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CONDUIT CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND ISIN: ZAE000073128
(“Conduit Capital” or “the Group”)
UPDATE TO SHAREHOLDERS AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement released on SENS on 21 June 2022 and subsequent renewal
dated 1 August 2022, and to the announcements released on SENS on 1 August 2022 and 26 August 2022
(and using the terms defined therein unless otherwise stated herein) wherein shareholders were advised:
o that following an application by the Prudential Authority (“PA”) to the High Court of South Africa,
Gauteng Local Division (“High Court”), Constantia Insurance Company Limited (“CICL”) had been
placed under provisional curatorship and that in response thereto, the Financial Services Conduct
Authority (“FSCA”) had placed a restriction on CICL from writing new business until the Curator was
satisfied that doing so would not negatively impact the regulatory capital of CICL; and
o that the PA and FSCA had been unwilling to entertain the Board’s appeal on the new business
restriction,
the Board hereby advises shareholders that the PA has today lodged an application to the High Court to
place CICL into liquidation, with the court date set down for either the 6 or 13 September 2022, depending
on whether or not the application is opposed. Conduit Capital is currently reviewing the application, before
considering any legal response.
Given that CICL is Conduit Capital’s main subsidiary, representing approximately 94.4% of the revenue of
the consolidated Group for the six months ended 31 December 2021, and the uncertainty of the impact that
the liquidation of CICL, if granted, would have on Conduit Capital, shareholders are advised to continue to
exercise caution when dealing in Conduit Capital securities until a further announcement is made.
Johannesburg
30 August 2022
Sponsor
Merchantec Capital
