Grand Parade Investments Limited (JSE:GPL) agreed to spin-off 9.28% stake in Spur Corporation Ltd (JSE:SUR) for approximately ZAR 170 million on May 10, 2022. The board of GPL resolved to unbundle the Company's shareholding of 8,447,731 Spur Shares, comprising approximately 9.28% of the total issued share capital of Spur, to Shareholders by way of a pro rata distribution in specie, in the ratio of 1 Spur Share for every 63 GPI Shares held. As of June 6, 2022, shareholders of GPL will receive 1 Spur Share for every 56 GPI Shares held.

Record date is currently anticipated to be June 10, 2022. Record date has been revised to June 17, 2022. The Unbundling is subject to the condition that the required exchange control approval be obtained from the South African Reserve Bank on terms and conditions acceptable to GPL.

GPL will apply for the requisite exchange control approval from the Financial Surveillance Department of the South African Reserve Bank for the Unbundling. As of June 10, 2022, GPL announced that the required exchange control approval for the declaration of the distribution in specie in terms of the Unbundling has been obtained from the Financial Surveillance Department of the South African Reserve Bank and that, accordingly, the Condition Precedent has now been fulfilled. Rand Merchant Bank acted as financial advisor to GPL.