Arden Capital Limited (JSE:ACZ) News - Results of Special Meeting and Renewal of Cautionary

Arden Capital Limited
(Incorporated in the Republic of Mauritius)
(Registration number: 115883 C1/GBL)
Share Code: ACZ
ISIN: MU0548S00026
(“Arden Capital” or “the Company”)

RESULTS OF SPECIAL MEETING AND RENEWAL OF CAUTIONARY

Shareholders are referred to the announcement published on SENS on 18 November 2021 in relation to
the distribution of a circular to Shareholders (“Circular”) setting out the proposed Voluntary Liquidation of
the Company, Unbundling of shares held in Arden Enterprises Limited, and Reduction of Stated Capital
(“Proposed Transaction”). The Circular further contained a Notice of Special Meeting for Shareholders to
consider and vote on the Proposed Transaction.

Terms defined and used in the Circular published on Thursday, 18 November 2021, have been used in
this announcement.

Results of Special Meeting

Shareholders are advised that all the Resolutions proposed at the Special Meeting held on 20 December
2021 were approved by the requisite majority of votes. In this regard, the Company confirms the voting
results from the Special Meeting as follows:

The total number of Arden Capital ordinary shares in issue is 117 266 523 shares (109 491 523 listed
votable shares plus 7 775 000 treasury shares), of which 94 102 261 shares had votes cast at the Special
Meeting, representing 85.94% of the total votable ordinary shares.

 Resolutions:                                             Shares Voted              Abstained    Votes     Votes
                                                                                  from Voting      For    Against
                                                   Number               % (1)            % (1)    % (2)     % (2)
 Special resolution number 1:                   94 102 261             85.94                0     100          0
 Approval of the Reduction of
 Stated Capital


 Ordinary resolution number 1:                  94 102 261             85.94                 0    100          0
 Approval of the Unbundling



 Special resolution number 2:                   94 102 261             85.94                 0    100          0
 Approval of the Voluntary
 Liquidation

Notes:
 1.    As a percentage of 109 491 523 total ordinary shares in issue and eligible to vote.
 2.    As a percentage of shares voted.

Conditions Precedent to the Proposed Transaction

Shareholders are advised that the approval of the Reserve Bank of Zimbabwe for the Proposed
Transaction, being a condition precedent to the Proposed Transaction as contained in paragraph 5 of the
Circular, remains outstanding and that a further announcement will therefore be made in this regard in due
course.

Accordingly, the dates and times contained in the Circular, which relied on all Conditions Precedent having
been met by 21 December 2021, are no longer relevant, and revised dates will be announced once the
Company has confirmed that all Conditions Precedent have been met.

Renewal of cautionary announcement

Shareholders are referred to the cautionary announcement published on 8 November 2021 (“Cautionary
Announcement”) advising that one of African Sun Limited’s lessors had initiated a lease tender process
in respect of property known as The Kingdom at Victoria Falls, which is currently being leased by African
Sun Limited (“ASL”) (“Tender Process”).

Shareholders are advised that ASL continues to occupy the property and has signed an extension of the
current lease with the landlord to 28 February 2022 in order to facilitate the ongoing Tender Process, which
ASL has elected to participate in. The Tender Process closed on 30 November 2021, but the outcome of
the Tender Process is still unknown. Given the potential impact of the expired lease on ASL’s profitability,
ASL remains in a cautionary period and accordingly shareholders should similarly continue to exercise
caution in dealing in the Company’s securities until a further announcement regarding the Tender Process
is made.


Grand Baie, Mauritius
20 December 2021

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 20-12-2021 04:35:00
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