CONDUIT CAPITAL LIMITED - Quarterly Progress Report and Update on Financial Results

Quarterly Progress Report and Update on Financial Results

Conduit Capital Limited
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND  ISIN: ZAE000073128
("Conduit Capital" or "the Company" or "the Group")


                QUARTERLY PROGRESS REPORT AND UPDATE ON FINANCIAL RESULTS


Quarterly Progress Report

Shareholders are referred to the 'Quarterly Progress Report and Update on Financial Results' announcement
released on SENS on 28 June 2024 ("June Quarterly Progress Report") (and using the terms defined therein
unless otherwise stated) and are hereby, in accordance with paragraph 1.11(c) of the JSE Listings Requirements
and until the Suspension is lifted, provided with the quarterly update on the state of the affairs of the Company.

In terms of the granting of the provisional liquidation order by the High Court pursuant to the Prudential Authority's
application to place Constantia Insurance Company Limited ("CICL") into liquidation ("CICL liquidation"), the
appointed liquidators continue to manage the winding-up of CICL and there is no certainty yet as to when CICL will
be finally wound up. Consequently, the status quo of the Suspension remains.

Shareholders were advised in an announcement released on SENS on 4 April 2024 that the liquidators of CICL filed
applications with the Western Cape High Court ("the Court") for orders to provisionally wind-up Conduit Capital and
its wholly owned subsidiary, Conduit Ventures Proprietary Limited ("the Applications"), on 2 April 2024. Given that
the Applications were opposed, the Court postponed the hearing thereof to 2 August 2024. Shareholders were
advised in the announcement released on SENS on 2 August 2024 that the Applications were heard on 2 August
2024 and were dismissed by the Court with costs.

Conduit Capital operations and strategy

As set out in previous Quarterly Progress Reports, Conduit Capital has successfully worked through most of the
operational challenges posed by the provisional liquidation of CICL, has secured the services of key individuals to
ensure the continued operations of the business and provided details of the changes to the Board post the
Suspension.

Management continues to implement the business' short-term strategy of realising assets and reducing operating
expenses. Progress is regularly reviewed by the Board, and further SENS announcements regarding the progress
will be published as and when required.

Arbitration Award – Trustco Properties

Shareholders are referred to the section of the June Quarterly Progress Report entitled "Arbitration Award – Trustco
Property Holdings Proprietary Limited" wherein it was advised that pursuant to certain disputes between CRIH, a
wholly owned subsidiary of the Company, and Trustco Properties relating to the acquisition of Herboths Property
Development Proprietary Limited from Trustco Properties, and the termination of negotiations, including the
repayment of the deposit in the amount of R50 million, CRIH continues to take steps to enforce the Award following
the ruling by AFSA's Tribunal.

Disposal of CRIH and CLL

Shareholders are referred to the section of the June Quarterly Progress Report entitled "Disposal of CRIH and CLL"
regarding the agreement and various addenda thereto entered into between Conduit Capital and its wholly owned
subsidiary, Copper Sunset and TMM relating to the disposal of the "Sale Interest" to TMM for an aggregate cash
purchase price of R55 million, and are hereby reminded that, in terms of the Purchaser's application to the Financial
Services Tribunal for reconsideration of the Prudential Authorities' Decision, the matter for argument is scheduled
for 20 November 2024.

Publication of audited annual financial statements for the year ended 30 June 2022 ("2022 AFS")

The final draft of the 2022 AFS was signed off by the auditors on 21 August 2024, on a disclaimed basis, and the
2022 AFS and the corresponding integrated report were published on 30 August 2024, with the AGM scheduled to
take place on Tuesday, 1 October 2024.

Work on the interim results for the six months ended 31 December 2022 and for the year ended 30 June 2023 has
also commenced. It should be noted that the Group's FY2023 consolidated statements of comprehensive income
and loss for both periods would only contain one month of CICL results, whereas the FY2023 consolidated
statements of financial position for both periods would not reflect CICL at all, due to Conduit losing control of CICL
at the end of July 2023. Final timelines in respect of the publication thereof, will be finalised as soon as the auditors'
audit plan has been approved by the Audit and Risk Committee.



Cape Town
30 September 2024

Sponsor
Merchantec Capital

Date: 30-09-2024 05:05:00
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