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Afe/afep - Aeci Limited - Results Of General Meeting And Cautionary

Release Date: 24/11/2011 14:30:01      Code(s): AFE AFEP
AFE/AFEP - AECI Limited - Results of general meeting and cautionary             
announcement                                                                    
AECI LIMITED                                                                    
(Incorporated in the Republic of South Africa)                                  
(Registration number 1924/002590/06)                                            
JSE ordinary share code: AFE                                                    
JSE preference share code: AFEP                                                 
JSE ordinary share ISIN: ZAE000000220                                           
JSE preference share ISIN: ZAE000000238                                         
("AECI" or "the Company")                                                       
RESULTS OF GENERAL MEETING AND CAUTIONARY ANNOUNCEMENT                          
1.   Introduction                                                               
    AECI shareholders ("Shareholders") are referred to the detailed terms       
    announcement released on the Securities Exchange News Service ("SENS") on   
    Thursday, 13 October 2011 and published in the press on Friday, 14          
October 2011 relating to the proposed Broad-based Black Economic            
    Empowerment ("B-BBEE") Transaction ("the proposed B-BBEE Transaction").     
    Shareholders are further referred to the circular to Shareholders           
    containing the full terms of the proposed B-BBEE Transaction ("the          
Circular"), posted to Shareholders on Wednesday, 26 October 2011.           
2.   Results of general meeting                                                 
    Shareholders are advised that following feedback from key Shareholders on   
    the terms of the proposed B-BBEE Transaction, the Company is considering    
amending the lock-in period of the AECI Employees Share Trust from seven    
    years to ten years.                                                         
    Accordingly, Shareholders are advised that at the general meeting held      
    today ("the General Meeting"), all the Special Resolutions as set out in    
the notice of the General Meeting were withdrawn.                           
    The following Ordinary Resolutions were approved by the requisite           
    majority of ordinary Shareholders:                                          
    -    Ordinary Resolution number 1 relating to the placement of 4 678 667    
AECI ordinary shares under the control of the directors and            
         authorising the directors to issue those shares only for the purpose   
         of the proposed transaction between AECI and a consortium led by       
         Kagiso Tiso Holdings Proprietary Limited (RF); and                     
-    Ordinary Resolution number 2 authorising any director of AECI to       
         take all such action as may be necessary or incidental to give         
         effect to the resolutions proposed and passed.                         
3.   Cautionary announcement                                                    
Shareholders are advised that a further announcement relating to the        
    outcome of the Company`s further consideration regarding the terms of the   
    proposed B-BBEE Transaction will be made in due course.                     
    Accordingly, Shareholders are advised to exercise caution when dealing in   
their AECI securities, until a further announcement in this regard is       
    made.  It is anticipated that a general meeting to approve the revised      
    terms of the proposed B-BBEE Transaction, will take place in the first      
    quarter of 2012.                                                            
Woodmead                                                                        
24 November 2011                                                                
Investment bank and transaction       Attorneys and tax advisers                
sponsor                                                                         

The Standard Bank of South Africa     Webber Wentzel                            
Limited                                                                         
Date: 24/11/2011 14:30:01 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department                             .                  
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information disseminated through SENS.                                          



                                        
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