AEL: ALLIED ELECTRONICS CORPORATION LIMITED – Supreme Court of Appeal Upholds Appeal in Favour of Altron

AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Supreme Court of Appeal Upholds Appeal in Favour of Altron
Supreme Court of Appeal Upholds Appeal in Favour of Altron

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

SUPREME COURT OF APPEAL UPHOLDS APPEAL IN FAVOUR OF ALTRON

Shareholders are advised of the unanimous decision handed down this morning by the
Supreme Court of Appeal ("SCA") in the matter of Altech Radio Holdings Proprietary Limited
(now called Altron Nexus) and others vs The City of Tshwane Metropolitan Municipality ("the
City").

The SCA overturned with costs the previous judgment of the High Court in Pretoria in its
entirety. The ruling has the following implications:

-   There was no basis for finding any possible maladministration or mismanagement of
    Altron Nexus.
-   The City and its officials were solely to blame for its predicament.
-   The ruling confirms that the broad contract is in force and should be resumed without any
    further delay. The original contract was for three years, with an additional 18 years for an
    operate and maintenance contract.
-   Altron Nexus will be able to recover all its costs and any amounts outstanding under the
    contract.

The Board of Altron welcomes the SCA ruling and Altron will engage with its partners and the
City regarding the way forward.

Johannesburg
5 October 2020

Sponsor
Investec Bank Limited

Date: 05-10-2020 02:30:00
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