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AFRICAN & OVERSEAS ENTERPRISES LIMITED - Acquisition of an 11.29% stake in Telemedia Proprietary Limited - further update announcement

Release Date: 26/08/2021 17:00
Code(s): AON AOO AOVP     PDF:  
Wrap Text
Acquisition of an 11.29% stake in Telemedia Proprietary Limited - further update announcement

(Incorporated in the Republic of South Africa)
(Registration number 1947/027461/06)
JSE share code: AOO ISIN: ZAE000000485
JSE share code: AON ISIN: ZAE000009718
JSE share code: AOVP ISIN: ZAE000000493
("AOE" or "Company")


1. Shareholders are referred to the announcement released on the Stock Exchange News Service ("SENS")
   on 13 November 2020 (the "13 November 2020 announcement") regarding the sale of shares agreement
   that AOE, together with Rex Trueform Group Limited, had entered into with the Trustees for the time
   being of the Bretherick Family Trust, Peter Fairbank Bretherick, Ryan David Bretherick, and Stephen
   Mark Bretherick in terms of which AOE would acquire a 11.29% stake in Telemedia Proprietary Limited
   (the "Transaction"), together with the update in this regard released on SENS on 10 May 2021.

2. The Company advises that the Agreement was amended in writing on 25 August 2021, in respect of the
   2.1.    The condition precedent requiring the Independent Communications Authority of South Africa
           to provide its written consent to the Transaction (the "Condition Precedent") by an extended
           date of no later than 29 January 2022.

   2.2.    The definition of "Effective Date" of the Transaction which will now read as follows:

           "Effective Date" means the 1st (first) day of the calendar month following the Unconditional
           Date, or 1 November 2021, whichever occurs last, or such later date thereafter which is as soon
           as reasonably possible after the issue of the Consideration Shares and as agreed to in writing
           between the parties.”

The Condition Precedent remains outstanding. The implementation of the Transaction remains subject to the
fulfilment of the Condition Precedent.

26 August 2021

Java Capital

Date: 26-08-2021 05:00:00
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