Sens Announcements – Details

Change Statement, Availability of Integrated Report, Notice of Annual General Meeting and Availability of B-BBEE

AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) Registration number 1996/006093/06 Share code: AEE ISIN: ZAE000195731 ("AEEI" or “the Company”)


1. Introduction

Shareholders are advised that the Company’s integrated report, incorporating the audited consolidated annual financial statements for the year ended 31 August 2021 and the notice of the annual general meeting (“AGM”) of the Company has been distributed to shareholders today, 23 December 2021.

The Company reports, including the integrated report, audited consolidated annual financial statements for the year ended 31 August 2021 (“Audited AFS”), reviewed provisional condensed financial results for the year ended 31 August 2021 (“Reviewed Results”), the external auditors’ unmodified audit opinion on the audited consolidated financial statements and notice of AGM are available on and-online-suite-of-reports/.

2. Change statement

Further to the publication of the Reviewed Results on SENS on 1 December 2021, AEEI advises that the Audited AFS contains no modifications from the Reviewed Results other than the change described below.

2.1 Reallocation between operating expenses and net impairment reversals

There was an audited group reallocation (“Reallocation”) between operating expenses and net impairments reversals of R18.9 million and between operating expenses and gain on acquisition of R0.026 million. The Reallocation had no impact on profit after tax, total assets, total liabilities and no effect on the net asset value of AEEI Ltd nor on the cash flow statement. The change has no effect on earnings per share but does effect headline earnings per share. The results of the audited Reallocation are shown below.

2.1.1 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 August 2021

Reviewed Audited AFS Change Change Results R'000 R'000 R'000 % Revenue 2 339 169 2 339 169 Cost of sales (1 659 382) (1 659 382) Gross profit 679 787 679 787 Other income 85 486 85 486 Operating expenses (1 043 264) (1 062 205) 18 941 -2% Net impairments and (152 132) (133 217) (18 915) 14% impairment reversals Fair value adjustments 57 277 57 277 Investment revenue 162 420 162 420 Finance costs (22 943) (22 943) Income from equity accounted 52 521 52 521 investments Gain on acquisition - 26 (26) -100% Profit/(Loss) before taxation (180 848) (180 848) Taxation (84 506) (84 506) Profit/(loss) from continuing operations (265 354) (265 354)

2.1.2 Earnings per share

Audited AFS Reviewed Results Change Change 2021 2021 2021 2021 Year- Year-end Year-end Year-end end Gross Net Gross Net R'000 R'000 R'000 R'000 R'000 % Earnings attributable to ordinary equity (130 014) (130 014) holders of the parent entity Discontinued operations - - Net earnings (130 014) (130 014) Earnings attributable to ordinary equity (130 014) (130 014) holders of the parent Profit or loss on disposal of property, 100,00% 2 574 1 853 - - 1 853 plant and equipment Impairments of intangibles and 3726,92% property, plant and 26 257 18 905 686 494 18 411 equipment Loss on disposals of property, plant and 92 66 92 66 equipment. Impairment of 410,39% goodwill 24 376 24 376 4 776 4 776 19 600 Headline earnings (84 814) (124 678) Continued operations 31,97% (84 814) (124 678) 39 864 Discontinued operations - - Weighted average number of shares 491 022 491 022 ('000) Fully diluted weighted average number of shares 491 022 491 022 ('000) Based earnings and diluted earnings per (26,48) (26,48) (cents) Continuing operations (26,48) (26,48) Discontinued operations - - Headlines earnings and diluted earnings and diluted earnings (17,27) (25,39) per share (cents) Continuing operations 31,97% (17,27) (25,39) 8,12 Discontinued operations - - Normalised headline earnings per ordinary 90,75% (0,69) (7,45) 6,76 share (cents)

3. Notice of Annual General Meeting

The AGM will be held through electronic participation only at 14:00 on Thursday, 24 February 2022.

Due to the extension of the state of National Disaster as well as the continued impact of COVID-19 and the uncertainty surrounding the restrictions placed on public gatherings and the COVID-19 level that may be applicable when the Company’s AGM is scheduled to take place, the Company has determined it prudent and appropriate to make the AGM accessible only through electronic participation, as provided for in terms of the provisions of the Companies Act, (Act 71 of 2008) as amended (“Companies Act”).

Any shareholders or their proxies who wish to participate in the AGM via electronic communication (“Participants”) should complete the Electronic Participation Form forming part of the integrated report (“the Application”) and email same to the Company’s transfer secretaries, JSE Investor Services at [email protected] as soon as possible but by no later than 14:00 on Tuesday, 15 February 2022.

Upon receipt of a duly completed Application, the Company’s transfer secretaries will follow a verification process to verify each Participant’s entitlement to participate and/or vote at the AGM. On successful verification, such shareholder or their duly appointed proxy will receive to their nominated email address, a Microsoft Teams meeting invitation, which will be required to access the AGM.

Salient details of the AGM are set out below:

African Equity Empowerment Issuer Name Investments Limited Type of Instrument Ordinary Shares Isin Number ZAE000195731 Jse Code AEE Meeting Type Annual General Meeting Meeting Venue Via electronic means Record Date – to determine which shareholders are entitled to receive the Notice of meeting Friday, 10 December 2021 Publication/Posting Date Thursday, 23 December 2021 Last Day To Trade – Last day to trade to determine eligible shareholders that may attend, speak and vote at the Meeting Tuesday, 15 February 2022 Record Date- Record date to determine eligible shareholders that may attend, speak and vote at the Meeting Friday, 18 February 2022 Meeting Deadline Date (For administrative purposes, forms of proxy for the meeting to be lodged 14:00 on Tuesday, 22 February 2022 Meeting Date 14:00 on Thursday, 24 February 2022 Publication of Results Thursday, 24 February 2022 Web Site Link

4. Availability of B-BBEE Annual Compliance Report

Shareholders are hereby notified that the Company’s annual compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, has been published and is available on the Company’s website at

Cape Town 23 December 2021

Joint Sponsor Vunani Sponsors

Joint Sponsor Merchantec Capital

Date: 24-12-2021 07:10:00

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