AFRICAN DAWN CAPITAL LIMITED - Update of Elite Transaction

Update of Elite Transaction

AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/020520/06)
Share code: ADW
ISIN Code: ZAE000060703
(“Afdawn” or “the Company”)

UPDATE OF ELITE TRANSACTION

Shareholders of Afdawn are referred to the announcements released by
the Company on SENS on 7 December 2015, 22 January 2016 and 28 June
2016 (“Transaction Announcements”) relating to the proposed disposal
by Afdawn of its 100% shareholding in Elite Group Proprietary Limited,
African Dawn Property Transfer Finance 1 Proprietary Limited and
African Dawn Property Transfer Finance 2 Proprietary Limited,
currently wholly-owned subsidiaries of Afdawn, to Dzothe Finance
Solutions Proprietary Limited (“Dzothe”) (“Elite Transaction”) and to
the Circular issued by the Company on 16 September 2016 relating to,
inter alia, the Elite Transaction (“Circular”).

Shareholders are advised that Dzothe is in breach of its obligations
in terms of the Elite Transaction as it has failed to pay a portion of
the purchase consideration to Afdawn in accordance with the terms as
set out in the Transaction Announcements and the Circular.

Notwithstanding the above, Shareholders are advised that Afdawn and
Dzothe are in the process of negotiating in order to rectify the
breach.

Shareholders will be advised of any further developments in due
course.

30 November 2016
Cape Town

Sponsor and Corporate Advisor
PSG Capital Proprietary Limited

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