African Equity Empowerment Investments (JSE:AEE) News - Response to JSE Public Censure

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 Group” or “the Company”)

RESPONSE TO JSE PUBLIC CENSURE

AEEI notes the public censure issued by JSE Limited (“JSE”) on 27 January 2022 (“JSE
Announcement”) regarding the breach of paragraph 9.20 of the Listings Requirements of JSE
Limited (“JSE Listings Requirements”).

Capitalised terms used in this announcement shall, unless otherwise indicated, have the
same meaning given to such terms in the JSE Announcement.

The Company wishes to advise shareholders of the following:
•   Upon identification of the potential breach of paragraph 9.20 of the JSE Listings
    Requirements as a result of the exercise by SAAB of the Call Option, AEEI immediately
    engaged with the JSE to find a solution to rectify the potential breach.
•   AEEI also engaged with SAAB to try find a solution to ensure no breach of the JSE
    Listings Requirements occurred.
•   Despite the early engagement with both the JSE and SAAB and the willingness of the
    Company to ensure it complied with the JSE Listings Requirements, the terms of the
    transaction entered into with SAAB in 2015, did not allow for such rectification.
•   The JSE considered various mitigating factors submitted by the Company including the
    fact that the Company had been advised by its sponsors at the time.
•   AEEI co-operated fully with the JSE during its investigation. This included the Company
    proposing to the JSE that it obtains shareholder on a retrospective basis after the
    transaction had been implemented.
•   No negative financial consequences have resulted because of the breach.

AEEI wishes to advise shareholders that it takes its responsibilities as a listed company
seriously, especially in relation to communication with shareholders and adherence to
good corporate governance.

AEEI remains committed to adhering to the JSE Listings Requirements as demonstrated by
the actions taken and will ensure ongoing compliance with the JSE Listings Requirements
going forward.


Cape Town
27 January 2022

Joint Sponsor
Vunani Sponsors

Joint Sponsor
Merchantec Capital

                                
Date: 27-01-2022 01:50:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.