AFRICAN MEDIA ENTERTAINMENT LIMITED - Proposed Specific Repurchase of Ordinary Shares

Proposed Specific Repurchase of Ordinary Shares

AFRICAN MEDIA ENTERTAINMEN LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share code AME      ISIN ZAE000055802
("AME" or "the company")
 

PROPOSED SPECIFIC REPURCHASE OF ORDINARY SHARES


1.      Introduction
        As at 31 March 2019, the AME Share Incentive Trust ("the Share Trust") held 89 275
        ordinary shares in AME ("the Share Trust Shares").

        As the company has determined that this type of scheme is not ideal for its incentive
        purposes, the board of directors has resolved to repurchase the Share Trust Shares
        by way of a specific repurchase in accordance with the provisions of the Companies
        Act, No 71 of 2008, and the Listings Requirements of the Johannesburg Stock
        Exchange ("the JSE") ("the Specific Repurchase") and on 26 June 2019 reached an
        agreement to this effect with the Trustees for the time being of the Share Trust.

2.      The Specific Repurchase
        In terms of the Specific Repurchase, the company will repurchase the Share Trust
        Shares from the Share Trust for a consideration of R34,90 per share, being the 30
        day Volume Weighted Average Price of the ordinary shares of the company on the
        JSE preceding the date of agreement with the Trustees.

        There are no treasury shares held by the company.

3.      Condition precedent
        The Specific Repurchase and its implementation are subject to the approval by
        shareholders of the company of the necessary special and ordinary resolutions
        required for this purpose at a General Meeting of the company.

4.      Financial effects
        Implementation of the Specific Repurchase will have no effect on the earnings,
        headline earnings, net asset value or net tangible asset value per ordinary share of
        the company.

5.      Circular to shareholders
        Resolutions enabling the Specific Repurchase and its implementation are contained
        in a notice of General Meeting which will be contained in a circular to shareholders of
        the company which will be distributed to shareholders within 60 days of this announcement.

        An application for the delisting of the Share Trust Shares will be lodged with the JSE
        upon such implementation.


Johannesburg
28 June 2019

Sponsor                                                          
Arbor Capital Sponsors (Pty) Limited

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