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ACQUISITION OF INITIAL VIABLE ASSETS

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Further to the announcement issued by ANIREP on 02 March 2020, shareholders are advised that ANIREP has successfully finalised the acquisition of majority shareholdings in two viable assets, Hopsol Africa (Pty) Ltd and Hopsol Power Generation (Pty) Ltd and with effect from 1st April 2020 and 19th June 2020 respectively. All conditions in respect of both transactions have been fulfilled.

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NSX.ANE: ALPHA NAMIBIA INDUSTRIES RENEWABLE POWER – Transaction Finalisation
NSX.ANE: ALPHA NAMIBIA INDUSTRIES RENEWABLE POWER - Transaction Finalisation
Transaction Finalisation
Alpha Namibia Industries Renewable Power Limited
(Incorporated in the Republic of Namibia)
Registration Number 2018/0148
NSX Share code: ANE
ISIN: NA000A2JQ364
("ANIREP")
ANNOUNCEMENT IN RESPECT OF THE SUCCESSFUL ACQUISITION OF INITIAL
VIABLE ASSETS
Further to the announcement issued by ANIREP on 02 March 2020, shareholders are
advised that ANIREP has successfully finalised the acquisition of majority shareholdings
in two viable assets, Hopsol Africa (Pty) Ltd and Hopsol Power Generation (Pty) Ltd and
with effect from 1st April 2020 and 19th June 2020 respectively. All conditions in respect
of both transactions have been fulfilled.
ANIREP Managing Director Iyaloo Nangolo said:
  "I am pleased that the acquisition of these two assets is now complete.
  Concluding these transactions provides ANIREP a sustainable platform from
  which we will pursue an expansion of the existing grid connected 10 MW solar
  PV capacity. ANIREP provides a bridge for Capital Markets into the
  Infrastructural Renewable Energy Projects and is well placed to raise such
  additional capital and project finance as will be required for solar PV capacity
  expansion, by unlocking a higher investment allocation by institutional investors
  to infrastructure investments, based on our sustainable long-term cash flows.
  This will undoubtedly differentiate and distinguish ANIREP on its journey to
  becoming a significant utility with sustainable long-term cash flows".
   1. Hopsol Power Generation (Pty) Ltd
       1.1 The acquisition of a 70% shareholding in Hopsol Power Generation (Pty) Ltd,
           a high- quality, renewable, cash yielding 10 MW IPP, with two 5 MW solar PV
           grid connected utility plants commissioned in 2015 and 2016, and
           underpinned by 25 year PPA contracts. The equity consideration of N$ 88
           577 912 was settled in cash from the proceeds of the private placement that
           occurred as part of the listing of ANIREP.
       1.2 Fulfillment of approvals and conditions precedent as per clause 2.3 of the
           Share Purchase Agreement:
                              NOTICE TO SHAREHOLDERS
          1.2.1 Approval from Namibia Power Corporation (Proprietary Limited) was
                obtained on the 06th March 2020;
          1.2.2 Approval from Central-North Distribution Company (Proprietary)
                Limited was obtained on the 22nd October 2019;
          1.2.3 Approval from the Electricity Control Board was obtained on the 28th
                February 2020;
          1.2.4 Commission the transferring from Standard Bank Namibia Limited to
                Bank Windhoek Limited of all long term collateral, sureties and release
                the Seller on the 19th June 2020;
          1.2.5 Approval from the Namibian Competition Commission was obtained on
                the 20th of February 2020;
          1.2.6 Settlement and closing of Seller claims with regards to shareholder
                loans on the 19th June 2020; and
          1.2.7 Satisfactory due diligence results provided to ANIREP.
   2. Hopsol Africa (Pty)Ltd
      2.1 The acquisition of 80% shareholding in Hopsol Africa (Pty) Ltd, the leading
          EPC and O&M contractor in Namibia, which has installed about 100MW of the
          150 MW solar PV in Namibia. The equity consideration of N$ 56 000 000 was
          settled in cash from the proceeds of the private placement that occurred as
          part of the listing of ANIREP.
      2.2 Fulfillment of approvals and conditions precedent as per clause 2.3 of the
          Share Purchase Agreement;
          2.2.1 Written consent from Bank Windhoek Limited for the acquisition as
                  well as release of sureties from the Seller was obtained on the 23rd
                  March 2020;
          2.2.2 Approval from the Namibian Competition Commission was obtained on
                  the 20th of February 2020;
          2.2.3 Satisfactory due diligence results provided to ANIREP.
   3. Re-classification of ANIREP
      ANIREP has successfully completed the acquisition of viable assets; ANIREP now
      qualifies to, and will apply to the Namibian Stock Exchange ("NSX") for a re-
      classification on the NSX.
By order of the Board
Windhoek
22nd June 2020
Sponsor
Cirrus Securities (Pty) Ltd
Member of the Namibian Stock Exchange
Date: 22-06-2020 03:19:00
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Source: https://nsxs.hosted.inetbfa.com/news/story/362e28d3-75c2-4793-8b7e-4f677a29206e