Terms Announcement 16 March 2018


Shareholders of Oceana (“Shareholders”) are referred to the cautionary announcement released on the Stock Exchange News Service (“SENS”) of the JSE Limited (“JSE”) on 13 February 2018 in terms of which Shareholders were advised that Mr Francois Kuttel, the former Chief Executive Officer of Oceana, had expressed an interest to acquire a 75% interest in Westbank Fishing LLC, (“Westbank”) from Westbank Fishing Partners LLC, (“Westbank Partners”).

This follows the notification by Westbank Partners to Daybrook Fisheries Inc. (a subsidiary of Oceana) (“Daybrook Fisheries”) during November 2016, of the exercise of its put option (“the Put Option”) over its 75% interest in Westbank (“the Westbank Interest”). Neither Oceana nor any of its local or foreign subsidiaries are able to acquire the Westbank Interest, due to the U.S. American Fisheries Act (“AFA”) qualifying requirements. The AFA requires that qualifying fishing vessels in the U.S. be owned and controlled by U.S. citizens, among other things.

Shareholders are hereby advised that Daybrook Fisheries has reached an agreement with Makimry Patronus LLC (“Makimry”), a U.S. company majority owned and controlled by Mr. Kuttel, to assign to Makimry the right and obligation of Daybrook Fisheries to acquire the Westbank Interest from Westbank Partners (“the Proposed Arrangement” or “the Agreement”).

Read more in the PDF.