RAC Investment Holdings (Pty) Ltd, Metcap 14 Proprietary Limited and Cream Magenta 140 Proprietary Limited made a mandatory offer to acquire remaining 27.7% in Trans Hex Group Limited (JSE:TSX) for approximately ZAR 120 million on August 8, 2016. As part of offer, offerers’ will pay ZAR 3.94 for each share. Under the terms, 29.3 million common shares will be acquired. Offerors, subject to the approval of the JSE, intend to delist Trans Hex if they acquire around 75% stake as a part of offer. The Offer should be accepted by the Shareholders holding at least 90% to implement a compulsory acquisition. The transaction is subject to approval of the Competition Authorities and other regulatory authorities. As of September 6, 2016, it was announced that the circular for the transaction is expected to be posted on September 23, 2016. As on September 23, 2016, the Independent Board, having taken into account the opinion of the Independent Expert regarding the offer, is of the opinion that the terms of the offer are not fair and not reasonable to shareholders and accordingly, recommends that shareholders do not accept the offer. Competition Authorities unconditionally approved the offer and its implementation on October 26, 2016. No other regulatory approvals are required and the Offer is consequently unconditional in accordance with its terms. The Offer will remain open for a further 21 business days. The offer will close on November 25, 2016. Mettle Limited and One Capital Advisory (Proprietary) Limited acted as financial advisor and Werksmans Attorneys acted as legal advisor in the transaction for RAC Investment Holdings (Pty) Ltd, Metcap 14 Proprietary Limited and Cream Magenta 140 Proprietary Limited. Bowmans acted as legal advisor to Trans Hex. Snowden Mining Industry Consultants Proprietary Limited acted as Independent Expert to the Independent Board of Trans Hex. RAC Investment Holdings (Pty) Ltd, Metcap 14 Proprietary Limited and Cream Magenta 140 Proprietary Limited completed the acquisition of 4.46% in Trans Hex Group Limited (JSE:TSX) for ZAR 18.6 million on November 25, 2016.