Correction: Joint announcement regarding a firm intention by the Offeror to acquire all of the ordinary shares in the issued share capital of Mahube, the proposed delisting and withdrawal of cautionary announcement ("firm intention announcement")
TakeoverCautionaryMaterial
In brief
Kholosani Newco 8 plans to acquire all ordinary shares in Mahube for a cash consideration of R10.06 per share via a scheme of arrangement, followed by delisting. Shareholders holding 34.90% of shares have undertaken to vote in favour.
The announcement
Correction: Joint announcement regarding a firm intention by the Offeror to acquire all of the ordinary shares in the issued share capital of Mahube, the proposed delisting and withdrawal of cautionary announcement ("firm intention announcement") Mahube Infrastructure Ltd Kholosani Newco 8 (Pty) Ltd (Incorporated in the Republic of South Africa) (Incorporated in the Republic of South Africa) (Registration number: 2015/115237/06) (Registration number: 2025/809623/07) ISIN: ZAE000290763 (the "Offeror") JSE code: MHB (the "Company" or "Mahube") CORRECTION: JOINT ANNOUNCEMENT REGARDING A FIRM INTENTION BY THE OFFEROR TO ACQUIRE ALL OF THE ORDINARY SHARES IN THE ISSUED SHARE CAPITAL OF MAHUBE, THE PROPOSED DELISTING AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT ("FIRM INTENTION ANNOUNCEMENT") 1 INTRODUCTION 1.1 Reference is made to the cautionary announcement released on SENS on 8 September 2026 as well as the further cautionary announcement released on SENS on 21 October 2026 (collectively the "Cautionary Announcement"), in terms of which Mahube shareholders ("Shareholders") were advised that the Company had received a non-binding expression of interest from a consortium to acquire all of the Company's ordinary shares in issue. 1.2 Shareholders are advised that the Company has entered into a written offer and implementation agreement ("Implementation Agreement") with the Offeror, in terms of which, inter alia, the Offeror has expressed its firm intention to make an offer ("Offer") to acquire all of the issued ordinary shares of the Company ("Shares") held by the Scheme Participants (as defined in paragraph 4.1.2 below) ("Scheme Shares"), for a cash consideration of R10.06 per Scheme Share ("Scheme Consideration"), on the further terms and conditions set out in this announcement ("Proposed Transaction"). 1.3 The Proposed Transaction contemplates - 1.3.1 a cash offer by the Offeror to acquire all of the Scheme Shares for the Scheme Consideration, by way of a scheme of arrangement in accordance with section 114(1) of the Companies Act, No. 71 of 2008 ("Companies Act"), to be proposed to Shareholders by the board of directors of Mahube, and to which the Offeror shall be a party (the "Scheme"); and 1.3.2 the subsequent delisting of Shares from the exchange operated by the JSE Limited (the "JSE") in terms of paragraph 1.8(d) of the JSE Listings Requirements (the "Delisting"). 1.4 If the Scheme becomes operative, all of the Scheme Shares will be acquired by the Offeror for the Scheme Consideration. The further terms and conditions of the Proposed Transaction and the Scheme are set out in paragraph 4 of this Firm Intention Announcement. 1.5 The board of directors of the Company (the "Board") has constituted an independent board of directors (the "Independent Board") comprising Ms. M May, Ms. T Zambane and Ms. N Maidi, being those non-executive directors of Mahube whom the Company has indicated are "independent" directors (as contemplated in regulation 108 of the Takeover Regulations contained in Chapter 5 of the Companies Regulations, 2011 (the "Takeover Regulations"). 1.6 The purpose of this Firm Intention Announcement is to, inter alia, advise Shareholders of the terms and conditions of the Proposed Transaction, as contemplated in regulation 101 of the Takeover Regulations. 2 RATIONALE FOR THE PROPOSED TRANSACTION 2.1 Mahube listed on the Main Board of the JSE in 2015 as a special purpose acquisition company with a strategy of investing in "viable assets" within the infrastructure and renewable energy sectors, with stable, long-term inflation linked returns for investors (the "Listing"). Mahube's principal assets include minority equity investments in Dorper Wind Farm (RF) (Pty) Ltd (Dorper Wind Farm), Oakleaf Investment Holdings 79 (Pty) Ltd (Lesedi Solar Farm), Firefly Investments 253 (RF) (Pty) Ltd (Letsatsi Solar Farm), Jasper Power Company (RF) (Pty) Ltd (Jasper Solar Farm) and Coria (PKF) Investments 28 (RF) (Pty) Ltd (Noblesfontein Wind Farm). 2.2 The purpose of the Listing was, inter alia, to provide the Company with a platform to raise equity funding to pursue growth and investment opportunities, to provide the Company with the ability to use its listed ordinary shares to fund future acquisitions and to enhance the liquidity and tradability of the ordinary shares of the Company. 2.3 At this stage, the Mahube Board believes that Mahube's continued listing on the JSE is not optimal to achieve the intended purpose as set out in paragraph 2.2 above and that the Company would be better placed to access equity funding for acquisitive growth at a lower cost of capital in a different environment while eliminating the costs associated with a JSE listing, which outweigh the benefits thereof in the current environment. 2.4 The Mahube Board has therefore resolved to propose the Scheme in order to afford Mahube Shareholders the opportunity to decide on the merits of the Proposed Transaction and, should the Scheme become operative, to realise their investment in the Company in full, for cash, at a sizeable premium to the prevailing market price of the Shares, as detailed in paragraph 4.3 below, and slightly below the net asset value per Share. 2.5 Insofar as the Offeror is concerned, the Proposed Transaction presents a good investment opportunity for participation in an established portfolio of assets that exhibit the commercial, financial and operational characteristics that align closely with those of the Offeror and its stakeholder's investment profile and portfolio companies at present. 3 INFORMATION ABOUT THE OFFEROR 3.1 The Offeror is a special purpose vehicle through which the Proposed Transaction will be implemented. The shareholders of the Offeror are Kholosani Newco 9 (Pty) Ltd ("Kholosani 9"), Matlotleng Capital (Pty) Ltd ("Matlotleng") and Damazuzu Investments (Pty) Ltd ("Damazuzu") (collectively, the "Offeror"). 3.2 Kholosani 9 is a black-owned South African infrastructure investment company founded by Mr. Indiran Pillay. Damazuzu is a South African infrastructure investment company focused primarily on renewable energy. Damazuzu has participated in the REIPPPP since Bid Window 1 and has more recently acquired interests in grid-scale private power projects. It is led by its managing director, Bheki Welcome Lembede, a professional electrical engineer, ("Lembede") and is wholly-owned by the Damazuzu Share Trust, of which Lembede and his minor children are beneficiaries. 3.3 Damazuzu and Kholosani 9 hold a portfolio of 20 renewable energy assets spanning the solar PV, concentrated solar thermal (CSP) and wind power generation sectors, collectively generating approximately 1,000 GWh per annum of clean energy. Kholosani 9's existing investments include Jasper, Lesedi and Letsatsi, which are three of the five REIPPPP assets in which Mahube itself holds indirect minority interests. Kholosani 9 is a co-shareholder alongside Mahube in at least three of its investee projects. 3.4 Matlotleng holds 20% of the issued shares in the Offeror. Matlotleng is wholly owned by Matlotleng Properties (Pty) Ltd ("Matlotleng Properties"), which is in turn wholly owned by the Matlotleng Trust. The trustees of the Matlotleng Trust are Mr. Gontse Moseneke, Mrs. Jeanette Moseneke and Mr. Kutlwano Motlhabane. The discretionary income beneficiaries of the Matlotleng Trust are Mr. Gontse Moseneke, Mrs. Jeanette Moseneke, the children and grandchildren of Mr. Gontse Moseneke, the siblings of Mr. Gontse Moseneke and the parents of Mrs. Jeanette Moseneke, and its capital beneficiaries are the children of Mr. Gontse Moseneke, presently Mr. Botshelo Moseneke and Miss. Bontle Moseneke. Through Matlotleng Properties, the Matlotleng Trust holds an indirect beneficial interest of 100,000 shares (0.18%) in Mahube. Matlotleng was incorporated to be an investment holding entity and, to date, has yet to trade meaningfully. The directors of Matlotleng are Mr. Gontse Moseneke and Mrs. Jeanette Moseneke, and Mr. Gontse Moseneke is the sole director of Matlotleng Properties. 3.5 Mr. Gontse Moseneke, the chief executive officer and a director of the Company, is a trustee and discretionary income beneficiary of the Matlotleng Trust, a director of Matlotleng and Matlotleng Properties, and a member of the deal team representing the Offeror. He does not hold any shares in Matlotleng, Matlotleng Properties or the Offeror in his personal capacity. The implications of Mr. Moseneke's participation in the Scheme, and the arrangements put in place to manage the resulting conflict of interest, are dealt with in paragraph 11.3 below. 3.6 All three of Kholosani 9, Matlotleng and Damazuzu are "black persons" or "black entities" for purposes of the Broad-Based Black Economic Empowerment Act No. 53 of 2003 and the Codes of Good Practice promulgated thereunder. 4 TERMS AND CONDITIONS OF THE SCHEME 4.1 Scheme Participants 4.1.1 The Scheme constitutes an "affected transaction" as defined in section 117(1)(c)(iii) of the Companies Act and, as such, the Scheme is regulated by the Companies Act and the Takeover Regulations and is regulated by the Takeover Regulation Panel, established in terms of section 196 of the Companies Act ("Takeover Panel"). The Offer also constitutes an "offer" as contemplated in section 1.10(c) of the JSE Listings Requirements. 4.1.2 In terms of the Scheme, the Scheme Participants are all the registered holders of Shares, as reflected in the securities register of Mahube on the record date for participation in the Scheme (which record date shall be specified in the circular to shareholders in respect of the Scheme ("Circular")) (the "Scheme Record Date"), excluding (i) the Offeror, to the extent that it holds any Shares; (ii) the holders of any Shares held by the Company's subsidiaries (the "Treasury Shares"); and (iii) dissenting shareholders whose rights in respect of their Shares have not been reinstated as envisaged in sections 164(9) and 164(10) and/or section 164(15)(c)(v)(aa) of the Companies Act, whether voluntarily or pursuant to a final order of court (each such Shareholder a "Dissenting Shareholder"), (the "Scheme Participants"). 4.1.3 As at the date of this Firm Intention Announcement, the issued share capital of the Company comprises 55,151,000 shares. 4.2 The Scheme 4.2.1 In terms of the Scheme, the Offeror will, on the Implementation Date, acquire all of the Scheme Shares held by the Scheme Participants for the Scheme Consideration, as contemplated by section 114(1)(c) of the Companies Act. Shareholders will not be entitled to elect to retain any of their Shares. 4.2.2 The implementation of the Scheme will be subject to the fulfilment or waiver (as the case may be) of the Scheme Conditions. It is recorded that the issuance by the Takeover Panel of its compliance certificate in terms of section 121(b) of the Companies Act shall not be a Scheme Condition, but shall nevertheless be a necessary legal pre-requisite and formality to be completed after the Scheme becomes unconditional in accordance with its terms. 4.3 Scheme Consideration 4.3.1 The Scheme Consideration shall be a cash consideration of R10.06 per Scheme Share. 4.3.2 The Scheme Consideration will be paid in cash to the Scheme Participants on the date in accordance with the JSE corporate action timetable (being presently the first business day in South Africa ("Business Day") immediately after the Scheme Record Date in respect of Scheme Participants). 4.3.3 The Scheme Consideration represents a premium of 140.7% to the closing share price of R4.18 on 7 September 2026 and a premium of 140.7% to the 30- day volume weighted average share price of the Company of R4.18 per share as at 7 September 2026, being the last practicable date prior to the publication by the Company of the Cautionary Announcement in respect of the Proposed Transaction. 4.3.4 The Scheme Consideration represents a premium of 67.1% to the closing share price of R6.02 on 3 November 2026 and a premium of 95.7% to the 30-day volume weighted average share price of the Company of R5.14 per share as at 3 November 2026, being the last practicable date prior to the date of this Firm Intention Announcement. 4.4 Scheme Conditions 4.4.1 The implementation of the Scheme will be subject to the fulfilment or waiver, as applicable, of each of the following conditions precedent ("Scheme Conditions"), namely that by not later than 23h59 on 30 June 2027, being the date falling 8 months after the date of signature of the Implementation Agreement, or such later date as the Company and the Offeror may agree in writing (subject to the approval of the Takeover Regulation Panel, where applicable) (the "Long Stop Date") – 4.4.1.1 the Scheme is approved by the requisite majority of Mahube Shareholders, as contemplated in section 115(2)(a) of the Companies Act, at the meeting of Shareholders convened for purposes of considering the Scheme ("Scheme Meeting") (such special resolution the "Scheme Resolution"), and in the event of the provisions of section 115(2)(c) of the Companies Act becoming applicable - 4.4.1.1.1 the Company not treating the Scheme Resolution as a nullity as contemplated in section 115(5)(b) of the Companies Act (which it may not do unless it is instructed to do so by the Offeror as contemplated in the Implementation Agreement); and 4.4.1.1.2 by 23h59 on the later of (i) the Long Stop Date, and (ii) the 40th Business Day after the Scheme Resolutions are adopted, either of the following occurs, (a) the High Court of South Africa approves the implementation of the Scheme Resolutions and no appeal or review is timeously lodged or, if timeously lodged, the appeal or review is not successful, or (b) the provisions of section 115(2)(c) of the Companies Act cease to be applicable due to abandonment or withdrawal of the proceedings; 4.4.1.2 in the event of Mahube Shareholders exercising their Appraisal Rights (if any), either - 4.4.1.2.1 no Shareholder gives notice objecting to the Scheme Resolution as contemplated in section 164(3) of the Companies Act, alternatively Shareholders give notice objecting to the Scheme Resolution as contemplated in section 164(3) of the Companies Act and vote against the Scheme Resolution at the Scheme Meeting, in respect of 5% or less of all of the Shares in issue. Any notice of objection given by a Shareholder which is subsequently withdrawn before the Scheme Meeting will reduce the number of Shares in respect of which notices of objection are given; or 4.4.1.2.2 if Shareholders do give notice objecting to the Scheme Resolution as contemplated in section 164(3) of the Companies Act and vote against the Scheme Resolution in respect of more than 5% of all of the Shares in issue (excluding Treasury Shares), then, by the 30th Business Day following the Scheme Meeting, Dissenting Shareholders have not exercised Appraisal Rights, by giving valid demands in terms of sections 164(5) to 164(8) of the Companies Act, in respect of more than 5% of all the Shares in issue. Any demand made in terms of sections 164(5) to 164(8) of the Companies Act which is subsequently withdrawn by the 30th Business Day following the Scheme Meeting will reduce the number of Shares in respect of which Appraisal Rights are exercised. In the circumstances, this Scheme Condition will not be considered to have failed until the 30th Business Day following the Scheme Meeting, notwithstanding the fact that Dissenting Shareholders may initially have exercised their Appraisal Rights in respect of more than 5% of all the Shares in issue (excluding Treasury Shares) prior to such date; 4.4.1.3 the approval of the Financial Surveillance Department of the South African Reserve Bank ("SARB") of the Circular (or written confirmation that such approval is not required) has been obtained on an unconditional basis or, to the extent that any such approval is subject to any obligation, undertaking, condition or qualification, the Party adversely affected by the obligation, undertaking, condition or qualification confirms in writing to the other that the condition is acceptable to it, which confirmation shall not be unreasonably withheld or delayed; 4.4.1.4 all other regulatory consents necessary in law to implement the Scheme, including, inter alia, the approval by the Takeover Panel and JSE of the Circular and the approval of the Competition Authorities, have been obtained on an unconditional basis or, to the extent that any such regulatory consents are subject to any obligation, undertaking, condition or qualification, the party adversely affected by the obligation, undertaking, condition or qualification confirms in writing to the other that the condition is acceptable to it or them, which confirmation shall not be unreasonably withheld or delayed. It is noted that the approval of the Circular by the Takeover Panel and the issue of a compliance certificate by the Takeover Panel are mandatory legal requirements in terms of section 119(4) read with section 121(b) of the Companies Act; and 4.4.1.5 to the extent required, the counterparties to the material contracts identified in the Implementation Agreement, being the agreements and founding documents setting out the rights and obligations of the Mahube Group in relation to the various intermediate holding companies and project companies in which the Mahube Group holds an interest, including, inter alia, senior debt and facilities agreements, power purchase agreements with NTCSA and implementation agreements concluded with the Department of Energy and Electricity, shareholders agreements and memoranda of incorporation, have provided their written consents to the change of control or change in shareholding (as applicable) of the Company, or any indirect change of control of any Mahube and its subsidiaries from time to time ("Group" or "Mahube Group Company"), pursuant to the Scheme, in a form and substance reasonably acceptable to the Offeror. 4.4.2 The Scheme Conditions set out in paragraphs 4.4.1.2 and 4.4.1.5 are stipulated for the benefit of the Offeror and may be waived by the Offeror, in whole or in part, by notice in writing to the Company prior to the relevant date for fulfilment thereof. The Scheme Condition set out in paragraph 4.4.1.1 is for the benefit of both the Company and the Offeror and may be waived by written agreement between them prior to the relevant date for fulfilment thereof. 4.4.3 The date or dates for fulfilment or waiver of the Scheme Conditions, or any one or more of them, may be extended by written agreement between the Company and the Offeror. 4.4.4 Upon the publication on SENS of the finalisation announcement, jointly approved in writing by the Company and the Offeror, confirming that all of the Scheme Conditions have been fulfilled or waived (as the case may be), the Scheme will become unconditional and the Scheme Conditions will be regarded as having been deleted (pro non scripto), such that neither the Company nor the Offeror may thereafter rely on the non-fulfilment of any Scheme Condition to avoid implementation of the Scheme. 5 MATERIAL PROVISIONS OF THE IMPLEMENTATION AGREEMENT 5.1 Interim conduct undertakings In terms of the Implementation Agreement, Mahube has provided certain interim period undertakings to the Offeror that are appropriate for a transaction of the nature of the Proposed Transaction, including that, during the period from the date of signature of the Implementation Agreement until the earlier of settlement of the Scheme Consideration and termination of the Implementation Agreement ("Interim Period"), neither Mahube nor its subsidiaries ("Group" or " Mahube Group Company") shall, without the prior written consent of the Offeror (which consent shall not be unreasonably withheld or delayed): 5.1.1 carry on its business otherwise than in the ordinary course and, in all material respects, consistent with past practice and shall carry on its business in substantial compliance with all material laws applicable to the Group; 5.1.2 make any distributions, provided that the foregoing restriction shall not apply to the authorisation and payment of distributions by a project company or an intermediate holding company in the ordinary course of business; 5.1.3 dispose of its direct or indirect equity investments in any project company, or encumber, or acquire a new business, undertaking or asset with a value in excess of R10,000,000; 5.1.4 incur any unbudgeted capital expenditure in excess of R5,000,000, either individually or in aggregate; 5.1.5 raise any new debt financing; 5.1.6 enter into any contract or series of contracts (i) in countries other than South Africa; and/or (ii) which are outside the normal course and scope of ordinary business, with an annual expenditure in excess of R10,000,000, either individually or in aggregate; or 5.1.7 make any incentive scheme awards. These undertakings do not restrict the fiduciary duties, or the duty of care and skill, of the Board, the Independent Board or the board of any Mahube Group Company and will be included in the Circular. 5.2 Alternative proposals 5.2.1 In terms of the Implementation Agreement, Mahube has provided certain non- solicitation and exclusivity undertakings to the Offeror that the Company and Offeror consider appropriate in the circumstances, being that the Company will not - 5.2.1.1 solicit, seek, initiate, encourage, support, entertain or facilitate the making of any expression of interest, enquiry, proposal or offer regarding any proposal or offer that constitutes, or is reasonably expected to lead to any expression of interest, proposal or offer in respect of the Company or any Group Company which holds all or substantially all of the assets and/or business of the Group (other than the Scheme) regarding (i) the acquisition of all or more than 35% (alone or together with the ordinary shares held at the time of the expression of interest, proposal or offer) of the issued ordinary shares in the Company or any such Group Company, and/or (ii) any merger, amalgamation, share exchange, business combination, take-over bid, sale or other disposition of all or the majority of the assets or business of the Company or any such Group Company, recapitalisation, investment, share issue, reorganisation, liquidation or any similar transaction, or series of related transactions, which could reasonably be considered to be likely to preclude the Scheme or its implementation (an "Alternative Proposal"); 5.2.1.2 enter into, participate in, maintain or continue any discussions or negotiations regarding any inquiry, expression of interest, proposal or offer that constitutes, or is reasonably expected to lead to, an agreement, offer or proposal for, or any indication of interest in, the implementation of any transaction analogous to the Scheme; 5.2.1.3 otherwise take any action that might reasonably be expected to impede or frustrate the implementation of the Scheme. 5.2.2 However, none of the restrictions contemplated in paragraph 5.2.1 precludes the Company from furnishing information to, or entering into discussions or negotiations with, any bona fide third party in response to an Alternative Proposal which is, may be or may result in a Superior Proposal, where the Board or the Independent Board concludes, acting in good faith, that such action is required in order for it to comply with its fiduciary obligations under applicable law, including the Companies Act and the Takeover Regulations. 5.2.3 A "Superior Proposal" is a bona fide unsolicited alternative proposal from a third party for the acquisition of all of the Shares in issue which, inter alia, (i) is at a cash consideration per Share at least 5% higher than the Scheme Consideration; (ii) is not subject to a due diligence requirement or to third party funding being obtained as a condition; and (iii) is determined by the Board or the Independent Board, in its good faith judgement and after having consulted its advisors, to be bona fide, capable of execution and on terms comparable to or more favourable to Shareholders than the Scheme. 5.3 The Company is obliged to notify the Offeror of any firm alternative proposal received and of its intention to furnish non-public information and/or enter into discussions in relation to an Alternative Proposal, together with a copy of the document containing such Alternative Proposal as soon as practically possible and in any event by no later than within 3 Business Days of receipt thereof. 5.4 The Company has undertaken to provide the Offeror with at least 10 Business Days written notice of any Superior Proposal (together with details of the principal reasons as to why the Independent Board considers the Alternative Proposal to be a Superior Proposal). During the foresaid 10 Business Day period, the Offeror is entitled to match any Superior Proposal. This matching right does not prohibit the Independent Board from considering, engaging on or recommending a Superior Proposal, or from accepting it if the Offeror does not match it. Nothing in the Implementation Agreement restricts the Company or the Independent Board from complying with their fiduciary duties or with any requirement of applicable law or of any regulatory body, including any requirement to make an announcement concerning an Alternative Proposal or to convene a meeting of Shareholders. 5.5 Break Fee 5.5.1 The Implementation Agreement includes a break fee equal to 1% of the aggregate Scheme Consideration ("Break Fee"), which is reciprocal and is payable by the defaulting Party to the aggrieved Party only if the Implementation Agreement or the Scheme is terminated as a result of (i) a material breach of the Implementation Agreement by the defaulting Party which is not remedied within 10 Business Days of written notice requiring such remedy, or (ii) the making of a distribution by the Company in contravention of the Interim Period undertaking contemplated in paragraph 5.1.2. The Break Fee is not payable by reason of the Company or the Independent Board accepting or recommending a Superior Proposal. 5.5.2 The Break Fee is payable within 10 Business Days after termination and, if paid by the Company, constitutes the Offeror's sole remedy against the Company and its directors, officers and employees in connection with the Implementation Agreement and the Scheme. 5.6 Termination The Implementation Agreement and the Scheme may be terminated, prior to the last day to trade in respect of the Scheme, inter alia – 5.6.1 by the Company, if it has received an alternative proposal which the Independent Board determines to be a Superior Proposal and in respect of which the Offeror has not made a matching offer; 5.6.2 by either Party, if the Scheme is not approved by the requisite majority of Shareholders at the Scheme Meeting; 5.6.3 by either Party, if any Scheme Condition is not fulfilled or waived by the relevant date for fulfilment thereof, or becomes incapable of fulfilment and the Offeror notifies the Company that it will not waive that Scheme Condition; 5.6.4 by the Offeror, on 5 Business Days' written notice, if a material adverse change occurs, which right falls away once the Scheme Condition in paragraph 4.4.1.1 has been fulfilled or waived and which is subject to a dispute resolution process before an independent expert in the event of a dispute regarding a "material adverse change". A material adverse change is an event or circumstance, or change in events or circumstances, or combination of events or circumstances or change in events and circumstances, which has or will likely have a material adverse effect on (i) the ability of the Company, any intermediate holding company or any project company in the Group to perform and comply with its obligations under any power purchase agreement with NTCSA, any implementation agreement concluded with the Department of Energy and Electricity or any Material Contract (including an enforcement and acceleration of debt under a Material Contract by any third party funder); or (ii) the continued validity, enforceability or effectiveness of any of the above agreements; 5.6.5 by the aggrieved Party, if the other Party commits a material breach of the Implementation Agreement or the Scheme and fails to remedy that breach within 10 Business Days of written notice requiring such remedy; or 5.6.6 upon written notice by the Offeror to the Company, if the Company makes a distribution during the Interim Period in contravention of paragraph 5.1.2. 5.7 Reimbursement of actual transaction costs and limitation of liability 5.7.1 If the Implementation Agreement is terminated in the circumstances described in paragraph 5.6.1 (i.e. where a Superior Proposal is not matched by the Offeror), the Company will reimburse the Offeror for its actual transaction costs (including legal advisory costs) incurred in connection with the Scheme from the date of the Offeror's expression of interest on 15 July 2026 until the date of termination, provided that such costs are properly documented, supported by invoices and incurred in terms of a letter of engagement between the Offeror and the relevant service provider. Legal costs incurred by the Offeror in negotiating its finance documents with FirstRand Bank Limited (acting through its Rand Merchant Bank division) ("RMB") are excluded. The reimbursement is not a pre-determined or liquidated amount, is not a penalty and does not provide the Offeror with any profit; it is limited to costs actually incurred and evidenced. 5.7.2 The reimbursement and the Break Fee arise from different events. 5.7.3 A party's aggregate liability for any cause of action arising out of the Scheme or this Agreement (including for the cause of action giving rise to payment of the Break Fee) is limited to 1% of the aggregate of the Scheme Consideration. 6 IRREVOCABLE UNDERTAKINGS 6.1 The Offeror has secured written irrevocable undertakings from Shareholders holding 34.90% of the Shares in issue (excluding Treasury Shares) to, inter alia, vote in favour of the Scheme. 6.2 As at the date of this Firm Intention Announcement, the Offeror has received irrevocable undertakings from Shareholders as detailed in the table below: Shareholder Number of Shares Percentage (%) Specialised Listed 19,247,699 34.90 Infrastructure Equity En Commandite Partnership, represented herein by SLIEP GP (Pty) Ltd, in its capacity as the general partner in SLIEP and managed by Creation Capital Services (Pty) Ltd 7 DELISTING 7.1 Pursuant to the implementation of the Scheme, the listing of all the Shares on the Main Board of the JSE will be terminated, in terms of paragraph 1.8(d) of the JSE Listings Requirements. 7.2 The Company will make timeous application to the JSE for the Delisting in the event that the Scheme becomes wholly unconditional. The date on which trading in the Shares will be suspended and the date on which the Delisting will become effective will be set out in the Circular and announced on SENS. 8 FOREIGN SHAREHOLDERS Foreign Shareholders are referred to the disclaimers set out at the end of this Firm Intention Announcement, which will also be contained in the Circular 9 EXCHANGE CONTROL 9.1 The Offeror and the Company will apply for the requisite exchange control approvals from the Financial Surveillance Department for the Proposed Transaction. 9.2 Shareholders who are not resident in, or whose registered addresses are outside the Common Monetary Area (being the countries comprising South Africa, the Republic of Namibia and the Kingdoms of Eswatini and Lesotho), will need to comply with the Exchange Control Regulations to be summarised in the Circular. 9.3 If Shareholders are in any doubt as to what action to take, they should consult their professional advisors. 10 INDEPENDENT BOARD, INDEPENDENT EXPERT AND FAIR AND REASONABLE OPINION 10.1 As required in terms of the Takeover Regulations, the Board has constituted the Independent Board for the purposes of, inter alia, considering the terms and conditions of the Scheme and advising Shareholders thereon. The Independent Board comprises those members of the Board identified in paragraph 1.5 above. 10.2 The Independent Board has appointed Merchantec (Pty) Ltd as the independent expert (the "Independent Expert"), in accordance with (i) section 114(2) of the Companies Act and regulation 90 of the Takeover Regulations; and (ii) schedule 5 to the JSE Listings Requirements, to provide it with external advice in relation to the Scheme, in the form of a fair and reasonable opinion as required by and in compliance with section 114(3) of the Companies Act, as read together with regulation 90(6) of the Takeover Regulations in respect of the Scheme, and in terms of and in accordance with paragraph 1.10(d) of the JSE Listings Requirements as read with Schedule 5 thereto (the "Independent Expert Report"). 10.3 The full substance of the Independent Expert Report in respect of the Scheme, once prepared, and final views and recommendations of the Independent Board will be included in the Circular referred to in paragraph 15 below. 11 PARTIES ACTING IN CONCERT AND RELATED PARTY CONSIDERATIONS 11.1 Mr. Gontse Moseneke, the Chief Executive Officer of the Company, is a director of the Offeror and is also a director of Matlotleng (one of the direct shareholders of the Offeror). 11.2 As noted in paragraphs 3.4 and 3.5, Mr. Gontse Moseneke holds an indirect economic interest in both Mahube and the Offeror (through a family trust which in which he is an income beneficiary), as detailed in paragraph 3 above. Accordingly, Mr. Moseneke and any parties related to him are deemed to be acting in concert with the Offeror for purposes of the Proposed Transaction. 11.3 Accordingly, Mr. Moseneke and any other Shareholder acting in concert with the Offeror will be excluded from the quorum and voting on the Scheme Resolution in terms of section 115(4) of the Companies Act. Mr. Moseneke has recused himself, and will continue to recuse himself, from all deliberations and decisions of the Board in relation to the Proposed Transaction. Name of concert party Number of Shares Percentage (%) Matloleng Properties 100,000 0.18% 11.4 There were no dealings in Shares by the Offeror and by each concert party during the 6-month period prior to the date of this Firm Intention Announcement. 12 INTENTIONS OF THE OFFEROR IN RELATION TO MAHUBE The Offeror intends that the business of Mahube and the Mahube Group will continue to be conducted substantially as it is at present following the implementation of the Proposed Transaction, save for the consequences of the Delisting. 13 CASH CONFIRMATION In accordance with regulation 111(4) and regulation 111(5) of the Takeover Regulations, the Offeror has provided an irrevocable unconditional bank guarantee, issued by RMB, to the Takeover Panel, which confirms that the Offeror will have sufficient cash resources in terms of regulation 111 of the Takeover Regulations to satisfy payment of the maximum Scheme Consideration in respect of the Scheme and has been calculated on the basis that there are 55,151,000 Shares in issue. 14 SALIENT DATES AND TIMES The salient dates and times of the Proposed Transaction will be announced on SENS when the Circular is distributed. 15 DOCUMENTATION 15.1 Mahube and the Offeror will jointly issue a circular to Shareholders, containing full terms and conditions of the Scheme and containing a notice to convene a general meeting of Shareholders to consider and, if appropriate, approve the Scheme. The Circular will further include the Independent Expert Report, the opinion and recommendation of the Independent Board and the pertinent dates relating to the Scheme and necessary forms to give effect to the Scheme. 15.2 The Circular is expected to be distributed to Mahube Shareholders within 20 Business Days after the date of this Firm Intention Announcement or such longer period as may be allowed by the Takeover Panel. A copy of the Circular will also be available on SENS and on Mahube's website (https://mahube.africa/) from the date of distribution. 16 WITHDRAWAL OF THE CAUTIONARY ANNOUNCEMENT Pursuant to the release of this Firm Intention Announcement, Shareholders are advised that caution is no longer required to be exercised when dealing in Shares. 17 RESPONSIBILITY STATEMENT 17.1 Mahube The Independent Board individually and collectively accepts full responsibility for the accuracy of the information in respect of Mahube and the Scheme contained in this Firm Intention Announcement. In addition, the Independent Board certifies that to the best of its knowledge and belief, the information contained in this Firm Intention Announcement (excluding the information for which the Offeror accepts responsibility) is true and, where appropriate, does not omit anything that is likely to affect the importance of the information contained herein or which would make any statement false or misleading, and that all reasonable enquiries to ascertain such information have been made and this Firm Intention Announcement contains all information required by law and the JSE Listings Requirements. 17.2 Offeror The board of directors of the Offeror individually and collectively accepts full responsibility for the accuracy of the information in respect of the Offeror, its shareholders, and the Scheme as contained in this Firm Intention Announcement. In addition, the board of directors of the Offeror (excluding members of its independent board of directors) certifies that to the best of its knowledge and belief, the information contained in this Firm Intention Announcement regarding the Offeror, its shareholders, and the Scheme is true and, where appropriate, does not omit anything that is likely to affect the importance of the information contained herein or which would make any statement false or misleading, and that all reasonable enquiries to ascertain such information have been made and this Firm Intention Announcement contains all information required by law. Sandton 6 November 2026 Legal Advisor to the Offeror Corporate Advisor and Sponsor to Mahube Cliffe Dekker Hofmeyr Questco Corporate Advisory Legal Advisor to Mahube Independent Expert Werksmans Attorneys Merchantec (Pty) Ltd Transaction Advisor to the Offeror Transaction Advisor to the Offeror Tactus Capital Advaya Consulting Disclaimers The release, publication or distribution of this Firm Intention Announcement in jurisdictions other than South Africa may be restricted by law. The implementation of the Scheme may be affected by the laws of the relevant Foreign Shareholders' jurisdictions. In this regard, Foreign Shareholders are referred to the further details set out below. Foreign Shareholders: General No action has been taken by the Offeror or the Company to obtain any approval, authorisation or exemption to permit the implementation of the Scheme or the possession or distribution of this Firm Intention Announcement (or any other publicity material relating to the Scheme) in any jurisdictions other than South Africa. The Scheme is being conducted under the procedural requirements and disclosure standards of South Africa which may be different from those applicable in other jurisdictions. The legal implications of the Scheme on persons resident or located in jurisdictions outside of South Africa may be affected by the laws of the relevant jurisdiction. Such persons should consult their professional advisors and inform themselves about any applicable legal requirements, which they are obligated to observe. It is the responsibility of any such persons participating in the Scheme to satisfy themselves as to the full observance of the laws of the relevant jurisdiction in connection therewith. Foreign Shareholders should refer to and take into account the disclaimers set out in this Firm Intention Announcement and to be contained in the Circular in relation to those jurisdictions. Foreign Shareholders should nevertheless consult their own professional advisors and satisfy themselves as to the applicable legal requirements in their jurisdictions. Notice to Foreign Shareholders located in the United States This Firm Intention Announcement is not an offer of securities for sale in the United States of America ("US"). The Scheme Shares have not been and will not be registered under the US Securities Act of 1933, as amended (the "US Securities Act"), or with any Authority of any state or other jurisdiction in the US and may not be offered, sold, exercised, transferred or delivered, directly or indirectly, in or into the US at any time except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act and applicable state and other securities laws of the US. The Scheme Shares have not been and will not be listed on a US securities exchange or quoted on any inter-dealer quotation system in the US. The Company does not intend to take any action to facilitate a market in the Scheme Shares in the US. Consequently, it is unlikely that an active trading market in the US will develop for the Shares. The Scheme Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission in the US or any other Authority in the US, nor have any of the foregoing authorities passed comment on, or endorsed the merit of, the Scheme or the accuracy or the adequacy of this Firm Intention Announcement or the information contained herein. Any representation to the contrary is a criminal offence in the US. Notice to Foreign Shareholders located in the European Economic Area ("EEA") and the United Kingdom ("UK") This Firm Intention Announcement is not a prospectus, for the purposes of the Prospectus Regulation (EU) 2017/1129 or Regulation (EU) No 2017/1129 as amended by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019, which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended, on the basis that the Scheme Shares are not being admitted to trading on a regulated market situated or operating within the EEA or the UK, nor is there an offer to the public in respect of the Scheme Shares in any member state of the EEA or in the UK. Accordingly, any person making or intending to make any offer for the Scheme Shares should only do so in circumstances in which no obligation arises for Offeror or the Company to produce a prospectus for such offer. The Company has not authorised the making of any offer for Scheme Shares through any financial intermediary. Date: 06/11/2026 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.