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Home » AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Disposal of equity interest in Aberdare Group to Hengtong

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Disposal of equity interest in Aberdare Group to Hengtong

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Release Date: 
11 April 2016

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Disposal of equity interest in Aberdare Group to Hengtong
Disposal of equity interest in Aberdare Group to Hengtong

Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
Share code: AEN ISIN: ZAE000191359
("Altron" or "the Company")

- PROPOSED DISPOSAL BY POWER TECHNOLOGIES PROPRIETARY LIMITED
("POWERTECH") OF 75% OF ITS 70% EQUITY INTEREST IN ABERDARE
CABLES PROPRIETARY LIMITED ("ABERDARE CABLES"); AND

- PROPOSED DISPOSAL BY ABERDARE CABLES INTERNATIONAL HOLDINGS
PROPRIETARY LIMITED ("ABERDARE INTERNATIONAL"), A WHOLLY OWNED
SUBSIDIARY OF POWERTECH, OF 100% OF ITS EQUITY INTEREST IN
ABERDARE HOLDING EUROPE B.V. ("ABERDARE EUROPE"),

TO HENGTONG OPTIC - ELECTRIC INTERNATIONAL CO. LIMITED OR ITS
NOMINEE/S ("HENGTONG"): FULFILMENT OF CONDITION PRECEDENT

Altron shareholders ("shareholders") are referred to the announcement released by the
company on SENS on 22 March 2016, relating to the posting of the circular and notice of
general meeting relating to the proposed disposal by Powertech of its equity interest in
Aberdare Cables and the proposed disposal by Aberdare International of its equity interest in
Aberdare Europe to Hengtong ("the Proposed Transaction").

In terms of Section 4 of the Proposed Transaction circular posted to shareholders on 22
March 2016, one of the conditions precedent stipulated therein and pertaining to the
Proposed Transaction, was the conclusion of the share purchase agreements forming part of
the suite of agreements between the parties, which needed to be fulfilled or waived by not
later than 10 April 2016.

Shareholders are advised that on 9 April 2016, the parties concluded the aforesaid share
purchase agreements along with a shareholders agreement and memorandum of
incorporation.

Accordingly the aforesaid condition precedent has now been fulfilled and shareholders will
be advised in due course by the Company when the last of the outstanding conditions
precedent pertaining to the Proposed Transaction have been fulfilled or waived, as the case
may be.

Johannesburg
11 April 2016

Sponsor
Investec Bank Limited

Date: 11/04/2016 02:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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