Famous Brands shareholders (“Shareholders”) are referred to the announcement released on SENS on 11 October 2022 in terms of which Shareholders were advised that the Company had entered into an agreement in respect of which it will acquire the entire share capital of (“Steers Shares”) and claims against (“Steers Claims”) Steers Properties Proprietary Limited (“Steers Properties”) and the entire share capital of (“Halamandaris Props Shares”) and claims against (“Halamandaris Props Claims”) Halamandaris Props Proprietary Limited (“Halamandaris Property”) (collectively the “Acquired Companies”) from Messrs Panagiotis Halamandaris, Periklis Halamandaris, Theofanis Halamandaris and John Lee Halamandres (collectively the “Sellers”) (the “Transaction”).
As set out in that announcement, the Transaction is deemed a small related party transaction in terms of the Listings Requirements of the JSE Limited (“JSE”).
In compliance with paragraph 10.7 (b) of the Listings Requirements of the JSE, the board of directors of Famous Brands (“Board”) appointed BDO Corporate Finance (Pty) Ltd (“BDO”) as independent expert to provide it with a Fairness Opinion.
BDO has furnished the board of directors with its opinion (“Independent Expert Opinion”) confirming that the terms of the Transactions are fair insofar as Famous Brands’ shareholders are concerned and the JSE has furthermore approved the Independent Expert Opinion.
The signed Independent Expert Opinion will lie open for inspection at Famous Brands’ registered office, 478 James Crescent, Halfway House, Midrand, 1685, for a period of 28 days from the date of this announcement.
31 October 2022
Sponsor and Corporate Broker
The Standard Bank of South Africa Limited
Independent Expert
BDO Corporate Finance (Pty) Ltd
Legal Adviser
ENSafrica