Enhanced Investments - Financial Portal

Update on the acquisition of Terrasan

Published: 2024-05-14 17:30:19 ET

   SEA HARVEST GROUP LIMITED
   (Incorporated in the Republic of South Africa)
   Registration Number: 2008/001066/06
   Share code: SHG     ISIN: ZAE000240198
   (“Sea Harvest” or “the Company”)


   UPDATE ON THE ACQUISITION OF TERRASAN


   Sea Harvest shareholders (“Shareholders”) are referred to the joint firm intention announcement dated Monday,
   22 January 2024 and circular distributed to Shareholders Friday, 26 January 2024 which related to:


       •   Sea Harvest Pelagic Fishing Proprietary Limited acquiring from Terrasan Beleggings Proprietary Limited
           ("Terrasan Beleggings") 100% of all the issued ordinary shares in and loan claims against West Point
           Fishing Corporation Proprietary Limited, and 100% of all the issued ordinary shares in and loan claims
           against Saldanha Sales and Marketing Proprietary Limited (together “Saldanha”); and
       •   Sea Harvest Aquaculture Proprietary Limited acquiring from Terrasan Beleggings 63.07% of all the
           issued shares in and loan claims against Aqunion Proprietary Limited (“Aqunion”),


       (the "Transaction").


   Shareholders are advised that the all the conditions precedent have been met and the Transaction has been
   successfully concluded.


   Saldanha was founded in 1905 in St Helena Bay and brings a 119-year history and a new basket of
   complementary products to Sea Harvest. Aqunion was one of the first abalone farms in South Africa and will add
   considerable value and expertise to Sea Harvest’s existing abalone business.


   Sea Harvest welcomes Terassan Beleggings, with a rich history of 60 years, as its second largest shareholder.
   This transformative transaction creates the largest abalone business in the Southern Hemisphere and one of the
   largest black-owned diversified fishing businesses in South Africa.


Cape Town
14 May 2024
Financial Advisor and Transaction Sponsor
The Standard Bank of South Africa Limited

Legal Advisor
Webber Wentzel

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

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All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.