AMALGAMATED ELECTRONIC CORP LTD - Change Statement and Notice of Annual General Meeting

Change Statement and Notice of Annual General Meeting

Amalgamated Electronic Corporation Limited
Incorporated in the Republic of South Africa
(Registration number 1997/010036/06)
Share code: AER ISIN: ZAE000070587
(“Amecor” or “the Company”)


CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING


Change Statement

Shareholders are advised that the Company’s Integrated Annual Report for the year ended 31 March 2015
was distributed to shareholders on 30 September 2015 and is also available on the Company’s website,
www.amecor.co.za.

There are no changes to the earnings per share and headline earnings per share as well as the net asset
value per share. The audited annual financial statements do, however, contain the following modifications to
the condensed provisional consolidated reviewed results for the year ended 31 March 2015 released on
SENS on 30 June 2015.

GROUP STATEMENT OF CASH FLOWS

                           Reviewed  Audited         Difference     Restated        Audited     Difference
                           31 March 31 March                        31 March       31 March
                                2015    2015                            2014            2014
                              R’000    R’000              R’000        R’000           R’000         R’000
Net inflow/(outflow)         15 970   24 140              8 170        2 732        (15 248)      (17 980)
from operating
activities
Cash generated from           40 411      47 549          7 138        28 625        11 731       (16 894)
operations
Net finance cost              (4 945)     (4 629)           316       (3 639)        (3 617)            22
Taxation paid                (10 207)     (9 492)           715       (9 991)       (11 099)       (1 108)
Dividends paid                (9 288)     (9 288)                    (12 263)       (12 263)             -
Net outflow from              (3 502)     (5 741)       (2 239)      (15 225)       (15 605)         (380)
investing activities
Net outflow from                (231)       (451)         (220)        (1 532)          861          2 393
financing activities
Movement in cash              12 237      17 948          5 711      (14 025)       (29 992)      (15 967)
balances
Cash and cash                 28 499      39 888         11 389        42 523        66 880        24 357
equivalents at beginning
of period
Cash included in                     -   (17 100)      (17 100)        11 390         3 000        (8 390)
discontinued operations
Total cash at the end of      40 736      40 736               -       39 888        39 888               -
the year


GROUP STATEMENT OF FINANCIAL POSITION

                           Reviewed     Audited      Difference     Restated        Audited     Difference
                           31 March    31 March                     31 March       31 March
                                2015       2015                         2014           2014
                              R’000       R’000           R’000        R’000          R’000          R’000
Deferred Tax Asset             6 215      7 270           1 055          586          1 219            633
Deferred Tax Liability         1 231      2 286           1 055        6 508          7 141            633
Net Deferred Tax               4 984      4 984               -       (5 922)        (5 922)             -

The modification arose as a result of the Statement of Cash Flows in the condensed provisional consolidated
reviewed results for the year ended 31 March 2015 including only continuing operations whereas the
Statement of Cash Flows in the audited annual financial statements includes both continuing and
discontinuing operations.

There was also a modification in the allocation between deferred tax assets and liabilities, however, the net
deferred tax asset did not change.

The annual financial statements were audited by the Company’s auditors, Grant Thornton Inc., and their
unmodified report is available for inspection at Amecor’s registered office.

Notice of Annual General Meeting

Notice is hereby given that the annual general meeting (“AGM”) of shareholders of Amecor will be held at
09:00 on Thursday, 19 November 2015 at the offices of Merchantec Capital, 2 nd Floor, North Block, Hyde
Park Office Tower, Corner 6th Road and Jan Smuts Avenue, Hyde Park, Johannesburg, to conduct the
business stated in the notice of annual general meeting, which is contained in the Integrated Annual Report.

The board of directors of Amecor has determined that, in terms of section 62(3)(a), as read with section 59 of
the Companies Act, 2008 (Act 71 of 2008), the record date for the purposes of determining which
shareholders of the Company are entitled to participate in and vote at the annual general meeting is Friday,
13 November 2015. Accordingly, the last day to trade in Amecor shares in order to be recorded in the
Register to be entitled to vote at the AGM will be Friday, 6 November 2015.


Johannesburg
30 September 2015

Sponsor
Merchantec Capital

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