Resilient REIT Limited (JSE:RES) made an offer to acquire the remaining 57.5% stake in Lighthouse Capital Limited (MUSE:GFP.N0000) for ZAR 5.1 billion on May 14, 2021. Resilient has offered to purchase all remaining shares in Lighthouse for a cash amount of ZAR 7.13 per share. The Board of Directors of Resilient confirms that it has sufficient financial resources to satisfy the acceptance of the offer in full. Resilient has received irrevocable undertakings from 32.91% of Lighthouse shareholders to not to accept the offer, in whole or in part, not to sell, dispose or otherwise transfer any of the Lighthouse shares in respect of which undertakings have been furnished until the expiry of the offer and waive any requirement for Resilient to post any cash confirmation of whatsoever nature in relation to the offer. Lighthouse Board appointed the Independent Advisor to carry investigation and advise the Lighthouse Board as to whether the Offer is fair and reasonable. Advisor submitted its report to the Lighthouse Board on Thursday, 10 June 2021. After considering the report, the Board recommends to Shareholders to not accept the Offer as valuation of Lighthouse Shares resulted in an indicative valuation range between ZAR7.33 and ZAR8.65 per Lighthouse Share. The Offer Consideration of ZAR7.13 is not within the fair value range of a Lighthouse Share, and is therefore unfair to Lighthouse Shareholders. The offer will be unconditional. The offer is made in compliance with the requirements of the Securities Takeover Rules and is governed by and subject to the provisions of the laws of Mauritius and will be subject to the exclusive jurisdiction of a Mauritian court. The offer opens on May 28, 2021 and will receive valid acceptances till July 23, 2021.

Java Capital (Proprietary) Limited acted as the financial advisor whereas Dentons Mauritius LLP acted as the legal advisor to Resilient. JSE Investor Services (Pty) Ltd and Intercontinental Trust Limited acted as transfer agent for Lighthouse. Mazars Corporate Finance Limited acted as fairness opinion provider and Perigeum Capital acted as sponsor and transaction advisor to to Lighthouse. Intercontinental Secretarial Services Ltd acted as registrar.

Resilient REIT Limited (JSE:RES) completed the acquisition of additional 0.33% stake in Lighthouse Capital Limited (MUSE:GFP.N0000) for ZAR 29.4 million on July 23, 2021. As at the end of offer, only 4.12 million shares were tendered. As a result, Resilient owns 40.39% stake in Lighthouse Capital.