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15 December 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Dealing in securities by a director and director´s associate
Dealing in securities by a director and director´s associate

ALLIED ELECTRONICS CORPORATION LIMITED
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL ISIN: ZAE000191342

DEALING IN SECURITIES BY A DIRECTOR AND DIRECTOR´S ASSOCIATE

In compliance with paragraph 3.63 - 3.64 of the JSE Limited Listings
Requirements, the following information is disclosed:

Director : Mr M Nyati
Company : Allied Electronics Corporation
Limited
Date of transaction : 15 December 2017
Number of securities : 70 812
Nature of transaction : On-market acquisition of securities
Class of securities : Altron A ordinary shares
Share price : R12.00
Total value of transaction : R849 744.00
Nature of interest : direct, Beneficial
Clearance obtained : Yes

Director : Mr M Nyati
Company : Allied Electronics Corporation
Limited
Date of transaction : 15 December 2017
Number of securities : 10 000
Nature of transaction : On-market acquisition of securities
Class of securities : Altron A ordinary shares
Share price : R11.98
Total value of transaction : R119 800.00
Nature of interest : direct, Beneficial
Clearance obtained : Yes

Director : Mr M Nyati
Company : Allied Electronics Corporation
Limited
Date of transaction : 15 December 2017
Number of securities : 2 521
Nature of transaction : On-market acquisition of securities
Class of securities : Altron A ordinary shares
Share price : R11.80
Total value of transaction : R29 747.00
Nature of interest : direct, Beneficial
Clearance obtained : Yes

Director : Mr AC Ball
Director : Mr S Sithole
Company : Allied Electronics Corporation
Limited
Director´s Associate : H4 Collective Investments (RF)
Proprietary Limited act on behalf
of the H4 Qualified Investor Hedge
Fund Scheme in respect of the Value
Active PFP H4 QI Hedge Fund ("the
Fund"). Value Capital Partners
Proprietary Limited (in which Mr AC
Ball and Mr S Sithole each have a
50% interest)are the advisors to
Peregrine Fund Platform Proprietary
Limited, the registered Fund
investment manager, while Mr AC
Ball and Mr S Sithole are the
portfolio managers
Company : Allied Electronics Corporation
Limited

Date of transaction : 14 December 2017
Number of securities : 88 567
Nature of transaction : On-market acquisition of securities
Class of securities : Altron A ordinary shares
Share price : R11.2024
Total value of transaction : R992 162.96
Nature of interest : Indirect, Beneficial
Clearance obtained : Yes

Date of transaction : 13 December 2017
Number of securities : 189 169
Nature of transaction : On-market acquisition of securities
Class of securities : Altron A ordinary shares
Share price : R11.3228
Total value of transaction : R2 141 922.75
Nature of interest : Indirect, Beneficial
Clearance obtained : Yes

Johannesburg
15 December 2017

Sponsor
Investec Bank Limited

Date: 15/12/2017 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

15 December 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Voluntary Announcement
Voluntary Announcement

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

VOLUNTARY ANNOUNCEMENT

Following enquiries from several stakeholders, the Altron Board wishes to provide
clarification with regard to recent allegations in the media of collusion by some of Altron´s
subsidiaries relating to the Digital Terrestrial Television ("DTT") Set-Top Box tender issued
by the South African Government in 2014 ("the DTT tender"). For the avoidance of doubt
and to address any inaccurate reports, please note the following:

- Altech UEC, an Altron subsidiary, which is in the process of being sold, responded to
the DTT tender in 2014, but was ultimately unsuccessful in its bid to secure the
tender.
- At the time of the issuing of the tender, Altech UEC was one of only a few companies
in South Africa with the capability and capacity to manufacture large quantities of
set-top boxes. As a result, third parties approached Altech UEC with a view to partner
with them on commercial manufacturing and supply agreements relating to the
opportunity. These engagements were encouraged by Government to promote
growth in the SME sector.
- Although there was correspondence between Altech UEC and these third parties, the
company took a commercial decision not to enter into agreements with any of these
entitles.
- No monies or fees were paid to any individual or party related to these
engagements.
- The DTT tender was awarded in March 2015 to companies not related to Altron.

In November 2017 three Altron subsidiaries, together with 12 other businesses, raided by
the Competition Commission as part of its investigation into alleged collusion in connection
with the DTT tender.

In August this year, in response to certain media reports, Altron initiated an internal
investigation which found no wrong doing on the part of Altech UEC. Subsequent to the
Competition Commission dawn raid, the company appointed an external legal firm,
Bowmans, to conduct an independent investigation into the allegations. Altron is expecting
Bowman´s final report at the end of January 2018. In the meantime, Altron is providing its
full cooperation to the Competition Commission.

Due to the Competition Commission investigation, there may be delays in the Altech UEC
disposal process.

With the current information at hand, the Board wishes to confirm that Altron denies the
allegations in the strongest terms. Altron does not condone, support or encourage any action
that is in contravention of the group´s values, corporate governance codes and regulations.
Should at any time the investigation find that any Altron employee acted contrary to the
law, the necessary steps will be taken in a decisive manner.

The Altron group obeys the laws and regulations of all countries in which it operates and
remains committed to uncompromising ethical business practices through stringent
corporate governance.

Altron will keep its shareholders informed of any further information on this issue when it
becomes available.
Johannesburg
15 December 2017

Sponsor
Investec Bank Limited

Date: 15/12/2017 11:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

1 December 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Resignation Of Group Chief Financial Officer
Resignation Of Group Chief Financial Officer

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

RESIGNATION OF GROUP CHIEF FINANCIAL OFFICER

In compliance with paragraph 3.59 of the JSE Limited´s Listings Requirements, shareholders
are advised of the resignation of the Group Chief Financial Officer, Mr Alex Smith, with effect
from 28 February 2018. Mr Smith leaves the company after 12 years of service, 9 years of which
was served on the Altron board, in order to pursue other opportunities.

The board takes this opportunity to thank Mr Smith for his valuable contribution made to the
company during his tenure on the Altron board.

An announcement with regard to the appointment of a new Group Chief Financial Officer will be
made early in the new year. Mr Smith will work closely with the new Group Chief Financial
Officer during a handover period.

Johannesburg
1 December 2017

Sponsor
Investec Bank Limited

Date: 01/12/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

15 November 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Disposal by Altron of its interest in The Powertech Transformers Group to a Consortium
Disposal by Altron of its interest in The Powertech Transformers Group to a Consortium

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

DISPOSAL BY ALTRON OF ITS INTEREST IN THE POWERTECH TRANSFORMERS GROUP
TO A CONSORTIUM COMPRISING POWER MATLA PROPRIETARY LIMITED ("POWER
MATLA"), POWER MATLA TRANSFORMERS PROPRIETARY LIMITED AND SGB-SMIT GmbH
("SGB-SMIT") (COLLECTIVELY REFERRED TO AS "THE CONSORTIUM")

1. INTRODUCTION

Shareholders are advised that Altron, through various of its subsidiaries ("the Altron group"), has
entered into a Share Sale Agreement on 15 November 2017 ("the Agreement") with the Consortium,
whereby it will dispose of the Altron group´s 80% interest and all its financing in Powertech
Transformers Proprietary Limited ("Powertech Transformers") to the Consortium on terms and
conditions more fully set out in the Agreement and as summarised below ("the Transaction"). Power
Matla currently holds a 17.5% interest in Powertech Transformers.

The salient terms and conditions of the Transaction are as follows:

- on the closing date of the Transaction, SGB-Smit will advance R250 million to Powertech
Transformers, who will in turn repay the amount towards the debt provided to Powertech
Transformers by the Altron group;
- the members of the Consortium will purchase the Altron group´s 80% interest and the balance
of financing provided to Powertech Transformers as at the closing date for a nominal
consideration;
- any cash in Powertech Transformers at the closing date will be repaid to the Altron group to
the extent of any financing provided to Powertech Transformers by the Altron group from 1
October 2017;
- the Altron group may provide Powertech Transformers with a new three-year, R100 million
loan facility on commercial terms and secured against Powertech Transformers´ properties
with effect from the closing date;
- standard warranties and indemnities associated with transactions of this nature have been
provided for in the Agreement; and
- the Transaction will be subject to certain conditions precedent more fully set out in this
announcement.

2. NATURE OF BUSINESS OF POWERTECH TRANSFORMERS

Powertech Transformers has over 60 years´ experience in, inter alia, the design, manufacturing,
testing and commissioning of a full range of power and distribution transformers, including three-
phase and single-phase units, auto-transformers, arc-furnace, locomotive and traction transformers,
miniature sub-stations, NECRT´s as well as shunt reactors. Powertech Transformers has also
entered into the renewable power market.

Power and distribution transformers for the African continent are manufactured by Powertech
Transformers in its factories in Pretoria and Cape Town. The power transformer factory in Pretoria
West is amongst the largest transformer manufacturing plants within the Southern Hemisphere.

3. RATIONALE FOR THE TRANSACTION

As previously communicated to shareholders, following strategic review sessions held at both Altron
and Powertech, the Powertech board, in conjunction with the Altron board, has determined that the
Powertech Transformers group is no longer a core asset for the Altron group and accordingly should
be disposed of to a third party who will be more suited to further develop this business. This will
enable Altron to focus on its core operations within the ICT sector going forward.

4. EFFECTIVE DATE OF THE TRANSACTION

The Transaction will become effective following the fulfilment of the last of the conditions precedent
set out below and as detailed in the Agreement.

5. CONSIDERATION

The consideration to be received by the Altron group as a result of the Transaction is R250 million,
payable in cash on the closing date by Powertech Transformers from the R250 million loan advanced
to it by SGB-Smit.

The Agreement makes provision for adjustments following the closing date should the effective date
accounts reflect working capital at the close outside a range relative to an agreed target level based
on the forecast of Powertech Transformers management.

6. NET ASSET VALUE OF AND PROFITS ATTRIBUTABLE TO POWERTECH
TRANSFORMERS

The value of the net assets to be disposed of as at 31 August 2017 (being the date of the most
recent published financial results of Altron) amounted to R110 million.

For the six months ended 31 August 2017, Powertech Transformers generated revenue of R522
million, EBITDA loss of R51 million and a loss after tax of R69 million.

7. CONDITIONS PRECEDENT TO THE TRANSACTION

The Transaction is subject to the fulfilment or waiver (as the case may be) of, inter alia, the following
conditions precedent:

- the successful conclusion of service contracts with key staff and key management of the
Powertech Transformers group, as appropriate;
- the granting, giving and/or passing of any regulatory approvals which may be required in
relation to the Transaction to the satisfaction of the parties;
- the consent for the change of control of Powertech Transformers by its material suppliers and
customers;
- that no material adverse change occurs between the signature date of the Agreement and the
closing date;
- the registration of the Transaction by the B-BBEE Commission and acceptance that Powertech
Transformers is majority black-owned under the B-BBEE Codes of Good Practice;
- the finalisation of various agreements between the Consortium members; and
- unconditional approval of all terms and conditions of the Transaction by the boards of Altron,
SGB-Smit and Power Matla.

8. APPLICATION OF THE CONSIDERATION

The consideration will be used to reduce the overall Altron group debt.

9. CATEGORISATION OF THE TRANSACTION AND SHAREHOLDER APPROVAL

The Transaction is classified as a Category 2 transaction in terms of Section 9.15 of the JSE Listings
Requirements and accordingly will not require Altron shareholder approval.

By order of the board of Altron.

Johannesburg
15 November 2017

Sponsor
Investec Bank Limited

Date: 15/11/2017 04:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

26 October 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - 2017 Unaudited Consolidated Interim Results for the six months ended 31 August 2017
2017 Unaudited Consolidated Interim Results for the six months ended 31 August 2017

ALLIED ELECTRONICS
CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/024583/06)
Share code: AEL ISIN: ZAE000191342

2017
UNAUDITED CONSOLIDATED
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2017

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Six months Six months Year
ended ended ended
% 31.08.17 31.08.16 28.02.17
R million change (Unaudited) (Unaudited) (Audited)
CONTINUING OPERATIONS
Revenue (10) 6 792 7 537 13 892
Earnings before interest, tax, depreciation and
amortisation (EBITDA) 2 452 445 950
Depreciation and amortisation (118) (108) (222)
Operating profit before capital items (1) 334 337 728
Capital items (note 1) (16) (1) 8
Result from operating activities 318 336 736
Finance income 85 111 218
Finance expense (172) (194) (441)
Share of profit of equity-accounted investees,
net of taxation (1) - -
Profit before taxation 230 253 513
Taxation (60) (66) (98)
Profit for the period from continuing operations 170 187 415
DISCONTINUED OPERATIONS
Revenue 1 905 3 890 5 825
Earnings before interest, tax, depreciation and
amortisation (EBITDA) (9) (65) (110)
Depreciation and amortisation - - -
Operating loss before capital items (9) (65) (110)
Capital items (note 1) (63) (107) (496)
Result from operating activities (72) (172) (606)
Finance income 25 9 45
Finance expense (42) (96) (117)
Share of profit of equity-accounted investees,
net of taxation - 17 -
Loss before taxation (89) (242) (678)
Taxation (6) 18 (39)
Loss for the period from discontinued operations (95) (224) (717)
Profit/(loss) for the period from total operations 75 (37) (302)
Other comprehensive income
Items that will never be reclassified to profit or loss
Remeasurement of net defined benefit asset/obligation - - 26
Items that are or may be reclassified subsequently to
profit or loss
Foreign currency translation differences in respect of
foreign operations 5 (28) (59)
Realisation of foreign currency translation reserve on
disposal - (132) (154)
Effective portion of changes in the fair value of cash flow
hedges 5 - (7)
Other comprehensive income for the period, net of
taxation 10 (160) (194)
Total comprehensive income for the period 85 (197) (496)

Six months Six months Year
ended ended ended
% 31.08.17 31.08.16 28.02.17
R million change (Unaudited) (Unaudited) (Audited)
Net profit/(loss) attributable to:
Non-controlling interests (12) (57) (117)
Non-controlling interests from continuing operations 7 5 20
Non-controlling interests from discontinued operations (19) (62) (137)
Altron equity holders 87 20 (185)
Altron equity holders from continuing operations 163 182 395
Altron equity holders from discontinued operations (76) (162) (580)

Net profit/(loss) for the period 75 (37) (302)
Total comprehensive income attributable to:
Non-controlling interests (11) (56) (118)
Non-controlling interests from continuing operations 7 5 20
Non-controlling interests from discontinued operations (18) (61) (138)
Altron equity holders 96 (141) (378)
Altron equity holders from continuing operations 178 141 341
Altron equity holders from discontinued operations (82) (282) (719)

Total comprehensive income for the period 85 (197) (496)
Basic earnings per share from continuing
operations (cents) 44 54 117
Diluted basic earnings per share from continuing
operations (cents) 44 53 116
Basic loss per share from discontinued
operations (cents) (21) (48) (171)
Diluted basic loss per share from discontinued
operations (cents) (21) (47) (171)
Basic earnings/(loss) per share from total
operations (cents) 23 6 (54)
Diluted basic earnings/(loss) per share from total
operations (cents) 23 6 (55)

CONDENSED CONSOLIDATED BALANCE SHEET

31.08.17 31.08.16 28.02.17
R million (Unaudited) (Unaudited) (Audited)
ASSETS
Non-current assets 3 187 2 907 2 816
Property, plant and equipment 570 591 569
Intangible assets including goodwill 1 193 1 055 1 029
Equity-accounted investments 23 5 23
Other investments 503 321 302
Rental finance advances 95 128 113
Non-current receivables and other assets 432 383 404
Defined benefit asset 162 192 178
Deferred taxation 209 232 198
Current assets 5 626 7 624 6 735
Inventories 931 899 1 046
Trade and other receivables, including derivatives 2 605 2 874 2 669
Assets classified as held-for-sale 1 013 2 399 1 644
Taxation receivable 5 3 3
Cash and cash equivalents 1 072 1 449 1 373

Total assets 8 813 10 531 9 551
EQUITY AND LIABILITIES
Total equity 2 523 2 352 2 028
Equity holders of Altron 2 760 2 729 2 268
Non-controlling interests (237) (377) (240)
Non-current liabilities 1 694 198 1 971
Loans 1 633 159 1 923
Provisions 4 5 5
Deferred taxation 57 34 43
Current liabilities 4 596 7 981 5 552
Loans 323 2 017 312
Bank overdraft 808 1 217 956
Trade and other payables, including derivatives 2 654 3 426 3 177
Provisions 19 7 16
Liabilities classified as held-for-sale 739 1 189 1 024
Taxation payable 53 125 67

Total equity and liabilities 8 813 10 531 9 551
Net asset value per share (cents) 744 807 669

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to Altron equity holders
Share
capital Non-
and Treasury Retained controlling Total
R million premium shares Reserves earnings Total interests equity
Balance at 29 February 2016
(Audited) 2 735 (299) (2 320) 2 731 2 847 (111) 2 736
Total comprehensive income for the
period
Profit for the period - - - 20 20 (57) (37)
Other comprehensive income
Foreign currency translation
differences in respect of foreign
operations - - (29) - (29) 1 (28)
Realisation of foreign currency
translation reserve on disposal of
subsidiaries - - (132) - (132) - (132)
Transfer between reserves - - 190 (190) - - -
Total other comprehensive income - - 29 (190) (161) 1 (160)
Total comprehensive income for the
period - - 29 (170) (141) (56) (197)
Transactions with owners,
recorded directly in equity
Contributions by and distributions
to owners
Dividends to equity holders - - - - - (4) (4)
Issue of share capital 7 - - - 7 - 7
Disposal of non-controlling interest - - - - - (207) (207)
Share-based payment transactions - - 16 - 16 1 17
Total contributions by and
distributions to owners 7 - 16 - 23 (210) (187)
Total transactions with owners 7 - 16 - 23 (210) (187)
Balance at 31 August 2016
(Unaudited) 2 742 (299) (2 275) 2 561 2 729 (377) 2 352
Total comprehensive income for the
period
Loss for the period - - - (205) (205) (60) (265)
Other comprehensive income
Foreign currency translation
differences in respect of foreign
operations - - (30) - (30) (1) (31)
Remeasurement of defined benefit
obligation - - 26 - 26 - 26
Realisation of foreign currency
translation reserve on closure of
held for sale group - - (22) - (22) - (22)
Effective portion of changes in the
fair value of cash flow hedges - - (6) - (6) (1) (7)
Total other comprehensive income - - (32) - (32) (2) (34)
Total comprehensive income for the
period - - (32) (205) (237) (62) (299)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to Altron equity holders
Share
capital Non-
and Treasury Retained controlling Total
R million premium shares Reserves earnings Total interests equity
Transactions with owners,
recorded directly in equity
Contributions by and distributions
to owners
Share-based payment transactions - - (5) - (5) - (5)
Issue of share capital 5 - (12) - (7) - (7)
Disposal of non-controlling interest - - - - - (1) (1)
Total contributions by and
distributions to owners 5 - (17) - (12) (1) (13)
Changes in ownership interests in
subsidiaries
Buy-back of non-controlling interest - - (212) - (212) 200 (12)
Total changes in ownership
interests in subsidiaries - - (212) - (212) 200 (12)
Total transactions with owners 5 - (229) - (224) 199 (25)
Balance at 28 February 2017
(Audited) 2 747 (299) (2 536) 2 356 2 268 (240) 2 028
Total comprehensive income for the
period
Profit for the period - - - 87 87 (12) 75
Other comprehensive income
Foreign currency translation
differences in respect of foreign
operations - - 5 - 5 - 5
Effective portion of changes in the
fair value of cash flow hedges - - 4 - 4 1 5
Total other comprehensive income - - 9 - 9 1 10
Total comprehensive income for the
period - - 9 87 96 (11) 85
Transactions with owners,
recorded directly in equity
Contributions by and distributions
to owners
Dividends to equity holders - - - - - (5) (5)
Share-based payment transactions - - 13 - 13 - 13
Issue of share capital 410 - (10) - 400 - 400
Total contributions by and
distributions to owners 410 - 3 - 413 (5) 408
Changes in ownership interests in
subsidiaries
Acquisition of subsidiary - - - - - 2 2
Buy-back of non-controlling interest - - (17) - (17) 17 -
Total changes in ownership
interests in subsidiaries - - (17) - (17) 19 2
Total transactions with owners 410 - (14) - 396 14 410
Balance at 31 August 2017
(unaudited) 3 157 (299) (2 541) 2 443 2 760 (237) 2 523

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months Year
ended ended ended
31.08.17 31.08.16 28.02.17
R million (Unaudited) (Unaudited) (Audited)
Cash flows generated from/(utilised in) operating activities 15 (279) 94
Cash generated by operations 598 569 1 308
Interest received 86 113 241
Interest paid (214) (284) (557)
Dividends received from equity-accounted investees and other
investments 1 27 23
Changes in working capital (363) (646) (821)
Taxation paid (90) (54) (96)
Cash available from operating activities 18 (275) 98
Dividends paid, including to non-controlling interests (3) (4) (4)

Cash flows (utilised in)/from investing activities (296) 1 773 1 580
Proceeds on the disposal of subsidiaries, associate and businesses
net of cash disposed 117 2 060 2 060
Acquisition of subsidiaries, net of cash acquired (86) - -
Additions to intangible assets (43) (70) (123)
Additions to property, plant and equipment (99) (86) (191)
Other investing activities (185) (131) (166)

Cash flows from/(utilised in) financing activities 73 (1 594) (1 479)
Loans repaid (335) (1 592) (3 532)
Proceeds from share issue 400 - -
Loans advanced - 9 2 065
Other financing activities 8 (11) (12)

Net (decrease)/increase in cash and cash equivalents (208) (100) 195
Net cash and cash equivalents at the beginning of the period 329 326 326
Cash and cash equivalents at the beginning of the period 417 206 206
Cash previously classified as held-for-sale (88) 120 120
Effect of exchange rate fluctuations on cash held 20 (50) (192)
Bank overdraft classified as held-for-sale 123 56 88
Net cash and cash equivalents at the end of the period 264 232 417

NOTES

Six months Six months Year
ended ended ended
% 31.08.17 31.08.16 28.02.17
R millions Change (Unaudited) (Unaudited) (Audited)
Headline earnings per share from continuing
operations (cents) (13) 47 54 114
Normalised headline earnings per share from
continuing operations (cents) 8 57 53 116
Headline loss per share from discontinued
operations (cents) 70 (7) (23) (43)
Headline earnings per share from total
operations (cents) 29 40 31 71
Diluted headline earnings per share from total
operations (cents) 29 40 31 71

BASIS OF PREPARATION
The condensed consolidated unaudited interim financial results have been prepared in accordance with the International
Financial Reporting Standard (IAS) 34 - Interim Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards
Council and the requirements of the Companies Act of South Africa. The accounting policies applied in the preparation
of these interim results are in terms of International Financial Reporting Standards and are consistent with those
used in the annual financial statements for the year ended 28 February 2017. This report was compiled under the
supervision of Mr Alex Smith CA, Chief Financial Officer. The condensed consolidated interim financial results have not
been audited or reviewed by the company's auditor, KPMG Inc.
Six months Six months Year
ended ended ended
31.08.17 31.08.16 28.02.17
R millions (Unaudited) (Unaudited) (Audited)

1. CAPITAL ITEMS
CONTINUING OPERATIONS
Net profit on disposal of property, plant and equipment 1 - 1
Impairment of property, plant and equipment - (3) (3)
Impairment of equity-accounted investment - - (2)
Impairment of intangible assets (17) - -
Reversal of impairment - - 10
Profit on disposal of subsidiary and businesses - 2 2
(16) (1) 8
DISCONTINUED OPERATIONS
Impairment of intangible assets - - (16)
Impairment of held-for-sale disposal groups (48) (139) (548)
(Loss)/profit on disposal of discontinued operations (15) 26 22
Release of foreign currency translation surplus - - 22
Release of discontinuance provision - - 12
Net profit on disposal of property, plant and equipment - 6 12
(63) (107) (496)
Total (79) (108) (488)
2 RECONCILIATION BETWEEN ATTRIBUTABLE EARNINGS
AND HEADLINE EARNINGS
Attributable to Altron equity holders 87 20 (185)
Capital items - gross 79 108 488
Tax effect of capital items (12) - 11
Non-controlling interest in capital items (5) (23) (74)
Headline earnings 149 105 240

Six months Six months Year
ended ended ended
31.08.17 31.08.16 28.02.17
R millions (Unaudited) (Unaudited) (Audited)

3. RECONCILIATION BETWEEN ATTRIBUTABLE EARNINGS AND
HEADLINE EARNINGS FROM CONTINUING OPERATIONS
Attributable to Altron equity holders 163 182 395
Capital items - gross 16 1 (8)
Tax effect of capital items (5) - -
Headline earnings 174 183 387
4. RECONCILIATION BETWEEN ATTRIBUTABLE EARNINGS AND
HEADLINE EARNINGS FROM DISCONTINUED OPERATIONS
Attributable to Altron equity holders (76) (162) (580)
Capital items - gross 63 107 496
Tax effect of capital items (7) - 11
Non-controlling interest in capital items (5) (23) (74)
Headline earnings (25) (78) (147)
5. RECONCILIATION BETWEEN HEADLINE EARNINGS AND
NORMALISED HEADLINE EARNINGS FROM CONTINUING
OPERATIONS
Normalised headline earnings from continuing operations have
been presented to demonstrate the impact of material once-off
costs on the headline earnings of the continuing operations.
The presentation of normalised headline earnings is not
an IFRS requirement.
Headline earnings are reconciled to normalised headline earnings
as follows:
Headline earnings 174 183 387
Foreign currency losses on transaction funding 2 - -
Restructuring costs 47 - -
Contribution from closed businesses - (4) 6
Tax effect of adjustments (13) 1 (2)
Normalised headline earnings 210 180 391

6. RECONCILIATION BETWEEN ATTRIBUTABLE EARNINGS AND DILUTED EARNINGS
There were no reconciling items between attributable earnings and diluted earnings.

7. ACQUISITION OF SUBSIDIARY
Acquisition of Fleet Logistics (Pty) Limited ("EZY2C") in Australia
Effective 1 July 2017, Altech Netstar acquired the issued share capital of EZY2C in Australia, a provider of fleet
and asset management solutions, for a maximum purchase price of A$15,9 million, of which A$8,7 million was
paid upfront and the remainder is payable on the achievement of certain earn-out targets over the next two years.
The acquisition contributed revenue of R15 million and a net profit after tax of R 5 million to the group. Management
is still finalising the full purchase price allocation - the initial assessment is presented below. If the company was
acquired on 1 March 2017, the contributed revenue would have been R37 million and the net profit after tax would
have been R6 million.

R million Recognised Fair value Carrying
The acquired balances at the effective date were as follows: values adjustments amount
Non-current assets 1 17 18
Current assets 12 - 12
Non-current liabilities - (5) (5)
Current liabilities (6) - (6)
Total net assets on acquisition 7 12 19
Goodwill on acquisition 142
Total consideration 161
Less: Cash and cash equivalents in subsidiary acquired (3)
Less: Deferred purchase consideration (72)
Net cash outflow on acquisition 86

8. DISPOSAL OF SUBSIDIARIES AND BUSINESSES
Disposal of 100% interest in the Auto X (Pty) Limited group (Powertech Battery Group)
Effective 1 July 2017, Powertech Industries (Pty) Limited disposed of 100% of its equity interest in the Auto X group
for R324 million. This operation formed part of the Powertech group, which has been disclosed as a discontinued
operation. R188 million was received on the effective date, while the balance of the proceeds will be settled out of
actual receipts received by Auto X from the automotive production development programme. This receivable is in the
form of a preference share, with a carrying value of R131 million at 31 August 2017. The preference share receivable
in Auto X is included in other investments on the group's balance sheet.

Disposal of 100% interest in Webroy (Pty) Limited
Effective 1 March 2017, Powertech Industries disposed of 100% of its equity interest in Webroy for R11 million. This
operation formed part of the Powertech group, which has been disclosed as a discontinued operation.

Disposal of 100% interest in Powertech System Integrators (Pty) Limited ("PTSI")
Effective 1 August 2017, Power Technologies (Pty) Limited disposed of 100% of its equity interest in PTSI for R30
million. This operation formed part of the Powertech group, which has been disclosed as a discontinued operation.
Net assets of the above operations disposed are as follows:
R million
Non-current assets 123
Current assets 484
Non-current liabilities (1)
Current liabilities (226)
Disposal value 380
Loss on disposal of subsidiaries (15)
Cash and cash equivalents disposed (94)
Proceeds receivable (PTSI) (30)
Preference share receivable (131)
Proceeds received on disposal 110

9. DISCONTINUED OPERATIONS
Impairment of held-for-sale disposal groups
The carrying value of each distinct operation was compared to the latest offer from prospective buyers and any
shortfall to the carrying value was then impaired.

The impairments reflect a decline in expected proceeds due to the prolonged disposal processes, the performance of
the operations and the uncertainties in the local macro-economic environment.

During the 2016 financial year, the decision was taken to dispose of the Powertech group and the Multimedia Group and, as
a result, these businesses have been classified as discontinued operations. The relevant requirements of IFRS 5 have
been met for this classification.

Management believe that the conclusion of the remaining disposals will be effected within the next 12 months.
The Powertech and Multimedia Group businesses were previously classified as held-for-sale as well as discontinued operations.

Net assets of disposal groups held-for-sale:
R million 31.08.2017 31.08.2016 28.02.2017

Assets classified as held-for-sale 1 013 2 399 1 644
Non-current assets 256 815 392
Current assets 757 1 584 1 252
Liabilities classified as held-for-sale (739) (1 189) (1 024)
Non-current liabilities (9) (36) (16)
Current liabilities (730) (1 153) (1 008)

Breakdown of disposal groups held-for-sale:
31.08.2017 31.08.2017 31.08.2017 31.08.2017
Powertech Multimedia
R million Transformers Group Other Total
812 310 400 1 522
Non-current assets 308 158 215 681
Current assets 504 152 185 841
Impairment of held for sale disposal group (509)
Assets classified as held-for-sale 1 013
Liabilities classified as held-for-sale (355) (243) (141) (739)
Non-current liabilities - (9) - (9)
Current liabilities (355) (234) (141) (730)

Breakdown of disposal groups held-for-sale:

28.02.2017 28.02.2017 28.02.2017 28.02.2017 28.02.2017 28.02.2017
Powertech Powertech
Powertech Battery Multimedia System
R million Transformers Group Group integrators Other Total
805 498 348 182 359 2 192
Non-current assets 307 164 141 25 216 853
Current assets 498 334 207 157 143 1 339
Impairment of held
for sale disposal
group (548)
Assets classified as
held-for-sale 1 644
Liabilities
classified as held-
for-sale (276) (124) (290) (109) (225) (1 024)
Non-current
liabilities (5) - (9) - (2) (16)
Current liabilities (271) (124) (281) (109) (223) (1 008)

Six months Six months
ended ended Year ended
R million 31.08.2017 31.08.2016 28.02.2017
Cash flows utilised in discontinued operations:
Net cash utilised in operating activities (6) (2) (21)
Net cash generated from investing activities 84 921 878
Net cash utilised in financing activities (1) (793) (20)
Net cash flow for the period 77 126 837

10. FAIR VALUE OF FINANCIAL INSTRUMENTS
The group measures a preference share investment, its derivative foreign exchange contracts used for hedging and
contingent purchase considerations at fair value.

The preference share investment is disclosed as a Level 3 financial asset in terms of the fair value hierarchy with
fair valuation inputs which are not based on observable market data (unobservable inputs). A discounted cash flow
valuation model is used to determine fair value with key inputs being discount and perpetuity growth rates as well as
revenue growth rates. The fair value of the preference share investment remained at R21 million for the period.

The contingent purchase considerations are disclosed as Level 3 financial liabilities in terms of the fair value hierarchy
with fair valuation inputs which are not based on observable market data (unobservable inputs). A discounted cash
flow valuation model is used to determine fair value with key inputs being forecast revenue growth rates, forecast profit
margins and discount rates. The fair value of the contingent purchase considerations was assessed as R75 million at
the reporting period which resulted in a remeasurement loss of R2 million.

The derivative foreign exchange contracts used for hedging are disclosed as Level 2 financial instruments in terms of
the fair value hierarchy with fair valuation inputs (other than quoted prices) that are observable either directly (i.e. as
prices) or indirectly (i.e. derived from prices) as well as foreign exchange. A market comparison technique is used to
determine fair value. The fair value of the derivative foreign exchange contracts was assessed as R28 million (liability)
at the reporting period which resulted in a remeasurement loss of R20 million.

The derivative total equity return swap used for hedging the share linked incentive expense is disclosed as Level 2
financial instruments in terms of the fair value hierarchy with fair valuation inputs determined from quoted prices
(unadjusted) in active markets for identical assets or liabilities. The fair value of the total equity return swap entered
into in the current year was assessed at R4 million (asset) at the reporting period which resulted in an equal gain of
R4 million being recognised.

There were no transfers between Levels 1, 2 or 3 of the fair value hierarchy for the period ended 31 August 2017.

11. POST-BALANCE SHEET EVENTS
Post the reporting period, Bytes Technology Group Limited UK acquired 100% of the issued share capital of Blenheim
for a consideration of GBP35,9 million.

Blenheim is the holding company of Phoenix Software Limited, a business focused on the resale of software products
and associated services.

The transaction was effective on 1 October 2017. The transaction was funded from a combination of cash resources in
Bytes UK, existing group facilities and a new trade finance facility in Bytes UK.

12. RELATED PARTY TRANSACTIONS
The group entered into various sale and purchase transactions with related parties in the ordinary course of business.
The nature of related party transactions is consistent with those reported previously.

SEGMENTAL ANALYSIS
The segment information has been prepared in accordance with IFRS 8: Operating Segments which defines the
requirements for the disclosure of financial information of an entity's operating segments.

The standard requires segmentation based on the group's internal organisation and reporting of revenue and EBITDA
based upon internal accounting presentation.

The segment revenue and earnings before interest, tax, depreciation and amortisation (EBITDA) generated by each of the
group's reportable segments are summarised as follows:

Revenue EBITDA
Aug 2017 Aug 2016 Feb 2017 Aug 2017 Aug 2016 Feb 2017
Continuing operations
Altech Radio Holdings Group 586 455 1 127 32 27 84
Bytes Document Solutions Group 660 951 1 636 25 35 48
Bytes Managed Solutions 517 670 1 321 29 32 89
Bytes People Solutions 220 219 426 19 21 41
Bytes Secure Transaction Solutions 504 465 992 110 95 212
Bytes Systems Integration SA Group 625 647 1 274 7 2 39
Bytes Universal Systems 296 362 669 16 28 63
Altron ICT South African operations 3 408 3 769 7 445 238 240 576
Bytes Technology Group UK 2 525 2 479 4 504 109 110 171
Other International operations 114 208 284 12 6 20
Altron ICT International operations 2 639 2 687 4 788 121 116 191
Shared Services, Corporate and cons - 4 5 6 3 17
Altron ICT 6 047 6 460 12 238 365 359 784

Altech Autopage Group - 316 316 - 3 3
Altech Netstar Group 668 597 1 224 133 126 266
Arrow Altech Distribution 291 308 602 21 24 40
Corporate and Cons and financial services (214) (144) (488) (67) (67) (143)
Continuing operations 6 792 7 537 13 892 452 445 950

Discontinued operations
Altech Multimedia Group 599 566 1 225 47 17 21
Altech Autopage Group - - - (7) (49) (78)
Powertech Cables Group* 103 1 721 1 836 5 42 46
Powertech Transformers Group 522 630 1 041 (51) (38) (73)
Powertech Battery Group** 344 481 944 33 32 78
Powertech System Integrators*** 214 341 583 (12) (56) (52)
Other Powertech Segments 123 151 196 (24) (13) (52)
Powertech Group 1 306 3 324 4 600 (49) (33) (53)
Discontinued operations 1 905 3 890 5 825 (9) (65) (110)

Altron Group 8 697 11 427 19 717 443 380 840

* Powertech Cables Group for the half year ended 31 August 2017 consists of Swanib Cables, prior year comparatives include Aberdare
Cables Group which was disposed effective 30 June 2016.
** Powertech Battery Group disposed of 1 July 2017 (refer to note 8), this segment also includes Webroy which was disposed 1 March 2017.
*** Powertech System Integrators disposed of 1 August 2017. System Integrators segmental includes QuadPro, which has not been disposed
of as at 31 August 2017.

Segment EBITDA can be reconciled to group operating profit before
capital items as follows: Aug 2017 Aug 2016 Feb 2017
Segment EBITDA 443 380 840
Reconciling items:
Depreciation (71) (65) (136)
Amortisation (47) (43) (86)
Group operating profit before capital items 325 272 618

SUPPLEMENTARY INFORMATION - TOTAL OPERATIONS
31.08.17 31.08.16 28.02.17
R million (Unaudited) (Unaudited) (Audited)

Depreciation 71 65 136
Amortisation 47 43 86
Net foreign exchange losses 4 104 226
Cash flow movements
Capital expenditure (including intangibles) 142 156 314
Net additions to contract fulfilment costs 26 8 20
Additions to contract fulfilment costs 118 101 237
Net expensing of contract fulfilment costs during the year (92) (89) (216)
Terminations of contract fulfilment costs - (4) (1)

Capital commitments 5 36 21
Lease commitments 410 443 465
Payable within the next 12 months 166 165 147
Payable thereafter 244 278 318
Weighted average number of shares (millions) 369 338 338
Diluted average number of shares (millions) 371 342 340
Shares in issue at end of period (millions) 371 338 339
Ratios (total operations)
EBITDA margin % 5,1 3,3 4,3
ROCE % 14,5* 12,0* 14,5
ROE % 11,5* 8,4* 11,4
ROA % 9,5* 6,5* 8,3
RONA % 12,6* 10,4* 12,2
Current ratio 1.2:1 1:1 1.2:1
Acid test ratio 1:1 0.8:1 1:1

* Annualised.

Definitions:
Contract fulfilment costs
Contract fulfilment costs include hardware, fitment, commissions and other costs directly attributable to the
negotiation and conclusion of customer service contracts. These costs are expensed over the expected period of
the customer service contract.

MESSAGE TO SHAREHOLDERS

During the past six months, Altron has continued to make good progress on delivering on its strategy of repositioning
the group in the ICT space, divesting of non-core assets, lowering debt levels and reducing its exposure to the manufacturing
sector. Two key acquisitions have been completed and the group's financial performance has improved significantly on a
normalised and constant currency basis:

- EBITDA from continuing operations increased by 19%* to R501 million
- HEPS from continuing operations increased by 16%* to 57 cents
- Net debt expected to reduce to R1.1 billion on conclusion of disposals

*Constant currency information.

The board identified the current financial year as the one in which the business is to be repositioned for growth in
order to deliver on Altron's intention of producing consistent, double digit growth at the earnings before interest,
tax, depreciation and amortisation (EBITDA) level. To this end, good progress has been made in the right-sizing of
the corporate cost base, the simplification of reporting lines, regrouping the operations in a more customer-centric
manner, and improving the sales efficiencies across the group with a strong focus on customer marketing around One
Altron. This process will be largely completed in the current financial year, and will accelerate our focus on delivering
superior growth.

An important aspect of this process is to close out the disposal of the remaining discontinued operations. Since the
last report to shareholders, the group has successfully concluded the disposal of Powertech Batteries, Swanib Cables,
Powertech IST, Powertech Quadpro and Powertech Switchgear, with all proceeds being used to repay borrowings.
The disposal of Crabtree is awaiting Competition Commission approvals in neighbouring countries, while we continue
to work on the disposal of Altech Multimedia and Powertech Transformers.

During the review period the group's continuing operations have delivered results in line with expectations, despite
the difficult local economy, a strengthening currency, and the once-off costs associated with the various restructuring
processes. In order to give a clearer view of the underlying performance, we have disclosed normalised information for
the continuing operations in our interim reporting. In this message we have also made adjustments to show the results
on a constant currency basis to remove the significant impact of the strengthening of the Rand in respect of our UK
operations. The constant currency financial information has been compiled by the directors to illustrate the impact
of foreign currency movements on Altron's reported financial performance for the six months ended 31 August 2017 for
illustrative purposes only. This information is the responsibility of the directors and has not been reviewed or audited
by the auditors.

FINANCIAL OVERVIEW
INCOME

Continuing operations
Revenue for the continuing operations grew by approximately 5%* to R6.8 billion, while EBITDA increased by 19%* to
R501 million on a normalised and constant currency basis. The normalised EBITDA margin improved to 7.4% compared
to the prior period's 6.5%*. Much of this growth came from the international operations as local trading conditions
remain challenging.

Depreciation and amortisation charges increased to R118 million, while capital items were a loss of R16 million during
the current period compared to a negligible loss in the prior period. Net interest costs in the continuing operations
marginally increased from R83 million to R87 million. This increase reflects a combination of higher borrowing costs
as well as an increased allocation of debt to the continuing operations as a result of the reduced expectations around proceeds
from the sale of the discontinued operations compared to those in August 2016, although some of this was offset by the
benefits of the equity injection in April 2017.

Normalised and constant currency headline earnings increased by 27%* from R165 million* to R209 million.
Normalised and constant currency headline earnings per share grew by 16%* to 57 cents against the prior year
of 49 cents* following the specific issue of shares for cash to Value Capital Partners in May 2017.

Discontinued operations
The results of the discontinued operations showed a significant improvement from the previous period. EBITDA
losses in the current period improved to a loss of R9 million compared to a prior period loss of R65 million. The main
improvement came out of the Altech Multimedia business which generated strong EBITDA growth, while the Powertech
businesses saw a 48% deterioration from the prior corresponding period. The results were further assisted by the
reduced costs associated with the closure of the Altech Autopage business.

The substantial improvements in the discontinued operations, with the loss from these operations again reducing
significantly from R224 million to R95 million, are a combination of improved operational performance, progress on the
disposals and the resultant decline in the interest expense.

CASH MANAGEMENT

Total operations
The overall net debt position continues to improve. Cash generated by operations was higher than the prior period on the
improved EBITDA performance, but cash available from operating activities was affected by an absorption into working capital.
Much of this is cyclical, which is expected to reverse into the year-end.

Cash utilised in investing activities relates primarily to capital expenditure, the normal investment into contract
fulfilments costs at Altech Netstar and the Australian acquisition completed by Altech Netstar. These were partly
offset by the proceeds on the various Powertech disposals completed during the period. Capital expenditure in the
continuing operations is broadly in line with the depreciation charge, while the net investment into contract fulfilment
costs amounted to R26 million.

The R73 million of cash flow from financing activities is predominantly due to the R400 million from Value Capital
Partners, offset by the repayment of loans of R335 million.

SUBSIDIARY REVIEW

SUBSIDIARY INCOME AND GROWTH

Continuing operations
ICT Operations
After normalising for the factors referred to above, revenue from the group's ICT businesses is up 5%* to R6 billion,
with EBITDA increasing by 12%* to R376 million and EBITDA margin improving to 6.2% from 5.9%*. This growth was
driven by the performance of the international operations.

The Bytes UK operations had another exceptional six months, growing revenue by 25% in local currency terms and
EBITDA by 21%, with the business benefiting from increased market share as well as price increases linked to the
weaker British Pound. The acquisition of the Blenheim Group and its largest subsidiary Phoenix Software, as announced
to shareholder on SENS on 29 September 2017, will add further scale to Bytes UK, making it a significant player in the
UK software market and operating in a space with good revenue growth prospects.

On a normalised basis the South African ICT operations saw a 3% decrease in revenue to R3.4 billion, but achieved
a 6% increase in EBITDA to R254 million, with the EBITDA margin improving to 7.4% from 6.8%. The revenue decline
is indicative of the challenging local economic environment, while the margin expansion arose from the increased
contribution of the higher margin businesses, particularly Bytes Secure Transaction Solutions.

Bytes Secure Transaction Solutions continues to perform well, growing revenue by 8% and EBITDA by 16%,
reaffirming its status as a key growth focus for the group. Most components of this business performed well, with the
NuPay division continuing to deliver strong growth. The healthcare side of the business has been successful in moving
into new adjacencies, thereby achieving growth in an otherwise stagnant market.

Altech Radio Holdings has seen revenue improve by 29% and EBITDA by 19% compared to the prior period. The strategy
of diversifying the businesses' product suite to include broadband products and services continues to result in
significant growth for the business compared to the previous period, despite challenges around the City of Tshwane
broadband contract. There remain significant opportunities in this market segment that the business is well placed
to exploit.

Bytes Document Solutions and Bytes Managed Solutions, experienced both revenue and EBITDA declines.

20 October 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Altron Updated Trading Statement
Altron Updated Trading Statement

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

Altron Updated Trading Statement

Shareholders are referred to the trading statement released by the company on SENS on 13
September 2017. Shareholders are now advised that a reasonable degree of certainty exists
that in respect of the company´s total operations basic earnings per share for the six months
ended 31 August 2017 will be a profit of 22 - 23 cents (as against the previous corresponding
period profit of 6 cents).

Altron´s interim results for the financial half-year ended 31 August 2017 are expected to be
announced on 26 October 2017.

This trading statement has not been reviewed or reported on by Altron´s external auditor.

By order of the board.

Johannesburg
20 October 2017

Sponsor
Investec Bank Limited

Date: 20/10/2017 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

29 September 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Acquisition By Bytes Technology Group Limited Of The Entire Issued Share Capital Of Blenheim Group Limited
Acquisition By Bytes Technology Group Limited Of The Entire Issued Share Capital Of Blenheim Group Limited

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

ACQUISITION BY BYTES TECHNOLOGY GROUP LIMITED ("BYTES UK") OF THE ENTIRE
ISSUED SHARE CAPITAL OF BLENHEIM GROUP LIMITED ("BLENHEIM")

1. INTRODUCTION

Shareholders are advised that Bytes UK, a wholly owned subsidiary of Allied Electronics Corporation
Limited ("Altron"), has entered into a share purchase agreement ("SPA") to acquire 100% of the
issued share capital of Blenheim on terms and conditions more fully set out in the SPA and as
summarised below ("the Transaction").

The salient terms and conditions of the Transaction are as follows:

- Bytes UK will acquire the issued share capital of Blenheim for a consideration of £35,9 million
(as detailed in paragraph 5 below);
- Blenheim is the holding company of Phoenix Software Limited ("Phoenix Software"), a
business focussed on the resale of software products and associated services; and
- standard warranties and indemnities associated with transactions of this nature will be
provided by Blenheim.

The Transaction is not subject to the fulfilment or waiver of any outstanding conditions precedent.

2. NATURE OF BUSINESS OF PHOENIX SOFTWARE

Phoenix Software specialises in end-to-end IT infrastructure solutions including software asset
management, software licensing, licence-management-as-a-service, hardware and devices,
managed services, cloud services, data storage, data centre infrastructure management, enterprise
software, servers, network security, unified communications and virtualisation.

Phoenix Software delivers transformational IT solutions such as workforce mobility, core
infrastructure, storage, hyper-converged infrastructure (HCI) and best-of-class IT security.

The business has been operating as a Value-Added-Reseller ("VAR") in the UK for over 27 years
and has vast experience of advising customers on the best-fit software licensing, hardware, Software
Asset Management, EUC and general IT services and solutions currently available.

It has established a reputation as one of the UK´s pre-eminent suppliers to public sector
organisations, with customers drawn from some of the UK´s largest organisations including the NHS,
Emergency Services, Housing Associations and a number of local authorities, as well as many
smaller organisations such as schools, charities and local businesses.

3. RATIONALE FOR THE TRANSACTION

The Transaction fits in with Altron´s strategic objectives of, inter alia, growing its international ICT
footprint in selected regions. Further strategic benefits of the Transaction include:

- Phoenix Software operates in the same industry as Bytes UK, albeit in Northern England and
predominantly servicing public sectors clients, while Bytes UK is dominant in the South of
England with primarily private sector clients. This makes the acquisition relatively low risk due
to similarity in products and services, while at the same time offering cross selling opportunities
for the combined entity;
- Phoenix Software will be integrated into the leadership structures of Bytes UK, which has a
demonstrable track record of strong performance in the UK market;
- The markets in which Bytes UK and Phoenix Software operate are showing double digit
growth;
- Phoenix Software has a strong track record of growth and stable profits spanning over 27
years;
- Phoenix Software has strong senior management who will offer continuity going forward;
- The acquisition will make the Bytes UK group a significant Microsoft LSP in the UK, further
leveraging off the latter´s success in the cloud computing space, among others;
- Altron sees significant synergies between the two businesses;
- Phoenix Software will add 3,100 new customers to Bytes UK, which will provide further cross
sell opportunities;
- The acquisition will add systems integrator/services capability to the Bytes UK group;
- Phoenix Software is highly cash generative, with a cash conversion ratio of close to 100%;
- The acquisition will be funded with a combination of inexpensive bank funding and Bytes UK´s
own resources, which should result in positive earnings accretion for Altron shareholders;
- The acquisition price translates into a relatively attractive EV/EBITDA multiple of 7x, while the
anticipated returns over a 3-year period exceeds Altron´s cost of capital thresholds.

4. EFFECTIVE DATE OF THE TRANSACTION

The Transaction between Bytes UK and Blenheim will become effective as per the SPA by no later
than 1 October 2017.

5. CONSIDERATION

The purchase consideration to be paid by Bytes UK as a result of the Transaction will be a total
cash consideration of £35,9 million ("the Purchase Consideration").

The Transaction will be funded from a combination of cash resources in Bytes UK, existing group
facilities and a new trade finance facility in Bytes UK.

6. NET ASSET VALUE OF AND PROFITS ATTRIBUTABLE TO BLENHEIM AND ITS
SUBSIDIARIES

The value of the net assets of Blenheim and its subsidiaries as at 31 October 2016 (being the date
of the most recent audited financial results) amounted to £1.7 million.

For the financial year ended 31 October 2016, Blenheim and its subsidiaries reported revenue of
£118.8 million, EBITDA of £5.08 million and a profit after tax of £3.6 million.

Blenheim´s historical financial statements have been prepared in accordance with UK GAAP.

7. CONDITIONS PRECEDENT TO THE TRANSACTION

The Transaction is not subject to the fulfilment or waiver of any outstanding conditions precedent.

8. IDENTITY OF THE SELLING SHAREHOLDERS

Bytes UK will acquire the entire issued share capital of Blenheim Group Limited, from the owner/
managers of the business, being private individuals.

9. CATEGORISATION OF THE TRANSACTION AND SHAREHOLDER APPROVAL

The Transaction is classified as a Category 2 transaction in terms of Section 9.15 of the JSE Listings
Requirements and accordingly will not require Altron shareholder approval.

By order of the board of Altron

Johannesburg
29 September 2017

Sponsor
Investec Bank Limited

Date: 29/09/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

26 September 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Change in Function of Directors
Change in Function of Directors

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

CHANGE IN FUNCTION OF DIRECTORS

In compliance with paragraph 3.59(c) of the Listings Requirements of the JSE Limited,
shareholders are advised that following the restructuring of the Altron board, the following changes
in function of directors have been confirmed on 22 September 2017, with the sub-committees of
the board comprising the following individuals:

1. Risk Management Committee:

- RE Venter (Chairman)
- SW van Graan
- DNM Mokhobo
- M Nyati
- AMR Smith

2. Nomination Committee:

- MJ Leeming (Chairman)
- GG Gelink
- Dr PM Maduna
- AC Ball
- RE Venter

3. Remuneration Committee:

- AC Ball (Chairman)
- GG Gelink
- MJ Leeming
- Dr PM Maduna
- RE Venter

4. Social and Ethics Committee:

- DNM Mokhobo (Chairperson)
- SW van Graan
- M Nyati

5. Investment Committee:

- S Sithole (Chairman)
- BW Dawson
- RE Venter
- SW van Graan
- M Nyati
- AMR Smith

Johannesburg
26 September 2017

Sponsor
Investec Bank

Date: 26/09/2017 05:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

17 August 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Dealing in securities by directors and company secretary of Altron and certain of its major subsidiaries
Dealing in securities by directors and company secretary of Altron and certain of its major subsidiaries

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

DEALING IN SECURITIES BY DIRECTORS AND COMPANY SECRETARY OF ALTRON AND
CERTAIN OF ITS MAJOR SUBSIDIARIES

In compliance with paragraph 3.63 of the JSE Listings Requirements, the following information is
disclosed:

Name of director: AMR Smith
Designation: Chief Financial Officer
Name of company: Allied Electronics Corporation Limited
Date of transaction: 15 August 2017
Number of securities: 32 325 Altron A ordinary shares
Exercise price: R12.61
Value of transaction R407 618.25
Nature of transaction: Settlement of shares (off market) pursuant to the automatic
vesting and exercise of Altron bonus shares in terms of The
Altron 2009 Share Plan as adopted and approved by
shareholders
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes

Name of director: AJ Holden
Designation: Executive Director
Name of company: Altron TMT Holdings Proprietary Limited
Date of transaction: 16 August 2017

Number of securities: 11 925 Altron A ordinary shares
Exercise price: R12.61
Value of transaction R150 374.25
Nature of transaction: Settlement of shares (off market) pursuant to the automatic
vesting and exercise of Altron bonus shares in terms of The
Altron 2009 Share Plan as adopted and approved by
shareholders

Number of securities: 10 366 Altron A ordinary shares
Selling price: R12.45
Value of transaction R129 056.70
Nature of transaction: Sale of shares in the open market to settle the tax liability
arising as a result of the settlement of the shares referred to
above pursuant to the vesting and exercise of Altron bonus
shares
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes

Name of director: JL Klein
Designation: Executive Director
Name of company: Altron TMT Holdings Proprietary Limited
Date of transaction: 16 August 2017
Number of securities: 17 118 Altron A ordinary shares
Price sold: R12.45
Value of transaction R213 119.10
Nature of transaction: Sale of shares in the open market pursuant to the vesting
and exercise of Altron bonus shares in terms of The Altron
2009 Share Plan as adopted and approved by shareholders.
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes

Name of company secretary: WK Groenewald
Designation: Group Company Secretary
Name of company: Allied Electronics Corporation Limited
Date of transaction: 15 August 2017
Number of securities: 405 Altron A ordinary shares
Exercise price: R12.61
Value of transaction R5 107.05
Nature of transaction: Settlement of shares (off market) pursuant to the automatic
vesting and exercise of Altron bonus shares in terms of The
Altron 2009 Share Plan as adopted and approved by
shareholders
Nature of interest: Direct beneficial
Clearance to deal obtained: Yes

Johannesburg
17 August 2017

Sponsor
Investec Bank

Date: 17/08/2017 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.

4 August 2017

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Publication of Broad-Based Black Economic Empowerment Annual Compliance Report
Publication of Broad-Based Black Economic Empowerment Annual Compliance Report

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

PUBLICATION OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL
COMPLIANCE REPORT

Shareholders are advised that in accordance with paragraph 16.20 (g) and Appendix 1 to
Section 11 of the JSE Listing Requirements, the company´s annual compliance report in terms
of section 13G(2) of the Broad-Based Black Economic Empowerment Amendment Act, 46 of
2013, has been published and is available on the company´s website at www.altron.com

Johannesburg
4 August 2017

Sponsor
Investec Bank

Date: 04/08/2017 04:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.