AFRICAN & OVERSEAS ENTERPRISES LIMITED - Acquisition of a 11.29% stake in Telemedia Proprietary Limited - update announcement

Acquisition of a 11.29% stake in Telemedia Proprietary Limited - update announcement

AFRICAN AND OVERSEAS ENTERPRISES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/027461/06)
JSE share code: AOO ISIN: ZAE000000485
JSE share code: AON ISIN: ZAE000009718
JSE share code: AOVP ISIN: ZAE000000493
("AOE" or "Company")


ACQUISITION OF A 11.29% STAKE IN TELEMEDIA PROPRIETARY LIMITED – UPDATE ANNOUNCEMENT


1.1   Shareholders are referred to the announcement released on the Stock Exchange News Service ("SENS")
      on 13 November 2020 (the "13 November 2020 announcement") regarding the sale of shares
      agreement that AOE, together with Rex Trueform Group Limited, had entered into with the Trustees
      for the time being of the Bretherick Family Trust, Peter Fairbank Bretherick, Ryan David Bretherick,
      and Stephen Mark Bretherick in terms of which AOE will acquire a 11.29% stake in Telemedia
      Proprietary Limited (the "Transaction"), together with the further update in this regard released on
      SENS on 10 May 2021.

1.2   The Company advises that the condition precedent requiring the Independent Communications
      Authority of South Africa to provide its written consent to the Transaction (the "Condition Precedent")
      is still outstanding. The implementation of the Transaction remains subject to the fulfilment of the
      Condition Precedent by an extended date of no later than Friday, 29 October 2021.

1.3   AOE does not expect that the anticipated delay will impact the implementation timeline as set out in the
      13 November 2020 announcement. On fulfilment of the Condition Precedent, a finalisation
      announcement, together with the implementation timeline, will be communicated to AOE Shareholders
      via SENS.

18 June 2021


Sponsor
Java Capital

Date: 18-06-2021 05:00:00
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