MKL - Makalani - Update Announcement

MKL
MKL                                                                             
MKL - Makalani - Update Announcement                                            
MAKALANI HOLDINGS LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
Registration number 2005/000726/06                                              
Share code: MKL                                                                 
ISIN: ZAE000066700                                                              
("Makalani" or "the Company")                                                   
UPDATE ANNOUNCEMENT                                                             
Makalani unitholders are referred to the firm intention announcement released   
on SENS on 23 February 2010 and published in the press on 24 February 2010      
relating to:                                                                    
-    A PROPOSED OFFER 
BY MAKALANI TO LINKED UNITHOLDERS TO REPURCHASE THEIR     
    MAKALANI LINKED UNITS FOR A COMPOSITE PRICE OF R83.97 PER LINKED UNIT       
    (NET CASH CONSIDERATION OF R82.05 PER LINKED UNIT), AND                     
-    PROPOSED DELISTING OF MAKALANI FROM THE JSE LIMITED.                       
Unitholders were advised that a circular was anticipated to be posted on 5      
March 2010. Unitholders are hereby advised that the circular is still           
awaiting approval by the JSE Limited and the Securities Regulation Panel. An    
announcement will be made, which will include the revised salient dates and     
times and updated financial effects, once the circular has been approved and    
is ready for posting.                                                           
Illovo                                                                          
10 March 2010                                                                   
Merchant bank and sponsor                         
                              
RAND MERCHANT BANK (A division of FirstRand Bank Limited)                       
Legal advisor                                                                   
Edward Nathan Sonnenbergs Inc                                                   
Independent sponsor                                                             
Deloitte and Touche Sponsor Services (Proprietary) Limited                      
Independent expert                                                              
Java Capital (Proprietary) Limited                                              
Reporting Accountants                                                           
PWC                                                                             
Date: 10/03/2010 16:02:01 Produced by the JSE SENS Department.                  
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