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AFRICAN MEDIA ENTERTAINMENT LIMITED - Announcement to shareholders regarding its investment in Classic FM South Africa Proprietary Limited (Classic)

Release Date: 01/10/2019 10:33
Code(s): AME     PDF:  
 
Wrap Text
Announcement to shareholders regarding its investment in Classic FM South Africa Proprietary Limited (“Classic”)

AFRICAN MEDIA ENTERTAINMENT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1926/008797/06)
Share Code: AME                      ISIN: ZAE000055802
(“AME” or “the company”)


ANNOUNCEMENT TO SHAREHOLDERS REGARDING ITS INVESTMENT IN CLASSIC FM
SOUTH AFRICA PROPRIETARY LIMITED (“Classic”)


Shareholders are advised that the company has been informed by the board of directors of
Classic that, at a board meeting of Classic held on Friday, 27 September 2019, a resolution
was adopted approving the voluntary commencement of business rescue proceedings in
terms of the Companies Act, 2008. The board of that company believes that Classic will remain
on air.

AME acquired a shareholding in Classic in January 2018 and is a substantial creditor to
Classic on loan account.

Shareholders are further advised that the goodwill and trade mark intangible assets that
related to the acquisition were fully impaired in the annual financial statements for the year
ended 31 March 2019, and in the interim results for the six months ended 30 September
2019, additional write-offs will be implemented to reduce the company’s exposure to Classic
to nil.

The interim results are expected to be released in or about the last week of November 2019.

By order of the board.

Johannesburg
1 October 2019

Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 01/10/2019 10:33:00
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