African Equity Empowerment Investments (JSE:AEE) News - Joint Announcement – Acquisition Of Italian Summer: Addendum To Agreement

AYO TECHNOLOGY SOLUTIONS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/014461/06
Share code: AYO
ISIN: ZAE000252441
("AYO")


AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1996/006093/06
Share code: AEE
ISIN: ZAE000195731
("AEEI")


JOINT ANNOUNCEMENT – ACQUISITION OF ITALIAN SUMMER: ADDENDUM TO AGREEMENT



Shareholders holding securities in AYO and AEEI respectively (“Shareholders”) are referred to the joint
announcement released by the companies on 19 July 2022, wherein Shareholders were advised of the acquisition of
Italian Summer Holdings Proprietary Limited (“Italian Summer”) by SGT Solutions Proprietary Limited (“SGT” or
“Purchaser”) (“Acquisition Announcement”).

Shareholders are hereby advised (and using the terms defined in the Acquisition Announcement unless otherwise
specified), that the parties to the Agreement, namely SGT, the Trustees of the SY Share Trust (“Seller”), Italian
Summer, its wholly-owned subsidiary, Engineering Data Systems (South Africa Proprietary Limited (“the Company”)
and Steven Yap, have entered into an addendum to the Agreement (“Addendum”), to vary in writing, the following
clauses of the Agreement:

•    Clause 1.2.20 of the Agreement, which refers to the “Effective Date”, by substituting “29 July 2022” with
     “15 August 2022”; and
•    Paragraph 1.1 – 1.13 of Annexure C to the Agreement, which refers to the “Effective Date”, by substituting
     “29 July 2022” with “15 August 2022”.
•    The parties have further agreed that in the event that the amended Fulfilment/Effective Date is not met, the
     Purchaser shall be liable for the audit and legal costs incurred by the Seller, Italian Summer, the Company,
     Steven Yap and /or the UPS Business Trust of the Seller, to a maximum value of R300 000 (three hundred
     thousand Rand).


Save for the aforementioned modifications, all remaining terms of the Agreement remain unchanged.


Cape Town
2 August 2022


Joint Sponsor
Vunani Sponsors


Joint Sponsor
Merchantec Capital

Date: 02-08-2022 05:05:00
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