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AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Trading Statement and Restatement of Prior Period Interim Results

Release Date: 12/06/2020 17:10
Code(s): AEE     PDF:  
Wrap Text
Trading Statement and Restatement of Prior Period Interim Results

African Equity Empowerment Investments Limited
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: AEE
ISIN: ZAE000195731
("AEEI" or “the Company”)

TRADING STATEMENT AND RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS


In terms of para 3.4(b) of the JSE Listings Requirements, listed companies
are required to publish a trading statement as soon as the Board of directors
is satisfied that a reasonable degree of certainty exists that the financial
results for the period to be reported on next will vary by 20% or more when
compared to those of the prior reporting period.

For purposes of this trading statement it is necessary to compare the earnings
per share and the headline earnings per share for the six month period ended
29 February 2020 to the restated figures for the six month period ended 28
February 2019 as set out below.

Accordingly, the Board of directors is satisfied that a reasonable degree of
certainty exists that the Company expects that the Group’s basic earnings
per share for the six month period ended 29 February 2020 will be between
4.74 cents and 19.69 cents per share, compared to the restated 74.76 cents
in the prior corresponding period representing a decrease in basic earnings
per share of between 73% and 93%.

The Company also expects that the Group’s headline earnings per share for
the six month period ending 29 February 2020 will be between 10.53 cents and
14.06 cents per share, compared to the restated 17.64 cents in the prior
corresponding period representing a decrease in headline earnings per share
of between 20% and 40%.


RESTATEMENT OF PRIOR PERIOD INTERIM RESULTS

Shareholders are referred to the announcement released by AYO Technology
Solutions (“AYO”) on SENS on 8 April 2020 wherein AYO advised its shareholders
that as per the request by the JSE, AYO obtained an audit opinion on its
interim results for the six months ended 28 February 2019 (“2019 Audited
Interim Results”). As a result of such audit being completed, AYO further
advised its shareholders that the previously unaudited results for the six
months ended 28 February 2019 were withdrawn and replaced with the 2019
Audited Interim Results.

Shareholders are further referred to the announcement released by AYO on
SENS on 27 March 2020 wherein AYO advised its shareholders that as per the
request by the JSE, AYO obtained an audit opinion on its interim results for
the six months ended 28 February 2018 (“2018 Audited Interim Results”).

Consequently, AEEI executive management had to review whether the
restatements per the AYO 2019 Audited Interim Results and AYO 2018 Audited
Interim Results had an impact on the Groups interims results. Following such
review, a retrospective restatement of AEEI’s interim financial statements
for the period ended 28 February 2019 and 28 February 2018 was required.

The above restatement had an effect on the reported earnings on the statement
of profit or loss and other comprehensive income, statement of financial
position and statement of cash flows. This impact will be disclosed in detail
in the interim unaudited financial results for the period ending 29 February
2020.

The abovementioned financial information on which this trading statement is
based has not been reviewed or reported on by the Company’s auditors. The
interim unaudited financial results for the six month period of AEEI are
expected to be released on SENS on or before 15 June 2020.

Cape Town
12 June 2020

Sponsor
Vunani Sponsor

Date: 12-06-2020 05:10:00
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