Legae Peresec (Pty) Ltd. made an offer to acquire 5% in Zarclear Holdings Limited from its shareholders for ZAR 48.9 million on August 5, 2020. The offer was made at an offer per share of ZAR 4.4. Legae Peresec has sufficient funds to fully satisfy the cash offer commitment. Irrevocable undertakings not to accept the offer have been received by Legae Peresec Zarclear shareholders holding in aggregate 90 million shares, representing 39.81%. Transaction is not subject to any conditions. Offer will remain open for acceptance for at least 30 business days after the opening date. As on September 11, 2020, The offer period will start from September 14, 2020 and end on October 30, 2020. Zarclear shareholders who do not accept the offer will remain as Zarclear shareholders. As the offer is unconditional, all acceptances of the offer received by the transfer secretaries, the offeror or the relevant CSDP or broker prior to the closing date will be irrevocable. The offeror has obtained the necessary authorizations and approvals from its board and shareholders, to the extent applicable, to proceed with the offer. The Independent Board committee of Zarclear appointed Nodus Capital (Proprietary) Limited as fairness opinion provider and Nodus reported that the offer per share is below the bottom end and it is no longer fair to the shareholders. Andrew Hannington, Amanda Smith and Kgosie Matthews appointed as independent expert for independent shareholders.