Burstone chairman's associate to acquire significant stake

Temo Capital Proprietary Limited, a family vehicle associated with Moss Ngoasheng, the independent non-executive chairman of Burstone Group Limited, has signed a binding term sheet to acquire ordinary shares in Burstone. The agreement, dated September 30, 2025, is contingent upon the fulfillment of certain conditions precedent. No trading related to this acquisition will occur while Burstone remains in its interim closed period.

The transaction involves 55,555,555 ordinary shares at a price of R9.00 per share, amounting to a total value of R499,999,999.00. This off-market acquisition represents 6.90% of the total issued share capital of Burstone Group Limited. Post-acquisition, Temo's beneficial interest in Burstone is projected to be 7.66%.

The nature of the interest held by Temo will be indirect beneficial. All necessary approvals for this transaction have been obtained. Investec Bank Limited is serving as the debt and equity sponsor for Burstone Group Limited. The announcement was made on October 2, 2025, from Johannesburg.