AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Cautionary Announcement: Transactional Banking Facilities

Cautionary Announcement: Transactional Banking Facilities

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")

CAUTIONARY ANNOUNCEMENT: TRANSACTIONAL BANKING FACILITIES

Shareholders are advised that the Company’s current bankers, Nedbank Limited (“Nedbank”), have
given the Company notice to close its transactional banking facility with effect from 15 March 2022.
The Company does not have any lending facilities with Nedbank.

Despite the Company’s best efforts, Nedbank has not provided AEEI with what it regards as valid
reasons for the termination. The Company believes that it is entitled to fair treatment and as a result,
the Company together with certain other AEEI group entities instituted legal proceedings at the High
Court, Western Cape, to interdict Nedbank from closing the Company’s transactional banking facilities,
pending a matter before the Equality Court.

Whilst acknowledging the urgency of the matter, the High Court dismissed the application for an
interdict, and in a ruling on 14 February 2022 and an order handed down late on 15 February 2022,
reflected that the matter is best suited to the Equality Court, indicating that is an important matter
for transformative constitutionalism.

AEEI is, however, pleased that the judge remarked on the conduct of the banks and in particular
Nedbank in attempting to delay the hearing of the matter.

AEEI advises shareholders that, as directed by the High Court, the Company, as a co-applicant, has
joined in launching an urgent interdict application with the Equality Court in respect of Nedbank's
decision to close the Company's banking facilities.

AEEI has made arrangements for alternative payment methods in the interim and is in the process of
reviewing its options for transactional banking facilities.

Cautionary Announcement

As a result of Nedbank’s decision to close the Company’s transactional banking facilities, shareholders
are advised to exercise caution when dealing in the Company’s securities until a further
announcement is made.


Cape Town
16 February 2022

Joint Sponsor
Vunani Sponsors

Joint Sponsor
Merchantec Capital

Date: 16-02-2022 08:59:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.