AFRICAN DAWN CAPITAL LIMITED - Delay in release of financial results and annual report for the financial year ended 28 February 2022

Delay in release of financial results and annual report for the financial year ended 28 February 2022

AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/020520/06)
Share code: ADW
ISIN Code: ZAE000223194
(“the Company”)

DELAY IN RELEASE OF FINANCIAL RESULTS AND ANNUAL REPORT FOR THE
FINANCIAL YEAR ENDED 28 FEBRUARY 2022

The Company refers to the delay in publication of its annual financial statements for the year
ended 28 February 2022 (“2022 Financial Statements”) and the delay in distribution of its
annual report.

As previously disclosed in the notes to the Company’s audited annual financial statements
for the year ended 28 February 2021, the Company disputed certain penalties and interest
assessments (“Penalties”) received from the South African Revenue Service (“SARS”) in
relation to capital losses claimed in 2016 on the disposal of investments in subsidiaries, which
Penalties amounted to R7 745 750 as at 28 February 2021.

Following an appeal submitted by the Company to SARS in March 2021, SARS agreed to an
Alternate Dispute Resolution (“ADR”) process, in terms of which an ADR meeting was held
on 9 June 2022. At the aforementioned ADR meeting, SARS agreed to reduce the Penalties
by 50% with immediate effect. The Company received the updated statement of account from
SARS, reflecting the reduced Penalties, on Thursday, 30 June 2022.

The Company has submitted a further proposal to SARS in relation to the Penalties and the
settlement thereof and the ADR process is therefore still ongoing.

The finalisation of the audit of the 2022 Financial Statements was delayed by the appeal and
the ongoing ADR process. However, following confirmation of the 50% reduction in the
Penalties and the receipt of the updated statement of account from SARS on 30 June 2022,
the audit of the 2022 Financial Statements is now being finalised.

The Company anticipates publishing its 2022 Financial Statements by Friday, 8 July 2022 and
distributing its annual report and notice of annual general meeting for the year ended
28 February 2022 by Wednesday, 20 July 2022.

Johannesburg
1 July 2022

Designated Advisor
PSG Capital

Date: 01-07-2022 03:56:00
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