MC-3896

**Action Required:** Review the updated SARB application (Third Draft) and provide comments. Stephan requests comments before sharing with ENS for parallel review. Michael Barker (Star Capital) has agreed to review and suggested ENS reviews in parallel. **Outlook Message ID:** AAMkADllM2EyZDEyLTQ0MjctNDBiMi1iMjE2LTU1YTk3MzBhNTBkNABGAAAAAADfVxI8929bQ6Dg-DBiolHyBwDv2mufBr1AS5jiMeOekCy1AAAAAAEMAADv2mufBr1AS5jiMeOekCy1AATKdI1aAAA= **Open in Outlook:** **Attachments:** Yes (1 relevant file) - Project Heron - SARB Application - May 2026 - Third Draft.docx → /home/lucienne/workspace/attachments/ticket-pending-sarb-20260521/Project_Heron_-_SARB_Application_-_May_2026_-_Third_Draft.docx --- **Sender:** Stephan Spamer (CDH Legal) — Stephan.Spamer@cdhlegal.com **To:** Pieter Richards, Michael Barker, Sam Fletcher, Christoph Levenhagen, Dave Andrew, Elmar Conradie, Rachel Kelly **Date:** 2026-05-21 08:51 UTC --- **Email Body (Stephan Spamer — original):** Hi all, Attached is the updated SARB application for your consideration and comment. Insofar as the annexures are concerned: I am working with Pieter Richards to get Annexures A and B sorted; Christoph Levenhagen and I are working with BDO to finalise Annexure E; and Annexures I and L are being handled by Rachel Kelly. The remaining annexures are all in hand. The only aspect which we have not addressed yet is the hedging arrangement, but we can deal with that when we have the information available. The application may also require some updates once Annexures E, I and L are finalised. If there are no comments, I am happy to share this draft with ENS for them to start feeding through any comments which they may have. --- **Reply (Michael Barker — 08:54 UTC):** Thanks Stephan, we will review and come back with any points. My suggestion would be we get ENS to review in parallel just to keep things moving - @Sam Fletcher, let us know if you agree? --- **Action:** Review the SARB application Third Draft. Provide any comments to Stephan. If no comments, Stephan will share with ENS for parallel review.