Fulfilment of Conditions Precedent - Much Asphalt

AECI Limited - Fulfilment of Conditions Precedent - Much Asphalt

PR Newswire

London, April 3

AECI LIMITED

Incorporated in the Republic of South Africa

(Registration number: 1924/002590/06)

Share code: AFE

ISIN: ZAE000000220 (“the Company”)

FULFILMENT OF CONDITIONS PRECEDENT TO THE ACQUISITION OF MUCH ASPHALT PROPRIETARY LIMITED (“MUCH ASPHALT”) AND CLOSURE

Further to the Company’s announcement released on the Stock Exchange News Service of the JSE Limited on 30 October 2017 regarding the acquisition by AECI of shares in Much Asphalt (“the Transaction”), shareholders are advised that all conditions precedent to the Transaction have now been fulfilled, including the conclusion of a management agreement in terms of which management retained approximately 2% of the shares of Much Asphalt. Accordingly, AECI acquired approximately 98% of the entire issued share capital of Much Asphalt.

In terms of the agreement governing the Transaction, the closing of the Transaction took place on 3 April 2018 (“Closing Date”).

Following adjustments, R1 988 million was paid on the Closing Date, which is subject to further adjustments after finalisation of the effective date accounts.

Woodmead, Sandton

3 April 2018

Investment Bank, Corporate Advisor and Transaction Sponsor to AECI

The Standard Bank of South Africa Limited

Corporate Advisor to AECI

Deloitte Capital Proprietary Limited

Legal Advisors to AECI

Webber Wentzel