Raubex (pty) Limited made a tender offer to acquire all the remaining 35.86% stake in Bauba Resources Limited (JSE:BAU) from eligible Shareholders for approximately ZAR 110 million on June 21, 2022. As part of the transaction, Raubex will acquire shares for ZAR 0.42 per Share, and the offer is expected to open for acceptances from on or about June 28, 2022 and remain open for acceptances for a minimum period of 30 business days. All of the Shares will be delisted from the securities exchange operated by the JSE, if the requisite ordinary resolution approving the Delisting is approved by eligible Shareholders in general meeting in terms of paragraphs 1.15(a) and 1.16 of the Listings Requirements, or, if the Delisting Resolution is not approved, in terms of paragraph 1.17(a) of the Listings Requirements should Raubex be able to invoke the provisions of section 124 of the Companies Act. The Offer be accepted by eligible Shareholders in respect of, in aggregate, at least 90% of the Shares for which the Offer is being made (for the avoidance of doubt, excluding any Shares held by Raubex), being 258,599,920 Shares, Raubex reserves the right to implement a compulsory acquisition of the remaining Shares in accordance with section 124 of the Companies Act. Bauba has constituted an independent board of directors, comprises Nakedi Mathews Phosa, Eugene Nel and Vincent Sean Edwards for purposes of the Offer.

The Offer will be wholly unconditional and capable of acceptance and the board of directors of Bauba has resolved the transaction. Tamela Holdings (Proprietary) Limited, Investment Banking Arm acted as independent expert in terms of the Listings Requirements and the Takeover Regulations, and fairness and reasonableness provider. Investec Bank plc acted as financial advisor and Peter Bradshaw, Amy Eliason and Sibusile Khusi of DLA Piper UK LLP acted as legal advisor to Raubex. Webber Wentzel acted as legal advisor to Bauba.

Raubex (pty) Limited completed the acquisition of and additional 13.29% stake in Bauba Resources Limited (JSE:BAU) from its shareholders for ZAR 41.84 million on August 19, 2022.