March 31, 2022, all Shareholder resolutions required in order to lawfully and competently implement the Scheme, including the Scheme Special Resolution, have been approved by the Shareholders. Approval of the implementation of the Scheme Special Resolution by the Court is obtained by no later than April 30. 2022, receipt of the unconditional approval of the Scheme in writing by the relevant competition authorities and all regulatory approvals legally necessary for the implementation of the Scheme by no later May 31, 2022 is received. Irrevocable undertakings have been received for 14.2% stake. The IDC unanimously of the opinion that the terms and conditions of the Scheme are fair and reasonable to Long4Life Shareholders and accordingly, recommends that Long4Life Shareholders vote in favor of the Resolutions to be proposed at the General Meeting. The General Meeting will be held at 09:00 on Monday, 28 February 2022. As on March 1, 2022, the transaction is approved by shareholders of Long4life Limited. As of May 12, 2022, the Competition Commission favors sale of Long4Life. As of May 13, 2022, all of the Scheme Conditions have now been fulfilled and the Scheme has accordingly become unconditional. Expected last day to trade, being the last day to trade Long4Life Shares on the JSE in order to participate in the Scheme is June 7, 2022.

Investec Bank plc, PSG Capital (Pty) Limited and Werksmans Attorneys Incorporating Jan S. de Villiers acted as financial advisor, fairness opinion provider and legal advisor to Long4life whereas Rand Merchant Bank and Cliffe Dekker Hofmeyr acted as financial and legal advisor to Old Mutual Private Equity in transaction.