African Equity Empowerment Investments Limited - Change Statement, Notice Of Agm And Broad-based Black Economic Empowerment Act (the Act): Annual Compliance Report

Change Statement, Notice of AGM and Broad-Based Black Economic Empowerment Act ('The Act'): Annual Compliance Report

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, NOTICE OF ANNUAL GENERAL MEETING AND BROAD-BASED
BLACK ECONOMIC EMPOWERMENT ACT ('THE ACT'): ANNUAL COMPLIANCE REPORT

Further to the publication on 23rd December 2019 of the reviewed consolidated AEEI Group results for
the year ended 31 August 2019 on SENS ('Reviewed Results'), AEEI advises that its annual integrated
report, which incorporates the audited condensed consolidated annual financial statements, together with
the full audited consolidated financial statements for the year ended 31 August 2019 ('Audited AFS')
are available on its website: http://aeei.co.za/integrated-report/ or can be obtained from the Company's
registered office, from 1 February 2020. Furthermore, AEEI advises shareholders that an unqualified
audit report has been obtained by the Company's auditors, BDO South Africa Inc.

The Audited AFS contain the following modifications from the Reviewed Results:

1. On the Statement of Financial Position, the deferred tax was incorrectly calculated, resulting in
the following modifications:

Reviewed Audited
Difference
Results AFS

R'000 R'000 R'000
Deferred tax asset 46 921 97 874 50 953
Retained earnings 2 778 363 2 905 241 126 878
Non-controlling interest 3 168 842 3 088 434 (80 408)
Current tax payable 21 784 26 267 4 483
Net asset value per share (cents) 1 294.69 1 304.15 9.47
Net tangible asset value (cents) 1 211.96 1 211.81 (0.15)

All other line items set out in the Statement of Financial Position included in the Reviewed Results
remain unchanged.
2. On the Statement of Profit or Loss and Other Comprehensive Income, a reclassification of
recoveries that should have been included in cost of sales instead of other income as well as a
reclassification between other operating gains/(losses) and fair value adjustments were corrected.
Additionally, the deferred tax was incorrectly calculated and affected the total comprehensive loss
for the year, resulting in the following modifications:

Reviewed Audited
Difference
Results AFS

R'000 R'000 R'000
Revenue 2 401 835 2 377 368 (24 467)
Cost of sales (1 676 522) (1 652 055) 24 467
Other operating gains/(losses) - (43 458) (43 458)
Fair value adjustments (57 871) (14 513) 43 358
Taxation 950 370 996 841 46 471
Total comprehensive income for
(1 437 986) (1 391 515) 46 471
the year
Basic and diluted (loss)/ earnings
(313.55) (304.09) 9.46
per ordinary share (cents)
Headline and diluted earnings
91.16 100.89 9.73
per ordinary share (cents)
Headline earnings 447 749 495 565 47 816

All other line items set out in the Statement of Profit or Loss and Other Comprehensive Income
included in the Reviewed Results remain unchanged.

3. On the Statement of Changes in Equity the above adjustments relate to reclassifications between
the parent and NCI, the impact is as follows:

Reviewed Audited
Difference
Results AFS

R'000 R'000 R'000
Loss for the year (Attributable to
(1 539 821) (1 493 351) 46 470
parent)
Loss for the year (Attributable to
102 089 102 090 1
NCI)
Business combination - control
(86 672) - 86 672
obtained (Attributable to parent)
Business combination - control
2 420 791 2 334 119 (86 672)
obtained (Attributable to NCI)
Change in ownership interest -
acquisition of minorities (24 340) (27 455) (3 115)
(Attributable to parent)
Change in ownership interest -
acquisition of minorities (14 160) (11 045) 3 115
(Attributable to parent)
Dividends paid (Attributable to
(109 872) (113 022) (3 150)
parent)
Dividends paid (Attributable to
(107 430) (104 280) 3 150
NCI)
Balance as at 31 August 2019
3 188 379 3 315 257 126 878
(Attributable to parent)
Balance as at 31 August 2019
3 168 842 3 088 434 (80 408)
(Attributable to NCI)

All other line items set out in the Statement of Changes in Equity included in the Reviewed Results
remain unchanged.

4. On the Statement of Cash Flows, no changes were identified.

NOTICE OF ANNUAL GENERAL MEETING

Shareholders are advised that the annual general meeting of AEEI's shareholders is scheduled to
be held at 1st Floor, North Tower, Waterway House North, 3 Dock Road, Victoria and Alfred
Waterfront, Cape Town, Western Cape, on Wednesday, 24 March 2020 at 14:30, to transact the
business set out in the notice of the meeting. The notice of the annual general meeting will be
available on the website: http://aeei.co.za/agm-notices/.

Only those shareholders listed in the shareholders' register as at the record date of Friday, 13 March
2020 will be eligible to vote at the annual general meeting. Accordingly, the last day to trade in AEEI's
shares in order to be eligible to participate in and vote at the annual general meeting is Tuesday, 10
March 2020.

BROAD-BASED BLACK ECONOMIC EMPOWERMENT ACT ('THE ACT'): ANNUAL
COMPLIANCE REPORT

In accordance with paragraph 16.21(g) and Appendix 1 to Section 11 of the JSE Limited Listings
Requirements, notice is hereby given that the Company's annual compliance report in terms of
section 13G(2) of the Act has been published and is available on the Company's website at
http://aeei.co.za/bee-certificate/

Cape Town
31 January 2020
Vunani Sponsor

Date: 31-01-2020 05:07:00

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