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ALLIED ELECTRONICS CORPORATION LIMITED - Update announcement regarding the Altron Nexus / City of Tshwane Municipal broadband network judgement

Release Date: 19/09/2019 09:00
Code(s): AEL     PDF:  
 
Wrap Text
Update announcement regarding the Altron Nexus / City of Tshwane Municipal broadband network judgement

Allied Electronics Corporation Limited
(Registration number: 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
(“Altron”)

UPDATE ANNOUNCEMENT REGARDING THE ALTRON NEXUS / CITY OF TSHWANE
MUNICIPAL BROADBAND NETWORK JUDGEMENT

Shareholders are referred to the announcement released on SENS on 17 July 2019 regarding
the judgement handed down in the Gauteng High Court in Pretoria on 16 July 2019. The
judgement related to the setting aside of the award of the Altron Nexus / City of Tshwane
(“CoT”) Municipal Broadband Network contract on the basis of primarily internal processes not
having been followed by the CoT in the awarding of the tender. The contract was awarded to
a special purpose vehicle, Thobela Telecoms (RF) Proprietary Limited (“Thobela Telecoms”)
in June 2015, in which Altron Nexus is involved as the primary network designer and architect,
supplier of broadband equipment and related services, as well as being a minority shareholder
in Thobela Telecoms.

Shareholders are advised that Thobela Telecoms has been granted leave to appeal the
decision directly to the Supreme Court of Appeal. Shareholders will be updated regarding the
outcome of the appeal at an appropriate time.

Johannesburg
19 September 2019

Sponsor
Investec Bank Limited

Date: 19/09/2019 09:00:00
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