AFROCENTRIC INVESTMENT CORPORATION LIMITED - Dealings by an associate

Dealings by an associate

AfroCentric Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT ISIN: ZAE000078416
(“AfroCentric”)

DEALINGS IN SECURITIES BY ASSOCIATES OF A DIRECTOR

Shareholders are advised that WAD Holdings Proprietary Limited (“WAD”) has implemented a
distribution in specie (“Distribution”) of 88 219 923 AfroCentric shares held by WAD to its three
shareholders, RQ Investment Proprietary Limited (“RQI”), WHB Holdings Proprietary Limited (“WHB”)
and XTR Investments Capital Proprietary Limited (“XTR”), which each hold 33.33% of the shares in
WAD. WAD, RQI and WHB are associates of Willem Britz, a Non-Executive director of the Company.
Following the Distribution WAD no longer holds any AfroCentric shares.


Prior to the Distribution, Royal Queens Holdings Proprietary Limited (“RQ”) held 2 068 123 shares in
AfroCentric. RQ is an associate of Willem Britz as WHB holds 50% of the shares in RQ. For the
avoidance of doubt, RQ did not receive any AfroCentric shares pursuant to the Distribution. In addition,
prior to the Distribution RQI held 27 876 401 shares in AfroCentric. RQI is an associate of Willem Britz
as WHB holds 50% of the shares in RQI.


Prior to the distribution, Willem Britz held an indirect beneficial shareholding in AfroCentric of 10.25%
(via WAD, RQI and RQ). The Distribution has not resulted in any change to Willem Britz’ indirect
beneficial shareholding in AfroCentric, other than that it will now be held as a 5.10% indirect beneficial
shareholding via WHB and a further 5.15% indirect beneficial shareholding via RQI and RQ.


Consequently, and in compliance with par
3agraphs 3.63 to 3.74 of the JSE Limited Listings Requirements, the Company hereby
discloses the following trades by associates of a director of the Company:

 Name of director:                               Willem Britz
 Name of associate:                              WAD
 Designation:                                    Non - Executive Director of AfroCentric
 Relationship of associate to director:          Willem Britz is an indirect 50% shareholder of WAD, through
                                                 WHB, and RQI and RQ (of which WHB is a 50% shareholder).
                                                 A trust of which Willem Britz is a trustee and Willem Britz and
                                                 his immediate family are the ultimate beneficiaries, is the sole
                                                 shareholder of WHB.
 Nature of interest:                             Indirect Beneficial
 Date of transaction:                            19 May 2022
 Nature of transaction:                          Off market distribution in Specie of AfroCentric shares held by
                                                 WAD to its three shareholders RQI, WHB and XTR
 Class of security:                       Ordinary shares
 Number of securities:                    88 219 923
 Price per security (cents):              450
 Value of transaction:                    R396 989 653.50
 Clearance obtained:                      N/A


 Name of director:                        Willem Britz
 Name of associate:                       WHB
 Designation:                             Non - Executive Director of AfroCentric
 Relationship of associate to director:   A trust of which Willem Britz is a trustee and Willem Britz and
                                          his immediate family are the ultimate beneficiaries, is the sole
                                          shareholder of WHB.
 Nature of interest:                      Indirect Beneficial
 Date of transaction:                     19 May 2022
 Nature of transaction:                   Off market receipt of AfroCentric shares pursuant to the
                                          Distribution
 Class of security:                       Ordinary shares
 Number of securities:                    29 406 641
 Price per security (cents):              450
 Value of transaction:                    R132 329 884.50
 Clearance obtained:                      N/A

 Name of director:                        Willem Britz
 Name of associate:                       RQI
 Designation:                             Non - Executive Director of AfroCentric
 Relationship of associate to director:   A trust of which Willem Britz is a trustee and Willem Britz
                                          and his immediate family are the ultimate beneficiaries, is
                                          the sole shareholder of WHB. WHB holds a 50%
                                          shareholding in RQI
 Nature of interest:                      Indirect Beneficial
 Date of transaction:                     19 May 2022
 Nature of transaction:                   Off market receipt of AfroCentric shares pursuant to the
                                          Distribution
 Class of security:                       Ordinary shares
 Number of securities:                    29 406 641
 Price per security (cents):              450
 Value of transaction:                    R132 329 884.50
 Clearance obtained:                      N/A


 25 May 2022


JSE Sponsor to AfroCentric




Questco Corporate Advisory Proprietary Limited

Date: 25-05-2022 12:30:00
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