Exercise by Dissenting Shareholder of Appraisal Rights

Mettle Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2008/002061/06)
JSE share code: MLE
ISIN: ZAE000257622
(“Mettle” or the “Company”)

EXERCISE BY DISSENTING SHAREHOLDER OF APPRAISAL RIGHTS

1.     Introduction

1.1.      Shareholders are referred to the circular issued to Shareholders on 19 October 2020
          (the “Circular”) and the announcement released on the Stock Exchange News Service
          (“SENS”) by Mettle on 14 December 2020 (the “14 December SENS Announcement”).

1.2.      Capitalised words and phrases in this announcement shall, unless the context indicates
          otherwise, bear the same meanings ascribed thereto in the Circular and the 14 December
          SENS Announcement.

2.     Exercise by Dissenting Shareholder of Appraisal Rights

2.1.      Subsequent to the 14 December SENS Announcement, the Company and the remaining
          Dissenting Shareholder entered into an agreement pursuant to which the Dissenting
          Shareholder accepted the offer made by the Company in terms of section 164(11) of the
          Companies Act, and tendered their Mettle Shares to the Company.

2.2.      Accordingly, the Company has repurchased an additional 69 753 Mettle Shares from the
          following Dissenting Shareholder, at a price of R2.50 per Dissenting Shareholder Share:

           Registered holder of   Beneficial owner of   Number of       Number of        Total
           Mettle Shares          Mettle Shares         Dissenting      Dissenting       Purchase
                                                        Shareholders’   Shareholders’    Price
                                                        Shares          Shares as a %
                                                                        of issued
                                                                        Mettle Shares(1)

           BNS Nominees (RF)      Lake Michigan         69 753          0.03%            R174 382.50
           (Pty) Ltd              Trading (Pty) Ltd

           Total                                        69 753          0.03%            R174 382.50


          Note:
          1. Based on 246 371 576 Mettle Shares in issue.

2.6      The Company has applied to the JSE for the delisting of the Dissenting Shareholder Shares
         with effect from the commencement of trading on or about Wednesday, 23 December 2020,
         whereafter the Dissenting Shareholders’ Shares will be cancelled.

3.    Responsibility Statement

      The Board accepts responsibility for the information contained in this announcement as it pertains
      to Mettle. To the best of the Board's knowledge and belief, the information contained in this
      announcement as it pertains to Mettle is true and nothing has been omitted which is likely to affect
      the importance of such information.


Cape Town
22 December 2020


     Joint Corporate Advisor and Designated Advisor                         Joint Corporate Advisor
                Questco Proprietary Limited                       Mettle Corporate Finance Proprietary Limited


              Legal Advisor to the Company
                         RH Legal

Date: 22-12-2020 11:50:00
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