Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the circular released on Monday, 15 December 2025 (“Circular”) wherein Shareholders were advised of a series of transactions concluded between the Company, its then wholly owned subsidiary Squirewood Investments 64 Proprietary Limited (“Squirewood”) and its then material shareholder, The Southern African Clothing and Textile Workers Union (“SACTWU”) (collectively, the “Proposed Transaction”).

Shareholders are further referred to the announcement released on SENS and the Circular distributed to Shareholders on Monday,15 December 2025, wherein they were advised that the Proposed Transaction was subject to the fulfilment or waiver (as the case may be) of certain conditions precedent.

The Company is pleased to advise Shareholders that all of the conditions precedent of the Proposed Transaction have been timeously fulfilled or waived. Accordingly, the Proposed Transaction has become wholly unconditional and has been implemented in accordance with its terms.

Shareholders are further advised that, following the implementation of the Proposed Transaction, Squirewood exercised the Squirewood Option in accordance with the terms and conditions of the Squirewood Option Agreement.

In this regard and in compliance with section 122(3)(b) of the Companies Act, No. 71 of 2008 (as amended) (the “Companies Act”) and paragraph 6.54 of the Listings Requirements of the JSE Limited, Shareholders are hereby advised that the Company has received formal notifications in accordance with section 122(1) of the Companies Act that, following Squirewood’s exercise of the Squirewood Option:

• SACTWU has disposed of the Option Shares to Squirewood such that its direct beneficial interest in the Company has decreased to 2.25% of the total ordinary shares in issue; and
• Squirewood, which is controlled by SACTWU, has acquired the Option Shares, such that it now holds a direct 25.73% beneficial interest in the total ordinary shares of the Company in issue.

Accordingly, SACTWU and its subsidiary, Squirewood, collectively own 27.98% beneficial interest in the total ordinary shares of the Company in issue.

As required by section 122(3)(a) of the Companies Act, the Company has filed the required notices with the Takeover Regulation Panel.

The board of directors of the Company (“Board”) accept responsibility for the information contained in this announcement and confirms that, to the best of its knowledge and belief, such information is true and that this announcement does not omit anything likely to affect the importance of such information.