ECSPONENT LIMITED - ECSP4,ECSP6,ECSP5,ECS : Default in respect of redemption of Series 2 Class A, B and C Preference Shares
21 February 2020 17:37

ECSP4,ECSP6,ECSP5,ECS : Default in respect of redemption of Series 2 Class A, B and C Preference Shares: 
ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
Debt Issuer Code: ECSD
("the Company" or "Ecsponent")

    Preference Shares                   Series number       JSE Code             ISIN
    Class A                             2                   ECSP4                ZAE000202495
    Class B                             2                   ECSP5                ZAE000202503
    Class C                             2                   ECSP6                ZAE000202511


DEFAULT IN RESPECT OF THE REDEMPTION OF SERIES 2, CLASS A, B AND C PREFERENCE SHARES

Holders of Series 2 Class A, Class B and Class C Preference Shares are referred to the following
announcements issued by the Company on the Stock Exchange News Service ("SENS"):

*        dated 10 February 2010, which contained, inter alia, a cautionary announcement advising
         shareholders to exercise caution when dealing in the Company's securities; and
*        dated 11 February 2020 in which the Company provided an update on its capital restructure,

and are advised that the Company has confirmed that it is unfortunately not in a position to redeem the
preference shares detailed below.

                                          Class A, Series 2      Class B, Series 2     Class C, Series 2
    Description of preference shares:             Fixed-rate,            Zero-rate,        Variable-rate,
                                                redeemable,            redeemable,           redeemable,
                                                 convertible,     convertible, non-           convertible,
                                            cumulative non-            participating     cumulative non-
                                                participating    preference shares           participating
                                          preference shares         of no par value    preference shares
                                             of no par value                              of no par value

    Number of preference shares being                246 946               461 660             1 175 170
    redeemed:
    Redemption price per preference            100% of Initial      170% of Initial       100% of Initial
    share:                                        Issue Price          Issue Price           Issue Price
                                                        R100                 R170                  R100

    Total amount payable on                      R24 694 600           R46 166 000         R117 517 000
    redemption:

    Due date for payment of the            Monday, 9 March        Monday, 9 March       Monday, 9 March
    redemption amount                                 2020                   2020                  2020

Payment of an accrued dividend in respect of the above preference shares:
An accrued dividend for the period 5 February 2020 to the close of business on 6 March 2020 is due and
payable in respect of the above preference shares, however, the Company also advises that it is not in a
position to pay such dividend obligations.

The Company continues to explore various options relating to the capital restructure of the preference
shares and/or alternative forms of funding and will release a further announcement in this regard as soon
as possible.

For more information about this announcement or the Ecsponent group, email
investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations

21 February 2020
Pretoria

Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd

Date: 21-02-2020 05:37:00
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