Arden Capital Limited (JSE:ACZ) News - Agreement for the Disposal of FML Logistics (Private) Limited Arden Capital Limited (Incorporated in the Republic of Mauritius) (Registration number: 115883 C1/GBL) Share Code: ACZ ISIN: MU0548S00026 (“Arden Capital” or “the Company”) AGREEMENT FOR THE DISPOSAL OF FML LOGISTICS (PRIVATE) LIMITED Shareholders are advised that Brainworks Petroleum (Private) Limited (an indirect wholly-owned subsidiary of the Company) (“Seller”) has concluded an agreement in terms of which the Seller will sell its 100% shareholding interest in FML Logistics (Private) Limited (“FML”) to an unrelated third party (“the Purchaser”), for a disposal consideration of US$1million (ZAR 15,315,700.00 at an exchange rate of 15.3157, being the ZAR: USD exchange rate at the date of this announcement) (“the Disposal”). Overview of FML FML is engaged in logistics operations centred predominantly on transporting petroleum products within the Southern African Development Community. Sale consideration and use of proceeds The Disposal consideration, adjusted for the subsidiary intercompany debt noted below, is payable to the Seller within 7 business days after completing all the conditions precedent. The parties have agreed that the Disposal consideration of US$1million will be reduced by US$135,300, being the amount of intercompany debt between Brainworks Capital Management (Private) Limited (the Seller’s direct holding company) and FML, to a net consideration amount of US$864,700, following which Brainworks Capital Management (Private) Limited will be released from the intercompany debt owing to FML. Arden Capital will ultimately deploy the net proceeds towards settling various third-party creditors and other liabilities. Conditions precedent and conditions subsequent The Disposal remains subject to certain conditions precedent, in particular Reserve Bank of Zimbabwe approval being obtained no later than 90 days following the signature of the Disposal agreement. Furthermore, the Disposal is subject to the completion of the following conditions subsequent within 120 days of the signature of the Disposal agreement: a) consent from the Competition and Tariff Commission on terms generally acceptable to the Purchaser; and b) the Seller having obtained a capital gains tax clearance certificate from the Zimbabwe Revenue Authority. The Disposal does not constitute a Category 1 or Category 2 transaction in terms of the JSE Listings Requirements and is not subject to the approval of the Company’s shareholders. Grand Baie, Mauritius 15 November 2021 Sponsor Questco Corporate Advisory Proprietary Limited Date: 15-11-2021 05:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.