Description of Activities

Description of transaction: The proposed transaction involves the change in control in the following target undertakings, namely: Hallie Investments Number Thirty-Seven (Pty) Ltd, August Scherenbeck Haus (Pty) Ltd, Khomas Investments (Proprietary) Limited, Crest Distributors Namibia (Pty) Ltd, Edan Oshikango (Pty) Ltd, Namibia Kalahari Safaris (Pty) Ltd, and Lolopark (Pty) Ltd. The change in control in the Property Companies will arise as a result of the unwinding of Pointbreak Property Trust Three (“Portfolio Three”), and control will be transferred to Jesko Woermann, Abigail Amela Nelao Stellmacher (“née Woermann"), and Rebecca Nyanyukweni Woermann through the acquisitions of shares in the Property Companies. 

Acquiring group: The primary acquirers are natural persons, namely Jesko Woermann, Abigail Amela Nelao Stellmacher (“née Woermann"), and Rebecca Nyanyukweni Woermann. Jesko Woermann controls the following undertakings, which are property holding companies that generate turnover through rental income: Kano Prop (Pty) Ltd, Brakwater Investments (Pty) Ltd, BV Investments 219 (Pty) Ltd, Erindi Holdings (Pty) Ltd, Lafrenz Erf 320 (Pty) Ltd, Lafrenz Erf 328 (Pty) Ltd, Lafrenz Erf 329 (Pty) Ltd, Puzzle Investments 21 (Pty) Ltd, Southern Industrial Park (Pty) Ltd, Tulongeni Property Developers (Pty) Ltd, Arleo Investments 37 to 42 CC, and additionally Woermann, Brock & Co (Pty) Ltd, which is a retail trader. Née Woermann controls Juris Investments (Pty) Ltd, an investment holding company, and Desert Marine Pets Namibia (Pty) Ltd (51%), a pet retail store. Rebecca Nyanyukweni Woermann controls Omuxo Investments (Pty) Ltd, an investment holding company, and St. Michael’s Auto Spares CC (100%), involved in property holding and letting. 

Target undertaking: The primary target undertakings are Hallie Investments Number Thirty-Seven (Pty) Ltd, August Scherenbeck Haus (Pty) Ltd, Khomas Investments (Proprietary) Limited, Crest Distributors Namibia (Pty) Ltd, Edan Oshikango (Pty) Ltd, Namibia Kalahari Safaris (Pty) Ltd, and Lolopark (Pty) Ltd (collectively the “Property Companies”), all incorporated in terms of the laws of Namibia. The Property Companies are controlled by Portfolio Three, a property portfolio established under the Pointbreak Property Unit Trust Scheme. The Property Companies own, lease, and manage investment properties in Namibia. They let commercial, residential, retail, industrial, and mixed-use properties be rented to tenants for rental income and capital appreciation from those properties.

Relevant market: The merging parties submit that the relevant market is the provision of property rental services in Namibia. 

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