ADCORP HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1974/001804/06
Share code: ADR
ISIN: ZAE000000139
("Adcorp" or "the Company")




RESULTS OF THE ODD-LOT OFFER


1.     Introduction

1.1.      Shareholders are referred to the circular distributed to shareholders on Monday, 29 January 2024
          (“Circular”), containing the details of the odd-lot offer to all shareholders holding less than 100
          (one hundred) ordinary shares in the Company (“Odd-lot Offer”) and to the finalisation
          announcement released on Tuesday, 5 March 2024, which advised shareholders of the Odd-Lot
          Offer price and confirmed that the Odd-lot Offer had become unconditional and that the Company
          would accordingly proceed with the implementation of the Odd-lot Offer.

1.2.      Unless otherwise defined herein, capitalised words and terms contained in this announcement
          shall bear the meanings ascribed thereto in the Circular.

2.     Results of the Odd-lot Offer

2.1.      Shareholders are hereby advised that the Odd-lot Offer closed at 12:00 on Friday, 22 March 2024
          and the results thereof are as follows:


                                Number of            Number of          Number of         Total number
                                Adcorp Shares        Adcorp Shares      Adcorp Shares of Adcorp
                                retained by          sold by            sold by default ¹ Shares
                                election             election                             repurchased
                                                                                          by the
                                                                                          Company
                                                                                          pursuant to the
                                                                                          Odd-lot Offer

           Certificated                          -                  -             7 405               7 405

           Dematerialised                  4 938              52 004             14 292              66 296

           Total                           4 938              52 004             21 697              73 701

          Note:
          1. In terms of the Odd-lot Offer, Odd-lot Holders who did not make an election were
             automatically deemed to have agreed to dispose of their Odd-lot Holdings to Adcorp and
             to receive the Odd-lot Consideration in respect thereof.

2.2.      In terms of the Odd-lot Offer, Adcorp repurchased a total of 73 701 Adcorp Shares, representing
          0.07% of the total issued ordinary share capital of Adcorp, from 6 955 Odd-lot Holders for a total
          Odd-lot Consideration of R295 797.84.

2.3.      The Adcorp Shares repurchased by the Company in terms of the Odd-lot Offer will be cancelled
          and delisted on or about Thursday, 28 March 2024, and accordingly, the total issued ordinary share
          capital of Adcorp will be reduced from 109 954 675 to 109 880 974 Adcorp Shares.
3.   Salient Dates and Times

     Shareholders are reminded of the following remaining Salient Dates and Times in relation to the Odd-
     lot Offer:


                                                                                                2024
      Payment of the Odd-lot Consideration to Certificated Odd-lot Holders who      Monday, 25 March
      have accepted the Odd-lot Offer or who have made no election
      Dematerialised Odd-lot Holders who have accepted the Odd-lot Offer or         Monday, 25 March
      who have made no election will have their accounts at their CSDP or
      Broker credited with the Odd-lot Consideration
      Results of the Odd-lot Offer published in the South African press on or      Tuesday, 26 March
      about
      Delisting and cancellation of Adcorp Shares repurchased in terms of the     Thursday, 28 March
      Odd-lot Offer on or about


Johannesburg
25 March 2024


Corporate Advisor and Sponsor
Valeo Capital (Pty) Limited