AME - African Media and Entertainment Limited - General repurchase of ordinary

AME - African Media and Entertainment Limited - General repurchase of ordinary  
shares                                                                          
African Media and Entertainment Limited                                         
(Incorporated in the Republic of South Africa)                                  
(Registration number 1926/008797/06)                                            
Share code: AME       ISIN: ZAE000055802                                        
("AME" or "the company")                                                        
General repurchase of ordinary shares                                           
1.   Introduction                                                               
    A general authority for AME to repurchase its ordinary shares was granted   
    at the annual general meeting of the company held on 31 October 2011 ("the  
general authority"). A maximum of 1 707 862 ordinary shares (20%) could be  
    acquired in terms of the general authority.                                 
2.   Implementation                                                             
    AME has in terms of the general authority acquired in the open market 330   
000 ordinary shares (3,86% of its issued share capital) for a consideration 
    of R16 830 000 (5 100 cents per share) ("the repurchase"). The repurchase   
    was effected on 28 February 2012. In terms of the general authority, AME is 
    entitled to repurchase a further 1 377 862 ordinary shares (16,14% of its   
issued share capital) during the current financial year. 27 597 ordinary    
    shares will be held in treasury, before and after the repurchase.           
3.   Source of funds                                                            
    The repurchase was funded from existing cash resources.                     
4.   Opinion of the directors                                                   
    The directors of AME have considered the impact of the repurchase and are   
    of the opinion that, for a period of twelve months from the date of this    
    announcement:                                                               
4.1  AME and the group will be able in the ordinary course of business to   
         pay their debts;                                                       
    4.2  the assets of AME and the group will be in excess of the liabilities   
         of the company and the group, recognised and measured in accordance    
with the accounting policies used in the audited group annual          
         financial statements for the year ended 31 March 2011;                 
    4.3  the share capital and reserves of AME and the group will be adequate   
         for ordinary business purposes;                                        
4.4  the working capital of AME and the group will be adequate for ordinary 
         business purposes.                                                     
    The repurchase was effected in compliance with the provisions of paragraph  
    5.72(a) of the Listings Requirements.                                       
5.   Financial effect                                                           
    The financial effect of the repurchase is based on the unaudited results    
    for the six months ended 30 September 2011, assuming that the repurchase    
    was effected on 1 April 2011 and financed from existing cash resources. The 
accounting policies adopted by AME for the six months ended 30 September    
    2011 have been applied in making these calculations. The calculations are   
    based on 8 171 436 ordinary shares in issue after the repurchase.           
                                                                            %   
Before the      After the         change   

                                     repurchase     repurchase     (decrease)   
Headline earnings per share (cents)        195,2          199,5              2  
Earnings per share (cents)                 195,2          199,5              2  
Tangible net asset value per                                                    
share (cents)                            1 216,2        1 055,0           (15)  
Net asset value per share (cents)        1 684,2        1 541,9            (9)  
6.   Listing on the Johannesburg Stock Exchange ("the JSE")                     
The shares repurchased will be cancelled with immediate effect and          
    application for the de-listing of such shares will be made to the JSE. It   
    is anticipated that their listing on the JSE will be terminated on 16 March 
    2012.                                                                       
By order of the board                                                           
Johannesburg                                                                    
2 March 2012                                                                    
Sponsor                                                                         
ARCAY MOELA                                                                     
Date: 02/03/2012 16:15:01 Supplied by www.sharenet.co.za                     
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