AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Update Regarding The Unbundling By Aeei Of Its Shareholding In Ayo

Update Regarding The Unbundling By Aeei Of Its Shareholding In Ayo

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



           UPDATE REGARDING THE UNBUNDLING BY AEEI OF ITS SHAREHOLDING IN AYO



AEEI Shareholders are referred to the firm intention announcement released by AEEI on SENS on Monday,
6 March 2023 (“Firm Intention Announcement”), relating to the unbundling of AEEI’s entire shareholding
in AYO to AEEI Shareholders (“Unbundling”), by way of a pro rata distribution in specie in the ratio of 1
AYO Share for every 2.89 AEEI Shares held on the Unbundling record date. The Unbundling constitutes a
proposal to dispose of the greater part of the assets of AEEI in terms of section 112 of the Companies Act
and is, accordingly, subject to various provisions of the Companies Act and the Companies Regulations,
2011.


All capitalised terms used but not defined in this announcement, shall bear the meanings ascribed to them
in the Firm Intention Announcement.


AEEI Shareholders are advised that as a result of certain delays in the finalisation of the Circular, the Circular
will not be distributed to AEEI Shareholders today as indicated in the ‘Salient dates and times’ paragraph
contained in the Firm Intention Announcement. Accordingly, an application was made to the TRP to extend
the date of distribution of the Circular to Thursday, 4 May 2023, which extension has been granted by the
TRP. Shareholders will be kept appraised of the process by way of further announcements.


The Independent Board accepts responsibility for the information contained in this announcement. To the
best of the Independent Board’s knowledge and belief, the information contained in this announcement is
true and the announcement does not omit anything likely to affect the importance of the information
contained herein.



Cape Town
31 March 2023
Transaction adviser and Sponsor




Vunani Capital Sponsors


Joint Sponsor




Merchantec Capital


Legal adviser


Clyde & Co Incorporated

Date: 31-03-2023 12:00:00
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