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AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Short Form Announcement - Reviewed Provisional Results for the Year Ended 31 August 2020 and Dividend Declaration

Release Date: 25/11/2020 17:46
Code(s): AEE     PDF:  
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Short Form Announcement - Reviewed Provisional   Results for the Year Ended 31 August 2020 and Dividend Declaration

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

                          AND FINAL DIVIDEND DECLARATION


                                                                              31 August           31 August               %
                                                                                   2020                2019          Change
                                                                                  R’000               R‘000
  Revenue                                                                     3 427 579           2 377 368           44.18
  Net cash generated from operating activities                                   199 642            143 144          39.47
  Profit/(loss) before tax                                                       111 155         (2 388 102)         104.65
  Earnings per share (cents)                                                        1.93            (304.09)        100.63
  Headline earnings                                                                4 554             494 317         (99.08)
  Headline earnings per share (cents)                                               0.93              100.64        (99.08)
  Normalised headline earnings*                                                  174 832             585 615         (70.15)
  Normalised headline earnings per share (cents)                                   35.61              119.23        (70.15)
  Net asset value per share (cents)                                             1 256.46            1 304.16         (3.66)
  Total assets                                                                 7 211 679           7 454 311          (3.25)
  Gross final dividend (cents)                                                         20                   6        233.33
  Final gross dividend to shareholders                                             98 204              29 461        233.33
  Total gross dividend to shareholders (cents)                                         30                  17         76.47
  Total gross dividend to shareholders                                           147 307               83 474         76.47

 *Normalised earnings were calculated as follows:

                                                                                                  31 August     31 August
                                                                                                       2020          2019
                                                                                                      R’000         R’000
  Headline earnings                                                                                   4 554       494 317
  Fair value adjustments                                                                             108 558       14 513
  Deferred tax on fair value adjustments                                                             (24 317)     (3 251)
  Net impairments, impairment reversals and write-offs                                                 86 037      80 036
  Normalised headline earnings                                                                       174 832     585 615



Dividend declared after reporting date                                                     98 204
Gross Dividends per share (cents)                                                              20

Notice is hereby given that a final gross dividend of 20 cents per share has been declared out of income
reserves in respect of ordinary shares of no-par value for the year ended 31 August 2020.

The final dividend amount, net of South African dividend tax of 20% which equates to 4 cents per share, is
therefore 16 cents per share for those shareholders that are not exempt from dividend tax.

The number of ordinary shares in issue at declaration date is 491 022 434 and the income tax number of
the Company is 9 314 001 034.

The salient dates of this dividend distribution are:

Gross dividend per share (cents)                                                           20
Dividend net of dividend withholding tax (cents)                                           16
Last day to trade cum dividend                                                             Monday, 14 December 2020
Trading ex-dividend commences                                                              Tuesday, 15 December 2020
Record date                                                                                Friday, 18 December 2020
Date of payment                                                                            Monday, 21 December 2020
Share certificates may not be dematerialised or rematerialized between Tuesday, 15 December 2020 and
Friday, 18 December 2020, both days inclusive.


This short-form announcement contains only a summary of the information in the full announcement and
does not contain the full and complete details and is the responsibility of the directors.

The condensed consolidated financial statements were reviewed by Crowe JHB and THAWT Inc. whose
unmodified review opinion has been issued on the reviewed provisional condensed consolidated financial
statements for the financial year ended 31 August 2020.

Shareholders are hereby advised that AEEI’s reviewed provisional condensed consolidated results for the
year ended 31 August 2020 are available on AEEI’s website and can be viewed at LF.PDF or may be requested from the
company via or obtained in person, at no charge, at the registered office of the
company or the offices of the joint sponsors during business hours. Any investment decisions by investors
and/or shareholders should be based on consideration of the full announcement.


We wish to thank our employees, Group executives, management, our Board of directors as well as our
strategic partners, stakeholders and business partners for their loyalty and dedication in contributing to the
success of the Group.

Mrs Aziza Amod                                             Mrs Valentine Dzvova
Non-executive chairperson                                  Chief executive officer

25 November 2020


* Valentine Dzvova (chief executive officer); Aziza Amod (Non-executive chairman); *Jowayne Van Wyk
(chief financial officer); Ismet Amod; Gaamiem Colbie; Willem Raubenheimer; Bongikhaya Qama
*Executive directors

Company Secretary:            Damien Terblanche Email:
Business address:              1st Floor, Waterway House North, 3 Dock Road, Victoria and Alfred Waterfront,
                               Cape Town, Western Cape, 8001
Transfer secretaries:          Link Market Services South Africa Proprietary Limited, Rennie House, 13th Floor,
                               19 Ameshoff Street, Braamfontein, 2001
Joint Auditors:                Crowe JHB
                               3 Sandown Valley Crescent, Sandown, Johannesburg, 2196
                               Thawt Inc.
                               3 Monte Vista Blvd, Monte Vista, Cape Town, 7460
Joint Sponsors:                Vunani Sponsors
                               Vunani House, Vunani Office Park, 151 Katherine Street, Sandown,
                               Johannesburg, 2196
                               Merchantec Capital
                               13th Floor, lllovo Point, 68 Melville Road, lllovo, 2196
Date: 25-11-2020 05:46:00
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