ZEDER INVESTMENTS LIMITED - Condensed unaudited interim financial results for the six months ended 31 August 2026

Evidence from the filing

• Attributable and headline loss per share improved to 2.8 cents from a loss of 10.0 cents in the previous period.

  “Attributable and headline loss per share is 2.8 cents per share compared to a loss of 10.0 cents per share in the previous period. The smaller loss is due to the lower downward adjustment in the valuation of assets held for sale compared to the previous period.”

• Loss before taxation from continued operations narrowed to R1m from R3m in the previous period.

  “Loss before taxation from continued operations per Zeder's consolidated income statement is R1m compared to a loss of R3m in the previous period.”

• A special dividend of 7.0 cents per share was declared and paid during the six months ended 31 August 2026.

  “No ordinary dividends were declared during the six months ended 31 August 2026 (31 August 2025: nil). A special dividend of 7.0 cents per share was declared and paid during the six months ended 31 August 2026 (31 August 2025: nil).”

• The Zaad disposal is expected to close by 30 November 2026 and generate approximately R1.4bn for Zeder, including a vendor loan repayable within 12 months.

  “Following conclusion of the Zaad Disposal transaction, Zeder expects to receive approximately R1.4bn (of which R97m is a vendor loan repayable within 12 months), comprising (at 31 August 2026) the disposal consideration payable to Zeder of R1.037bn, the face value of the Sale Claim of R328m and the R39m estimated net proceeds from the Other Excluded Assets. Following the implementation of the Disposal, Zeder will continue to own the 48.6% interest in May Seed, albeit indirectly via a 97.19% interest held in Zaad International (Mauritius) ("Zaad International (May Seed)").”

• Zeder intends to distribute a significant portion of the Zaad disposal consideration after transaction costs and directly related obligations.

  “Zeder intends to distribute a significant portion of the Zaad Disposal consideration received to shareholders, after payment of transaction costs and all directly-related obligations in terms of the Disposal and having regard to its obligations regarding any leakages, representation, undertakings, warranties and indemnities set out in the terms and conditions of the Sale Agreement.”

• NAVPS fell 16.1% to R1.41 from R1.68, largely because of lower asset-held-for-sale valuations and the R108m special dividend paid.

  “As at 31 August 2026 and in line with Zeder’s Sum-of-the-Parts (“SOTP”) value per share, Zeder’s net asset value per share (“NAVPS”) was R1.41, representing a decrease of 16.1% (or 27 cents per share) when compared to the NAVPS of R1.68 as at 31 August 2025. The decrease in NAVPS was largely as a result of the downward adjustment in the valuation of assets held for sale and the R108m special dividend paid to the shareholders of Zeder.”

• The Zaad disposal is not yet complete and is anticipated to close only on or before the extended Long Stop Date of 30 November 2026.

  “On 31 January 2026, Zeder entered into a Sale Agreement to dispose of Zaad (excluding Excluded Assets). The transaction is anticipated to close on/before the extended Long Stop Date of 30 November 2026.”

• A proven breach of specified sale-agreement representations, undertakings, warranties or indemnities is uninsured and can expose Zeder to liability of up to 30% of the disposal consideration, excluding fraud.

  “In terms of any proven breach of the representation, undertakings, warranties, and indemnities (which are not covered by an insurance policy) in the Sale Agreement, the maximum liability for Zeder, save in respect of fraud, is 30% of the disposal consideration. Therefore, while it is Zeder's intention to distribute most of the disposal consideration to shareholders, to be prudent Zeder may hold back for the time being an appropriate portion of the disposal consideration.”

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