AFRICAN DAWN CAPITAL LIMITED - Shareholder update

Shareholder update

AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration Number: 1998/020520/06)
JSE share code: ADW
ISIN: ZAE000060703
(the “Company”)


SHAREHOLDER UPDATE


Shareholders are referred to the SENS announcement dated 15 October 2013
wherein the Company’s strategy was set out and the further update released on
SENS on 10 April 2014 wherein progress on the implementation of the stated
strategy was disclosed. The board would like to share the following
developments with the stakeholders:


1.   The Knife Capital Proprietary Limited and the Company teams have now
     been consolidated and operate from a single office. This physical integration
     will realise the envisioned cost savings and be conducive to leveraging the
     combined skills required to execute the strategy.

2.   It is with regret that the board accepted the resignation of Mr. Mac van der
     Merwe as non-executive chairman of the board as announced on the 3rd of
     June 2014. The board however acknowledged Mr. van der Merwe’s concern
     that some of his family office’s financial interests could conflict with the
     investment strategy of the Afdawn Group.

3.   Mr. Jacques Groenewald, the current Chief Executive Officer will also assume
     the role of acting executive Chairman in the interim and Vanya Lessing will
     continue to act as Lead Independent Director. The Investment Committee
     will be Chaired by Mr. Stephen Roper.


Cape Town
6 June 2014

Designated Advisor
Sasfin Capital
(a division of Sasfin Bank Limited)

Date: 06/06/2014 04:43:00 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.