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Change Statement, Availability of Integrated Report, Notice of Annual General Meeting and Availability of B-BBEE
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”)
CHANGE STATEMENT, AVAILABILITY OF INTEGRATED REPORT, NOTICE OF ANNUAL GENERAL
MEETING AND AVAILABILITY OF B-BBEE ANNUAL COMPLIANCE REPORT
1. Introduction
Shareholders are advised that the Company’s integrated report, incorporating
the audited consolidated annual financial statements for the year ended 31
August 2021 and the notice of the annual general meeting (“AGM”) of the
Company has been distributed to shareholders today, 23 December 2021.
The Company reports, including the integrated report, audited consolidated
annual financial statements for the year ended 31 August 2021 (“Audited
AFS”), reviewed provisional condensed financial results for the year ended
31 August 2021 (“Reviewed Results”), the external auditors’ unmodified audit
opinion on the audited consolidated financial statements and notice of AGM
are available on https://aeei.co.za/investor-relations/integrated-reports-
and-online-suite-of-reports/.
2. Change statement
Further to the publication of the Reviewed Results on SENS on 1 December
2021, AEEI advises that the Audited AFS contains no modifications from the
Reviewed Results other than the change described below.
2.1 Reallocation between operating expenses and net impairment reversals
There was an audited group reallocation (“Reallocation”) between operating
expenses and net impairments reversals of R18.9 million and between operating
expenses and gain on acquisition of R0.026 million. The Reallocation had no
impact on profit after tax, total assets, total liabilities and no effect on
the net asset value of AEEI Ltd nor on the cash flow statement. The change
has no effect on earnings per share but does effect headline earnings per
share. The results of the audited Reallocation are shown below.
2.1.1 Consolidated Statement of Profit or Loss and Other Comprehensive Income for
the year ended 31 August 2021
Reviewed
Audited AFS Change Change
Results
R'000 R'000 R'000 %
Revenue 2 339 169 2 339 169
Cost of sales (1 659 382) (1 659 382)
Gross profit 679 787 679 787
Other income 85 486 85 486
Operating expenses (1 043 264) (1 062 205) 18 941 -2%
Net impairments and
(152 132) (133 217) (18 915) 14%
impairment reversals
Fair value adjustments 57 277 57 277
Investment revenue 162 420 162 420
Finance costs (22 943) (22 943)
Income from equity accounted
52 521 52 521
investments
Gain on acquisition - 26 (26) -100%
Profit/(Loss) before taxation (180 848) (180 848)
Taxation (84 506) (84 506)
Profit/(loss) from continuing
operations (265 354) (265 354)
2.1.2 Earnings per share
Audited AFS Reviewed Results Change Change
2021
2021 2021 2021
Year-
Year-end Year-end Year-end
end
Gross Net Gross Net
R'000 R'000 R'000 R'000 R'000 %
Earnings attributable
to ordinary equity
(130 014) (130 014)
holders of the parent
entity
Discontinued
operations - -
Net earnings
(130 014) (130 014)
Earnings attributable
to ordinary equity
(130 014) (130 014)
holders of the parent
Profit or loss on
disposal of property, 100,00%
2 574 1 853 - - 1 853
plant and equipment
Impairments of
intangibles and
3726,92%
property, plant and 26 257 18 905 686 494 18 411
equipment
Loss on disposals of
property, plant and
92 66 92 66
equipment.
Impairment of
410,39%
goodwill 24 376 24 376 4 776 4 776 19 600
Headline earnings
(84 814) (124 678)
Continued operations 31,97%
(84 814) (124 678) 39 864
Discontinued
operations - -
Weighted average
number of shares
491 022 491 022
('000)
Fully diluted
weighted average
number of shares 491 022 491 022
('000)
Based earnings and
diluted earnings per
(26,48) (26,48)
(cents)
Continuing operations
(26,48) (26,48)
Discontinued
operations - -
Headlines earnings
and diluted earnings
and diluted earnings (17,27) (25,39)
per share (cents)
Continuing operations 31,97%
(17,27) (25,39) 8,12
Discontinued
operations - -
Normalised headline
earnings per ordinary 90,75%
(0,69) (7,45) 6,76
share (cents)
3. Notice of Annual General Meeting
The AGM will be held through electronic participation only at 14:00 on
Thursday, 24 February 2022.
Due to the extension of the state of National Disaster as well as the
continued impact of COVID-19 and the uncertainty surrounding the restrictions
placed on public gatherings and the COVID-19 level that may be applicable
when the Company’s AGM is scheduled to take place, the Company has determined
it prudent and appropriate to make the AGM accessible only through electronic
participation, as provided for in terms of the provisions of the Companies
Act, (Act 71 of 2008) as amended (“Companies Act”).
Any shareholders or their proxies who wish to participate in the AGM via
electronic communication (“Participants”) should complete the Electronic
Participation Form forming part of the integrated report (“the Application”)
and email same to the Company’s transfer secretaries, JSE Investor Services
at meetfax@linkmarketservices.co.za as soon as possible but by no later than
14:00 on Tuesday, 15 February 2022.
Upon receipt of a duly completed Application, the Company’s transfer
secretaries will follow a verification process to verify each Participant’s
entitlement to participate and/or vote at the AGM. On successful
verification, such shareholder or their duly appointed proxy will receive to
their nominated email address, a Microsoft Teams meeting invitation, which
will be required to access the AGM.
Salient details of the AGM are set out below:
African Equity Empowerment
Issuer Name Investments Limited
Type of Instrument Ordinary Shares
Isin Number ZAE000195731
Jse Code AEE
Meeting Type Annual General Meeting
Meeting Venue Via electronic means
Record Date – to determine which
shareholders are entitled to receive
the Notice of meeting Friday, 10 December 2021
Publication/Posting Date Thursday, 23 December 2021
Last Day To Trade – Last day to trade
to determine eligible shareholders
that may attend, speak and vote at the
Meeting Tuesday, 15 February 2022
Record Date- Record date to determine
eligible shareholders that may attend,
speak and vote at the Meeting Friday, 18 February 2022
Meeting Deadline Date (For
administrative purposes, forms of
proxy for the meeting to be lodged 14:00 on Tuesday, 22 February 2022
Meeting Date 14:00 on Thursday, 24 February 2022
Publication of Results Thursday, 24 February 2022
Web Site Link http://aeei.co.za/integrated-report
4. Availability of B-BBEE Annual Compliance Report
Shareholders are hereby notified that the Company’s annual compliance report
in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act
53 of 2003 read with the Broad-Based Black Economic Empowerment Amendment
Act 46 of 2013, has been published and is available on the Company’s website
at http://aeei.co.za.
Cape Town
23 December 2021
Joint Sponsor
Vunani Sponsors
Joint Sponsor
Merchantec Capital
Date: 24-12-2021 07:10:00
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