Renewal of Cautionary Announcement

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

Renewal of the cautionary announcement in relation to African Sun Limited’s intention to
acquire the entire issued ordinary shares of Dawn Properties Limited

Shareholders are referred to the announcement dated 15 July 2020 wherein they were advised that
African Sun Limited (“African Sun”) and Dawn Properties Limited (“Dawn”), both subsidiaries of the
Company, were in negotiations in respect of the acquisition by African Sun of 100% of the issued
ordinary share capital of Dawn, in exchange for African Sun ordinary shares, to be issued based on an
agreed share swap ratio.

The above negotiations are still in progress and, if successfully concluded, may have a material effect
on the price of the Company’s shares. Accordingly, shareholders are advised to continue to exercise
caution when dealing in their Arden Capital shares until a further announcement is made.

Grand Baie, Mauritius
27 August 2020

Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 27-08-2020 08:26:00
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.