African & Overseas Enterprises Ltd. announced that the employment contract for Patricia Shub expired on 28 February 2015. Shareholders are further advised that it was confirmed at a meeting of the board of directors of the company held on 5 March 2015 that such employment contract will not be renewed and that Patricia Shub be re-categorised as a non-executive director of the company. Accordingly, Patricia has ceased to be the chief executive officer of the company with effect from 1 March 2015, but will remain on the board of directors of the company as a non-executive director.

Catherine Radowsky, being an executive director of the company, was appointed by the board of directors of the company as its chief executive officer with effect from 5 March 2015.