Cash payment arising from fractional entitlements applicable to the Bytes Technology Group plc convertible notes

(Incorporated in the Republic of South Africa)
(Registration number: 1947/024583/06)
Share code: AEL
ISIN: ZAE000191342
(“Altron” or “the Company”)



Altron Shareholders are referred to the Circular to Altron Shareholders, distributed on Tuesday, 3 November
2020 containing the details of the demerger of Bytes Technology Group Limited (now named Bytes
Technology Limited) from Altron, consisting of the Distribution, the Offer, the Disposal, the Redemption, the
Conversion (“Demerger”) and the admission of the entire issued and to be issued ordinary shares of Bytes
Technology Group plc to the premium listing segment of the Official List of the FCA and to trading on the
London Stock Exchange plc (“LSE”)’s main market for listed securities and the Main Board of the JSE
Limited (“JSE”) by way of secondary inward listing (together “Admission”).

Capitalised terms not defined herein have the same meaning given to them in the Circular.

Following Altron Shareholders’ approval of the Demerger at the General Meeting held on 1 December 2020,
and the issue of a Compliance Certificate for the Distribution by the TRP, the Distribution will be effected
on the settlement date for the Distribution, being Thursday, 10 December 2020.

Altron Ordinary Shareholders will be entitled to the beneficial interest in 0.5 Convertible Notes for every 1
Altron Ordinary Share held on the Record Date (“the Entitlement Ratio”) for the Distribution, being
Wednesday, 9 December 2020.

The application of the Entitlement Ratio in respect of Convertible Notes is subject to rounding down of
fractional entitlements, in accordance with the standard Johannesburg Stock Exchange (“JSE”) rounding
convention. Fractional entitlements to Distributed Convertible Notes will be aggregated and redeemed and
the proceeds distributed pro rata to those entitled to such fractional entitlements of Distributed Convertible
Upon redemption and conversion of the Distributed Convertible Notes, if the number of Convertible Notes
which fall to be redeemed for an Altron Ordinary Shareholder and the corresponding number of Convertible
Notes that fall to be converted into Converted Shares for that Altron Ordinary Shareholder (whether
pursuant to an election or under the Default Ratio) do not represent whole numbers, the number of
Convertible Notes to be redeemed will be rounded up to the nearest whole number, and as a consequence
the number of Convertible Notes to be converted will be rounded down to the nearest whole number, such
that the remaining number of Convertible Notes to be converted represents a whole number (the “Rounding

The cash payment arising from fractional entitlements arising upon the distribution will be determined with
reference to the price per Bytes Technology Group plc share realised in the Offer (“Offer Price”). The Offer
Price range has been set by Bytes Technology Group plc at 240.0 pence to 290.0 pence per Bytes
Technology Group plc share (“Offer Price Range”). The GBP cash entitlement will be converted into South
African Rand on the 21 December 2020. Fractional entitlements arising from an election or from application
of the Default Ratio will be resolved through the Rounding Convention.

Altron will be liable for the dividends tax arising on the Distribution and as such there will be no additional
tax consequences for Altron Shareholders arising due to fractional entitlements.

Example of fractional entitlement:

This example assumes that an Altron Ordinary Shareholder holds 101 Altron Ordinary Shares on the
Record Date for the Distribution and that no election is made resulting in the Convertible Notes being
redeemed for cash and converted into Converted Shares in the Default Ratio.

Step 1: Convertible Note entitlement and arising fractional entitlement
Convertible Notes distribution entitlement = (101 x 0.5) = 50.5 Convertible Notes

The Altron Ordinary Shareholder will receive:
50 whole Convertible Notes in respect of the 101 Ordinary Shares held and a cash payment for the fractional
entitlement of 0.5 Convertible Notes multiplied by the Offer Price Range to be converted with reference to
the GBP/ZAR exchange rate on 21 December 2020.

Step 2: Redemption/conversion of Convertible Notes assuming no election is made and the Default Ratio
is applied
The number of Converted Shares an Altron Ordinary Shareholder receives due to a 75% share conversion:
75% x 50 Convertible Notes = 37.5.

The Rounding Convention is then applied and the Altron Ordinary Shareholder will receive:
37 Bytes Technology Group plc shares in respect of the 50 Convertible Notes, and a cash payment of 13
Convertible Notes multiplied by the Offer Price Range to be converted with reference to the GBP/ZAR
exchange rate on 21 December 2020.

2 December 2020

Financial Advisor and Transaction Sponsor
Rand Merchant Bank, a division of FirstRand Bank Limited

Legal Advisor
DLA Piper

This announcement is an advertisement and does not constitute a prospectus in connection with an offering
of securities. These materials may not be published, distributed or transmitted by any means or media,
directly or indirectly, in whole or in part, in, into or within the United States. These materials do not constitute
an offer to sell, or a solicitation of an offer to buy, securities in the United States. Securities may not be
offered or sold in the United States absent (i) registration under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), or (ii) an available exemption from registration under the Securities Act. The securities
mentioned herein have not been, and will not be, registered under the Securities Act and will not be offered
to the public in the United States.

The announcement does not constitute an offer for the sale of or subscription for, or the solicitation of an
offer to buy and subscribe for, securities to the public as defined in the South African Companies Act, 2008
(the “SA Companies Act”) and will not be distributed to any person in South Africa in any manner which
could be construed as an offer to the public in terms of Chapter 4 of the SA Companies Act. These materials
do not, nor are they intended to, constitute a prospectus prepared and registered under the SA Companies
Act. Nothing in these materials should be viewed, or construed, as “advice” as that term is used in the
Financial Markets Act, 2012 and/or the Financial Advisory and Intermediary Services Act, 2001.

This announcement and any offer if subsequently made is and will only be addressed to and is and will only
be directed at persons in South Africa who fall within one of the categories listed in section 96(1)(a) and/or
(b) of the SA Companies Act.
This announcement may include statements that are, or may be deemed to be, “forward-looking
statements”. These forward-looking statements may be identified by the use of forward-looking terminology,
including the terms “believes”, “estimates”, “plans”, “projects”, “anticipates”, “expects”, “intends”, “may”,
“will” or “should” or, in each case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements
may and often do differ materially from actual results. Any forward-looking statements reflect Altron’s current
view with respect to future events and are subject to risks relating to future events and other risks,
uncertainties and assumptions relating to Altron and/or Bytes Technology Group plc’s business, results of
operations, financial position, liquidity, prospects, growth and strategies. Forward-looking statements speak
only as of the date they are made. No representation or warranty is made that any forward-looking
statement will come to pass.

Date: 02-12-2020 12:32:00
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