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”)


SHORT FORM ANNOUNCEMENT - UNAUDITED PROVISIONAL CONDENSED CONSOLIDATED
INTERIM RESULTS FOR THE SIX-MONTH PERIOD ENDED 28 FEBRUARY 2022


FINANCIAL HIGHLIGHTS

                                               28 February         28 February               %
                                                      2022                2021           Change
                                                     R’000               R‘000
 Revenue                                         1 066 732          1 171 203              (8.92)
 Net cash utilised from operating                   (239 420)         (250 376)             4.38
 activities
 Loss before tax                                     (86 316)          (28 209)          (205.99)
 Basic loss per share (cents)                         (23.71)           (12.33)           (92.30)
 Headline loss                                       (69 000)          (32 610)          (111.59)
 Headline loss per share (cents)                      (14.05)            (6.64)          (111.59)
 Normalised headline loss*                           (39 691)           (6 368)          (523.30)
 Normalised headline loss per share                      (8.08)          (1.30)          (523.30)
 (cents)
 Net asset value per share (cents)                   1 058.40          1 195.81           (11.49)
 Total assets                                       6 345 636        6 878 097             (7.74)
 Gross interim dividend (cents)                           -                  30          (100.00)
 Total interim dividend to shareholders                   -            147 307           (100.00)



 *Normalised earnings were calculated as follows:

                                                                         28 February     28 February
                                                                                2022            2021
                                                                               R’000           R’000
  Headline loss                                                              (69 000)        (32 610)
  Fair value adjustments                                                       36 537        (46 696)
  Deferred tax on fair value adjustments                                       (8 184)         10461
  Net impairments, impairment reversals and write-offs                            956          62 477
  Normalised headline loss                                                   (39 691)         (6 368)



INTERIM ORDINARY DIVIDEND

Notice is hereby given that no interim dividend has been declared out of income reserves in respect of
ordinary shares of no-par value for the six-month period ended 28 February 2022. Available cash reserves
will be utilised to extinguish debt.
STATEMENT OF COMPLIANCE AND BASIS OF PREPARATION

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 interim consolidated financial statements were not reviewed for the six-month period ended 28 February
2022.

Please refer to the full announcement for additional information. The full announcement has been released
on SENS at https://senspdf.jse.co.za/documents/2022/jse/isse/aee/lfint.pdf and is also available for viewing on AEEI’s
website at https://aeei.co.za/sens-announcement/ or may be requested from the company via
damien@aeei.co.za or obtained in person, at no charge during office hours, at the registered office of the
company or can be obtained electronically from either of the joint sponsors by sending an email to
sponsorteam@merchantec.co.za or sponsor@vunanicapital.co.za during business hours. Any investment
decisions by investors and/or shareholders should be based on consideration of the full announcement.

27 May 2022

DIRECTORATE AND STATUTORY INFORMATION

Directors

* Valentine Dzvova (chief executive officer); Aziza Amod (Non -executive chairman); *Jowayne Van Wyk
(chief financial officer); Gaamiem Colbie; Willem Raubenheimer; Bongikhaya Qama; Membathisi
Mdladlana; Stephen Nthite; Carin-Lee Geuking-Cohausz
*Executive directors
Company Secretary:            Damien Terblanche               Email: damien@aeei.co.za
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 Capital Proprietary Limited
                             Vunani House, Vunani Office Park, 151 Katherine Street, Sandown,
                             Johannesburg, 2196
                             Merchantec Capital
                             13th Floor, lllovo Point,68 Melville Road, lllovo, 2196