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AFRICAN EQUITY EMPOWERMENT INVESTMENTS LIMITED - Update on Transactional Banking Facilities and Withdrawal of Cautionary Announcement

2022/06/23 14:20:00

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                    Update on Transactional Banking Facilities and Withdrawal of Cautionary Announcement

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')

UPDATE ON TRANSACTIONAL BANKING FACILITIES AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT

1. UPDATE ON TRANSACTIONAL BANKING FACILITIES

Shareholders are referred to the cautionary announcement dated 16 February 2022, regarding the
Company’s current bankers, Nedbank Limited (“Nedbank”), giving the Company notice to close its
transactional banking facility with effect from 15 March 2022.

Shareholders are further advised that, the Company as a co-applicant, joined in launching an urgent
interdict application with the Equality Court in respect of Nedbank's decision to close the Company's
banking facilities. The interdict was granted and as such the Company’s transactional banking facilities
remains active.

The matter pertaining to the closure of AEEI’s accounts was heard at the Equality Court on Tuesday,
19 April 2022.

Judgement on the matter was delivered electronically on Friday, 17 June 2022 with such judgement
being:
• Granting AEEI’s interim interdict in terms of the provisions of Section 21(5) of the Promotion of
    Equality and Prevention of Unfair Discrimination Act, Act 4 of 2000;
• Prohibiting Nedbank Limited and Nedbank Private Wealth Stockbrokers (Pty) Ltd from closing the
    bank accounts of AEEI pending the final determination of the proceedings instituted at the
    Equality Court; and
• Ordering any bank accounts held by AEEI which have been closed, to be reopened with immediate
    effect pending the final determination of the proceedings instituted at the Equality Court.

2. WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT

As stated above, the relief granted by the Equality Court in terms of the interim interdict, is subject to
the final determination of the proceedings instituted at the Equality Court.

As no such date has been set for such proceedings, and the envisioned length of time that will pass
before such proceedings occur, shareholders are advised that caution is no longer required to be
exercised when dealing in their AEEI shares.

Cape Town
23 June 2022

Joint Sponsor
Vunani Sponsors

Joint Sponsor
Merchantec Capital

Date: 23-06-2022 02:20:00
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