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AFE/AFEP - AECI Limited - Results of general meeting and cautionary announcement AECI LIMITED (Incorporated in the Republic of South Africa) (Registration number 1924/002590/06) JSE ordinary share code: AFE JSE preference share code: AFEP JSE ordinary share ISIN: ZAE000000220 JSE preference share ISIN: ZAE000000238 ("AECI" or "the Company") RESULTS OF GENERAL MEETING AND CAUTIONARY ANNOUNCEMENT 1. Introduction AECI shareholders ("Shareholders") are referred to the detailed terms announcement released on the Securities Exchange News Service ("SENS") on Thursday, 13 October 2011 and published in the press on Friday, 14 October 2011 relating to the proposed Broad-based Black Economic Empowerment ("B-BBEE") Transaction ("the proposed B-BBEE Transaction"). Shareholders are further referred to the circular to Shareholders containing the full terms of the proposed B-BBEE Transaction ("the Circular"), posted to Shareholders on Wednesday, 26 October 2011. 2. Results of general meeting Shareholders are advised that following feedback from key Shareholders on the terms of the proposed B-BBEE Transaction, the Company is considering amending the lock-in period of the AECI Employees Share Trust from seven years to ten years. Accordingly, Shareholders are advised that at the general meeting held today ("the General Meeting"), all the Special Resolutions as set out in the notice of the General Meeting were withdrawn. The following Ordinary Resolutions were approved by the requisite majority of ordinary Shareholders: - Ordinary Resolution number 1 relating to the placement of 4 678 667 AECI ordinary shares under the control of the directors and authorising the directors to issue those shares only for the purpose of the proposed transaction between AECI and a consortium led by Kagiso Tiso Holdings Proprietary Limited (RF); and - Ordinary Resolution number 2 authorising any director of AECI to take all such action as may be necessary or incidental to give effect to the resolutions proposed and passed. 3. Cautionary announcement Shareholders are advised that a further announcement relating to the outcome of the Company`s further consideration regarding the terms of the proposed B-BBEE Transaction will be made in due course. Accordingly, Shareholders are advised to exercise caution when dealing in their AECI securities, until a further announcement in this regard is made. It is anticipated that a general meeting to approve the revised terms of the proposed B-BBEE Transaction, will take place in the first quarter of 2012. Woodmead 24 November 2011 Investment bank and transaction Attorneys and tax advisers sponsor
The Standard Bank of South Africa Webber Wentzel Limited Date: 24/11/2011 14:30:01 Supplied by www.sharenet.co.za 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.
