Sekunjalo Investments Holdings (Pty) Ltd. made an offer to acquire 6.144762% stake in Premier Fishing & Brands Limited (JSE:PFB) for SAR 25.6 million on December 9, 2022. African Equity Empowerment shall be a cash consideration of SAR 1.60 per Share. Currently, African Equity Empowerment hold 56.2% stake in PFB. the Offeror has obtained and delivered to the TRP an irrevocable unconditional confirmation from Adriaans Attorneys Inc. that it holds sufficient cash in its trust account for the total Scheme Consideration. Subsequent to the Scheme becoming operative, PFB shall delist from the securities exchange operated by the JSE Limited (“JSE”) (the Scheme and the delisting hereinafter referred to as the “Proposed Transaction”). PFB has constituted an independent board comprising Rosemary Mosia, Clifford van der Venter and Patrick Mngconkola (“Independent Board”) to consider the terms and conditions, and the merits, of the Scheme and the Offer. Transaction is subject to the conditions set out in the joint circular to be distributed to PFB Shareholders in due course (“Circular”), AEEI and PFB having obtained all such other corporate and regulatory approvals for the Scheme . As of March 31, 2023, with reference to March 3, 2023, announcement stated that Sekunjalo has provided PFB with written notice of its firm intention to make an offer to the PFB Minority Shareholders to acquire the Scheme Shares. PFB Shareholders are advised that, there is certain delays in the finalization of the Circular, the Circular will not be distributed to PFB Shareholders on Monday, April 3, 2023. Accordingly, an application was made to the TRP to extend the date of distribution of the Circular to Friday, May 5, 2023. As of May 5, 2023, the shareholders of PFB have approved the transaction and The Independent Expert has determined that the Scheme Consideration is fair and reasonable to PFB Shareholders. as of May 5, 2023, the scheme implementation date is expected to be July 31, 2023.

Vunani Corporate Finance acted as financial advisor to Sekunjalo. Clyde & Co LLP acted as legal advisor to Sekunjalo. Exchange Sponsors (Pty) Limited acted as fairness opinion provider and Smith Tabata Buchanan Boyes acted as legal advisor to Premier Fishing & Brands.