Distell Group Holdings (JSE:DGH) News - Voluntary update and further cautionary announcement

Distell Group Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2016/394974/06
ISIN: ZAE000248811
Share Code: DGH
("Distell" or "the Company")

VOLUNTARY UPDATE AND FURTHER CAUTIONARY ANNOUNCEMENT

1.   Introduction and update on discussions

     Shareholders are referred to the cautionary announcement released on SENS on 18 May 2021
     and the further cautionary announcements released on SENS on 29 June 2021, 11 August 2021,
     and 26 August 2021, relating to the approach by Heineken N.V. ("Heineken") regarding the potential
     acquisition of the majority of Distell’s business ("Potential Transaction").

     In the cautionary announcement of 26 August 2021, shareholders were informed that discussions
     between Heineken and Distell were progressing and that Distell believed it would be able to provide
     more detailed information on the Potential Transaction before the end of Q3 2021. Shareholders
     were also informed that the Potential Transaction, should it proceed, will be subject to several con-
     ditions one of which relates to Distell not making any distributions, including a dividend declaration,
     to its shareholders in respect of the financial year ended 30 June 2021. Accordingly, Distell did not
     declare a dividend for the financial year ended 30 June 2021.

     Satisfactory progress has been made with regards to the discussions with certain issues still to be
     agreed. The parties are committed to finalising these outstanding issues in the shortest possible
     time frame and Distell will inform shareholders immediately upon their finalisation.

     As previously indicated, if discussions are terminated, Distell intends to declare a dividend in re-
     spect of the financial year ended 30 June 2021.

2.   Further Cautionary

     Shareholders should be cognisant that there is still no certainty that the remaining aspects will be
     successfully resolved and agreed.

     Shareholders are therefore advised to continue to exercise caution when dealing in their Distell
     securities until a further announcement is made, as the outcome of the discussions referred to in
     this cautionary may influence the price of the Distell securities.


Stellenbosch
29 September 2021

Transaction Advisor and Sponsor to Distell
Rand Merchant Bank (a division of FirstRand Bank Limited)

Legal Advisor to Distell
ENSafrica

Date: 29-09-2021 08:00:00
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