Apis Growth 12 Ltd has submitted a non-binding expression of interest to acquire 5.65% stake in Efficient Group Limited (JSE:EFG) on July 29, 2019. The Board of Directors of Efficient Group Limited will establish an independent board to consider the terms of the offer. Apis Growth 12 Ltd concluded written implementation agreement to acquire 5.65% stake in Efficient Group Limited (JSE:EFG) for ZAR 36.4 million on March 11, 2020. As part of the acquisition, Apis Growth 12 Ltd will acquire 6.61 million shares for ZAR 5.51 per share. Post the acquisition, the shares will be delisted from the main board of the JSE Limited. The acquisition is subject to the approval of the shareholders, the approval of the High Court of South Africa, and the approval of the Financial Surveillance Department of the South African Reserve Bank. Shareholders who hold in aggregate 3,379,147 Shares, representing 53.74% of the shares in Efficient Group which are eligible to vote at the General Meeting have provided irrevocable undertakings to vote in favour of the Scheme Resolution. Apis has provided the Takeover Regulation Panel with an irrevocable, unconditional bank guarantee issued by Absa Bank South Africa Limited for ZAR 36.4 million being the scheme consideration if consideration is not paid within the relevant time period. The Independent Board intends to recommend shareholders to vote in favour of Scheme. As of May 7, 2020, the scheme meeting for approving the acquisition will be held on May 7, 2020 and the scheme is expected to be implemented on June 15, 2020. Bravura Capital Proprietary Limited acted as financial advisor to Efficient Group Limited. Merchantec (Proprietary) Limited acted as financial advisor to Independent Board of Efficient Group Limited. Adams & Adams acted as legal advisor to Efficient Group Limited and Cliffe Dekker Hofmeyr acted as legal advisor to Apis Growth 12 Ltd. Nodus Capital TS Proprietary Limited acted as independent expert to Efficient Group.