Sharenet Sites 
Sharenet Sites
Conditional voluntary bid by PK Investments Limited ("PKI") to acquire all MAS shares not already held by PKI
MAS P.L.C.
Registered in Malta
Registration number C 99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
("MAS" or the "Company")
CONDITIONAL VOLUNTARY BID BY PK INVESTMENTS LIMITED ("PKI") TO ACQUIRE ALL MAS SHARES NOT ALREADY HELD BY PKI
Unless the context dictates otherwise, capitalised terms used in this announcement will have the same
meaning assigned to them in the PKI Bid Circular (as defined below).
MAS shareholders ("Shareholders") are referred to the announcement published on SENS on 16 May
2025 in respect of PKI's intention to launch a voluntary bid to acquire all the shares in MAS not already
held by PKI (the "Initial Bid Proposal") and the subsequent announcements of 28 May 2025 and 6
June 2025 in respect of adjustments to the Initial Bid Proposal.
Shareholders are also referred to the formal bid launch announcement published by PKI on SENS
yesterday, 4 August 2025 and the accompanying voluntary bid circular (the "PKI Bid Circular")
published by PKI on the same date and made available on PKI's website, https://primekapital.com/pk-
investments/, regarding a conditional voluntary bid (and ancillary documents, including a Prospectus, a
Programme Memorandum and Applicable Pricing Supplement (Listed), a Programme Memorandum
and Applicable Pricing Supplement and Information Statement (Unlisted) and Frequently Asked
Questions (together with the PKI BID Circular, the "PKI Bid Documents") by PKI to acquire all MAS
shares not already held by PKI (the "PKI Voluntary Bid").
The PKI Bid Documents contain the full details of the PKI Voluntary Bid as made by PKI to all
Shareholders. The PKI Bid Documents also contain important information regarding the PKI Voluntary
Bid and Shareholders should read the PKI Bid Documents in their entirety for a full understanding of
the PKI Voluntary Bid. This announcement does not purport to provide any investment advice or
recommendation to Shareholders in respect of the PKI Voluntary Bid and Shareholders are advised to
consult with their broker, CSDP, or an independent financial advisor before making a decision in respect
of the PKI Voluntary Bid.
Neither the Company, nor the existing Independent Board (comprised of independent, non-conflicted
directors, being Werner Alberts, Claudia Pendred, Vasile Iuga and Dan Pascariu), were engaged in any
meaningful way by PKI in advance of PKI launching their formal bid yesterday.
The Independent Board, in conjunction with its advisors, are currently evaluating the details of the PKI
Voluntary Bid, in a manner consistent with the recent (but now withdrawn) offer by Hyprop Investments
Limited, in order to highlight the pertinent aspects and risks thereof. The Independent Board and its
advisors continue to engage Shareholders, evaluate strategic value unlock opportunities and will
publish a further SENS announcement in respect of the PKI Voluntary Bid as soon as is practicable,
taking into consideration the unusual and truncated PKI Voluntary Bid timeline.
5 August 2025
For further information please contact:
Irina Grigore, MAS P.L.C. +356 27 66 36 91
Valeo Capital, JSE Sponsor +27 21 851 0091
Investec Bank Limited, Corporate Advisor +27 11 291 3269
Webber Wentzel, Legal Advisor
Date: 05-08-2025 05:37:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
