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Unaudited Consolidated Results for the six months ended 31 August 2023 and Cash Dividend Declaration

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

UNAUDITED CONSOLIDATED RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2023 AND CASH DIVIDEND DECLARATION

SALIENT FEATURES - CONTINUING(1) OPERATIONS

- Strong operational execution driving pleasing results from core continuing operations.
- Effective 1 July 2023 Altron Managed Solutions sold the ATM Hardware and Support Business (the "ATM Business").
- Revenue of R4.3 billion, up 4% (11%(2) growth excluding the ATM Business).
- EBITDA of R724 million, grew 21% (26%(2) growth excluding the ATM Business).
- Operating Profit improved 25% to R362 million (32%(2) growth excluding the ATM Business).
- HEPS increased 19% to 50 cents.
- EPS was flat at 38 cents per share, negatively impacted by a goodwill impairment raised at the Altron Group level of
R33 million (9 cents per share) in relation to Altron Nexus.

CONTINUING(1) INCLUDING ATM BUSINESS CONTINUING(1) EXCLUDING ATM BUSINESS(2)
R million HY24 HY23(4) Change HY24 HY23(4) Change
Revenue 4 321 4 150 +4% 3 988 3 605 +11%
EBITDA(3) 724 598 +21% 709 562 +26%
Operating Profit(3) 362 290 +25% 352 266 +32%
Net profit after tax 155 148 +5%
HEPS 50 cents 42 cents +19%
EPS 38 cents 38 cents -

Notes

1. Continuing operations excludes Altron Documents Solutions, Altron Nexus and Altron Rest of Africa.

2. Revenue; Earnings before interest, taxation, depreciation, amortisation, capital items, equity accounted profits and foreign exchange gains and
losses on cash and cash equivalents ("EBITDA") and operating profit before capital items ("Operating Profit") were adjusted for the impact of the
sale of the ATM Business to show a like-for-like comparison of results. The comparative period was adjusted to ensure consistency across both
periods.

3. Capital items excluded from EBITDA and Operating Profit, comprise loss and costs on disposals, impairments, capital rental devices written off,
and lease modifications and terminations where applicable.

4. Comparative information has been restated for:
- The classification of Altron Nexus as a discontinued operation; and
- The net profit or loss arising from foreign exchange exposures relating to cash and cash equivalents was previously disclosed within
Operating Profit and EBITDA. The net impact of these exposures has been reclassified and disclosed after Operating Profit as a separate line
item on the statement of comprehensive income due to its nature.

Certain financial information presented in this results announcement constitutes pro-forma financial information in terms of the JSE Listings
Requirements. The pro-forma financial information includes adjusting for the impact of the sale of businesses to show a like-for-like comparison
of results and is prepared for illustrative purposes only. The pro-forma financial information is the responsibility of the directors.

All growth rates quoted are year-on-year and refer to the six months ended 31 August 2023 compared to the six months ended 31 August 2022,
unless otherwise stated.

SALIENT FEATURES - ALTRON GROUP

- Altron Group results were impacted by provisions and impairments (collectively referred to as the "Non-Cash
Adjustments") raised in two non-core subsidiaries, namely Altron Nexus of R334 million, in relation to the restructuring
of Altron Nexus due to the loss of the Gauteng Broadband Network contract and the City of Tshwane exposure, and
Altron Document Solutions of R95 million. This includes the goodwill impairment raised at Altron Group level of
R33 million in relation to Altron Nexus.
- Revenue increased by 3% to R5.5 billion.
- EBITDA decreased by 54% to R268 million.
- Operating loss before capital items of R106 million.
- HEPS decreased by over 100% to (63) cents per share.
- EPS decreased by over 100% to (86) cents per share.
- Cash generated from operations grew 16% to R654 million.
- Interim dividend up 56% to 25 cents per share, supported by an increase in the dividend payout ratio from at least
40%; to at least 50% of headline earnings from continuing operations of 50 cents per share.

ALTRON GROUP
(including discontinued operations)
R million HY24 HY23(4) Change
Revenue 5 454 5 271 +3%
EBITDA(3) 268 584 (54%)
Operating Profit(3) (106) 248 >(100%)
Net profit after tax (313) 96 >(100%)
HEPS (63) cents 34 cents >(100%)
EPS (86) cents 24 cents >(100%)
Dividend 25 cents 16 cents +56%

KEY BUSINESS HIGHLIGHTS

- Netstar achieved industry-leading subscriber growth of 26%, growing subscribers to over 1.5 million. Net customer
additions improved 91% to 187 273.
- During the six months ended 31 August 2023, Netstar achieved over 80% of the total subscriber growth it generated for
the full 12-month period in 2023.
- Netstar surpassed the billion-rand revenue mark for the first time in a six-month period, with revenue growing 12% to
R1 billion and EBITDA growing 21% to R364 million.
- The profit improvement strategy in Altron Systems Integration delivered operating leverage with a 5% increase in
revenue and a 127% increase in EBITDA to R34 million. Operating Profit generated of R31 million, amounts to 80% of the
total Operating Profit earned cumulatively over the past three years.
- Altron Karabina delivered an increase in EBITDA of 29%, underpinned by an 8% increase in revenue and improved
margins.
- Altron Arrow delivered strong revenue growth of 32% to R424 million and EBITDA growth of 65% to R38 million,
supported by strong demand and a continued focus on operational efficiencies.
- Effective 1 March 2024, the Altron Group will simplify its operating model through combining the businesses of Altron
Systems Integration, Altron Karabina and Altron Managed Solutions into a new unified Altron Digital Business.

Commenting on the results, Altron Group Chief Executive Werner Kapp said "We are executing on our strategy to
become the Leading Platform and IT Services business in our chosen markets. We are in the early phases of our journey,
however, the successful profit improvement strategies in Altron Systems Integration and Netstar, together with focused
execution on our growth levers, have delivered pleasing results. Operating profit in our core operations increased 25%.
This positive momentum, which is yielding improved cash flow generation, combined with our strong balance sheet,
allowed us to positively adjust our dividend payout to improve distributions to shareholders. Our discontinued
operations have been restructured, management has been strengthened and profit improvement strategies
implemented to return these businesses to profitability whilst we manage them for value through their disposal
process."

FINANCIAL OVERVIEW

Continuing operations, adjusted for the sale of the ATM Business, grew revenue 11% to R4 billion, despite tougher trading
conditions. Successful execution of our strategy delivered a 26% improvement in EBITDA to R709 million with Operating
Profit growth of 32% to R352 million.

Continuing operations, including the ATM Business, delivered revenue growth of 4% to R4.3 billion, impacted by a
realignment of the base through exiting businesses that did not deliver profitable revenue growth. In addition, the prior
period included six months of revenue generated by the ATM Business in comparison to only four months in the current
period. At a profitability level, continuing operations, including the ATM Business, grew EBITDA 21% to R724 million with
Operating Profit increasing 25% to R362 million. HEPS increased by 19% to 50 cents, with EPS flat at 38 cents per share.

Strong operational execution drove pleasing results from core continuing operations. Notwithstanding, the Altron Group
results were negatively impacted by the Non-Cash Adjustments. Altron Group, including discontinued operations, grew
revenue by 3% to R5.5 billion. EBITDA decreased 54% to R268 million with an operating loss of R106 million, down from a
profit of R248 million.

The Altron Group continues to remain highly cash-generative and is sufficiently capitalised, providing a solid platform
to execute its immediate strategic initiatives.

Enhancements in Altron's operating model

In line with our strategy to become the Leading Platform and IT Services business in our chosen markets, effective
1 March 2024, the Altron Group will operate a simplified model through combining the businesses of Altron Systems
Integration, Altron Karabina and Altron Managed Solutions into a new unified Altron Digital Business. The benefits
include improved cross-selling, collaboration, removing cost duplication and providing an integrated value proposition
with improved solutions for customers. The Altron Digital Business, together with Altron Security, will together form part of
the new IT Services segment. Netstar, Altron FinTech and Altron HealthTech will continue to operate as part of the Own
Platforms segment. Altron Arrow will operate separately under a new Distribution segment.

Altron Nexus and Altron Document Solutions are classified as held-for-sale in discontinued operations.

Segmental overview

CONTINUING(1) INCLUDING THE ATM BUSINESS CONTINUING(1) EXCLUDING THE ATM BUSINESS(2)
R million HY24 HY23(4) % HY24 HY23(4) %
REVENUE
Own Platforms 1 761 1 627 +8%
Digital Transformation 1 445 1 370 +5%
Managed Services 724 900 (20%) 391 355 +10%
Other 391 253 +55%
EBITDA
Own Platforms 568 493 +15%
Digital Transformation 141 109 +29%
Managed Services 34 36 (6%) 19 0 >100%
Other (19) (40) +53%

Own Platforms

The Own Platforms segment grew revenue by 8% to R1.8 billion, with EBITDA growing 15% to R568 million and Operating
Profit up 6% to R283 million.

- Netstar's revenue improved 12% to R1 billion, with subscribers growing at an industry-leading growth rate of 26% to
1.5 million subscribers. Enterprise customers increased 13% with consumer customers growing 8%, as Netstar continues
to gain market share. Net additions of 187 273 improved 91%. With a core focus on customers and an investment in an
in-house customer retention team, Netstar improved churn to 16%, down from 22% at year-end. 21 new fitment centre
partnerships and additional operational efficiencies led to a reduction in fitment time and resulted in a 96% contract
fulfilment rate. At the end of the financial year 2023, Netstar was fitting one car every four minutes, Netstar now fits
four cars every one minute. Pre-fitments remain an important focus area, with Netstar increasing its pre-fitment
conversion ratio from 32% at year-end to 66%. Netstar's profit improvement strategy successfully improved EBITDA by
21% to R364 million, with Operating Profit growing 9% to R101 million. Efforts made in improving customer satisfaction
were externally recognised with Netstar receiving the AskAfrika 2023/2024 award as the customer experience winner
in the car tracking industry.
- Altron FinTech grew revenue 2% to R552 million with EBITDA improving 3% to R151 million and Operating Profit flat at
R132 million. This performance is measured against a strong comparable base that benefitted from abnormally large
hardware sales, due to regulatory and compliance-driven hardware refreshes. Despite a tough comparative, Altron
FinTech maintained performance, supported by higher demand in the payment and collections business, combined
with continued strong hardware sales and a growing annuity revenue base. Altron FinTech won the PAX Technology
Preferred Partner of the Year for 2022.
- Altron HealthTech delivered revenue growth of 8% to R190 million. Growth was supported by a 19% improvement in the
corporate health business which added 11 new logos. Despite a mature market, revenue grew 5% in the practice
management business. EBITDA and Operating Profit expanded 13% to R53 million and 16% to R50 million, respectively.

Digital Transformation

The Digital Transformation segment generated revenue of R1.4 billion, up 5%, with EBITDA improving by 29% to R141 million
and Operating Profit by 62% to R115 million.

- Altron Systems Integration's profit improvement strategy is progressing well, with the business showing early signs of
improvement. The profit improvement strategy is focussed on three areas:

- Scaling outsourcing, infrastructure, and workforce management to expand gross margin over time;
- Delivering on the new sales strategy; and
- Reducing costs through efficiencies.

Altron Systems Integration delivered on all three areas, signing up, amongst others, two large workforce transactions,
one of which was the largest workforce management contract on the continent. In addition, it signed the largest
outsourcing contract in its history and, lastly, it expanded its infrastructure business. Operational efficiencies resulted
in an EBITDA expansion of 127% to R34 million and generated Operating Profit of R31 million in comparison to R2 million
in the prior period. Altron Systems Integration's notable achievements were highlighted at the Huawei Awards by
securing the titles of, inter alia, Enterprise Sales Partner and Cloud Fast Growth Partner. This reaffirms Altron Systems
Integration's position as Huawei's longest-standing Enterprise Partner for 2023.

- Altron Karabina delivered 8% growth in revenue to R184 million due to increased demand in business applications
and software services. A continued focus on operating leverage delivered a 29% increase in EBITDA to R27 million and
73% increase in Operating Profit to R19 million.

- Altron Security remains an industry leader in digital and identity security in a high-growth market. Revenue of
R281 million, up 6%, was supported by a 26% increase in revenue from software sales, with a focus on higher margin
own intellectual property software sales. The business is focused on providing an end-to-end solution by converting
projects into higher-margin managed services. EBITDA expanded 10% to R80 million with Operating Profit growth of
12% to R65 million.

Managed Services

Altron Managed Solutions concluded the disposal of the ATM Business effective 1 July 2023, generating R216 million in
cash flow over the disposal period, comprised of:

- A transaction consideration of R132 million consisting of a cash consideration of R13 million and R119 million received
from retained trade receivables; and
- The business further organically unlocked R84 million through a reduction in associated working capital before the
effective date of the sale.

Altron Managed Solutions, adjusting for the sale of the ATM Business, improved revenue by 10% to R391 million from
R355 million, underpinned by the expansion of two large retailers. The profit improvement strategy that was successfully
implemented in the business improved EBITDA from nil to R19 million, supported by a higher margin mix and operating
efficiencies in warehousing and distribution.

Other

Altron Arrow delivered R424 million revenue, up 32%. The strong performance in revenue can be attributed to an increase
in product demand and product cost inflation. Improved efficiency across its operations delivered operating leverage,
with EBITDA growth of 65% to R38 million and Operating Profit growth of 76% to R37 million.

Discontinued operations

Altron Document Solutions and Altron Nexus are classified as held-for-sale and accounted for in discontinued
operations. Both businesses have been restructured and the management teams strengthened. Profit improvement
strategies have been implemented with a view to improving cash flow generation and returning these businesses to
profitability. Active disposal processes are currently underway, however, the market remains challenging. During the
disposal processes, both businesses will continue to be managed for value.

Altron Document Solutions generated revenue of R630 million up 13%, however, provisions raised totalling R95 million
contributed to a reduction in EBITDA to a loss of R118 million, with an operating loss of R118 million.

Altron Nexus' results were negatively impacted by provisions and impairments raised of R334 million and restructuring
costs of R11 million. Despite revenue growth of 2%, EBITDA reduced to a loss of R332 million, with an operating loss of
R343 million.

Details of the restructuring and Non-Cash Adjustments that impacted these businesses can be found in the trading
statement released on 26 July 2023 via the following link
(https://www.altron.com/wp-content/uploads/2023/11/altron.com_SENS_20230726_S477988.pdf).

Capital structure and working capital

In comparison to cash held at 31 August 2022, the Altron Group increased its cash balance by R258 million to R723 million
and by R42 million against the closing balance at February 2023. Cash in held-for-sale entities increased from R12 million
at February 2023 to R16 million. Altron Group net debt at 31 August 2023 was R558 million, with a net debt to attributable
EBITDA ratio of 0.23 times.

Working Capital reduced from R1.3 billion at 28 February 2023 to R829 million. The R447 million working capital reduction
includes R398 million attributed to the Non-Cash Adjustments. The reduced working capital investment levels represent
a more sustainable working capital level, which the Altron Group will continue to optimise in line with performance.

Key investing activities to support growth, comprised the following items:

- Acquisition of PPE to the sum of R72 million and intangible assets of R51 million; and
- An increase in capital rental devices of R153 million in Netstar.

The Altron Group continues to operate in line with the capital allocation framework presented to shareholders and will
actively explore acquisition opportunities that meet its investment hurdles and that fit within its capital allocation
framework.

INTERIM DIVIDEND

Pursuant to the strong balance sheet and increase in cash generation of the Altron Group, the Board took the decision
to increase the dividend payout ratio from at least 40% of headline earnings from continuing operations, to at least 50%
of headline earnings from continuing operations.

As such, an interim dividend of 25.0339 cents per share (20.02712 cents net of 20% dividend withholding tax) has been declared
for the six months ended 31 August 2023, payable to shareholders recorded in the register of the Company at the close
of business on the record date appearing below.

The Board has confirmed by resolution that the solvency and liquidity test as contemplated by the Companies Act,
No. 71 of 2008, as amended, has been duly considered, applied, and satisfied. This is a dividend as defined in the Income
Tax Act, No. 58 of 1962, as amended, and is payable from income reserves. The income tax number of the Company is
9725149711.

The number of ordinary shares in issue at the date of this declaration is 410 988 079 including 32 287 468 treasury shares.

The salient dates applicable to the interim dividend are as follows:

DIVIDEND DATES 2023
Last day to trade cum dividend Tuesday, 28 November
Commence trading ex-dividend Wednesday, 29 November
Record date Friday, 1 December
Interim Dividend Payment date Monday, 4 December

Share certificates may not be dematerialised or re-materialised between Wednesday, 29 November 2023 and Friday,
1 December 2023, both days inclusive.

OUTLOOK

Despite the ongoing economic challenges facing South Africa, which continue to put pressure on Altron and its
customers, the Altron Group will continue to focus on executing on its strategy to become the Leading Platform and
IT Services business in its chosen markets. The pleasing results achieved by core operations is evidence of the
successful execution on strategy. In addition, the profit improvement strategies implemented in both Altron Systems
Integration and Netstar are encouraging, with early leading indicators in both businesses showing positive momentum,
repositioning both businesses for future growth.

INTERIM RESULTS PRESENTATION

An investor presentation will be hosted virtually via webcast at 9:30am CAT on 13 November 2023, to present the Altron
Group's financial results for the six months ended 31 August 2023. Registration to attend the webcast can be accessed
via the following link: (https://78449.themediaframe.com/links/altron231113.html).

FURTHER INFORMATION

This short-form announcement is the responsibility of the directors and contains forward-looking statements that relate
to Altron's future operations and performance. Such statements are not intended to be interpreted as guarantees of
future performance, achievements, financial or other results. They rely on future circumstances, some of which are
beyond management's control, and the outcomes implied by these statements could potentially be materially different
from future results. No assurance can be given that forward-looking statements will be accurate; thus, undue reliance
should not be placed on such statements. Altron does not undertake any obligations to update publicly or release any
revisions to these forward-looking statements to reflect events or circumstances after the date of publication of this
report or to reflect the occurrence of unanticipated events. It is only a summary of the information contained in the full
announcement and does not contain full or complete details. Any investment decision should be based on the full
announcement which is available at: https://senspdf.jse.co.za/documents/2023/jse/isse/aele/Interim.pdf and which is
also available on our website at: https://www.altron.com/financial-reporting/.

Copies of the full announcement may also be requested from Mbali Ngcobo at [email protected].

For and on behalf of the Board.

Mr. S van Graan Mr. W Kapp Mr. C Snyman
Chairman Group Chief Executive Chief Financial Officer

Registered Office
Altron Campus
20 Woodlands Drive
Woodlands Office Park
Woodmead
Gauteng
South Africa
2191

Sponsor
Investec Bank Limited

Transfer Secretaries
Computershare Investor Services Proprietary Limited
1st Floor
Rosebank Towers
15 Biermann Avenue
Rosebank
2196

Directors
Mr. SW van Graan (Chairman), Mr. WG Kapp (Group Chief Executive)*, Mr. C Snyman (Chief Financial Officer)*, Mr. A Ball,
Mr. BW Dawson, Mr. GG Gelink, Dr. P Mnganga, Ms. AK Sithebe, Mr. RE Venter, Ms. S Rapeti, Mr. TR Ngara

* Executive Director

Group Company Secretary
Ms M Ngcobo

13 November 2023

Johannesburg
Date: 13-11-2023 07:30:00
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.

Dealing in Securities by an Associate of a Director

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

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with the JSE Limited Listings Requirements, the following information is disclosed:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Mr T Ngara
Title : Non-Executive Director
Company : Allied Electronics Corporation Limited
Name of Associate : Value Capital Partners (Pty) Ltd*
Relationship : The Directors have an indirect beneficial interest
in Value Capital Partners*

Date of transaction : 29 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 845 556
Lowest Price per security : R 8.75
Highest Price per security : R 8.85
VWAP : R 8.827116
Value of transaction : R 7 463 820.90
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

Date of transaction : 30 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 312 166
Lowest Price per security : R 8.80
Highest Price per security : R 8.85
VWAP : R 8.8415
Value of transaction : R 2 760 015.69
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes


* Mr AC Ball and Mr T Ngara have an indirect beneficial interest in Value Capital Partners (“VCP”), which is the
registered investment manager to Value Capital Partners H4 QI Hedge Fund and various other funds


Johannesburg
31 August 2023

Sponsor
Investec Bank Limited

Date: 31-08-2023 05:36:00
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.

Dealing in Securities by an Associate of a Director

Altron Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL
ISIN: ZAE000191342

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of the JSE Limited, shareholders
are advised of the following transactions by an associate of a director of the Company:

Director : Mr AC Ball
Title : Non-Executive Director
Company Altron Limited

Director : Mr TR Ngara
Title : Non-Executive Director
Company : Altron Limited
Name of Associate : Value Capital Partners Proprietary Limited *
Relationship : The Directors have an indirect beneficial interest
in Value Capital Partners Proprietary Limited *

Date of transaction : 23 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 344 934
Lowest Price per security : R 8.45
Highest Price per security : R 8.50
VWAP : R 8.499998
Value of transaction : R 2 931 938.31
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

Date of transaction : 24 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 3 964 128
Lowest Price per security : R 8.50
Highest Price per security : R 8.90
VWAP : R 8.73003
Value of transaction : R 34 606 956.36
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Mr TR Ngara have an indirect beneficial interest in Value Capital Partners Pty Ltd (“VCP”),
which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and various other
funds


Johannesburg
28 August 2023

Sponsor
Investec Bank Limited

Date: 28-08-2023 11:51:00
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.

Dealing in Securities by an Associate of a Director

Altron Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL
ISIN: ZAE000191342

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of the JSE Limited, shareholders
are advised of the following transactions by an associate of a director of the Company:

Director : Mr AC Ball
Title : Non-Executive Director
Company Altron Limited
Director : Mr TR Ngara
Title : Non-Executive Director
Company : Altron Limited
Name of Associate : Value Capital Partners Proprietary Limited*
Relationship : The Directors have an indirect beneficial interest
in Value Capital Partners Proprietary Limited*

Date of transaction : 14 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 292 588
Lowest Price per security : R7.00
Highest Price per security : R7.99
VWAP : R7.998475
Value of transaction : R2 340 257.80
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

Date of transaction : 15 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 742 130
Lowest Price per security : R7.99
Highest Price per security : R8.20
VWAP : R8.128876
Value of transaction : R6 032 682.75
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

Date of transaction : 16 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 768 341
Lowest Price per security : R8.20
Highest Price per security : R8.50
VWAP : R8.494103
Value of transaction : R6 526 367.59
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes

* Mr AC Ball and Mr TR Ngara have an indirect beneficial interest in Value Capital Partners Pty Ltd (“VCP”),
which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and various other
funds


Johannesburg
21 August 2023

Sponsor
Investec Bank Limited

Date: 21-08-2023 10:16:00
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.

Dealing in Securities by an Associate of a Director

Altron Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share Code: AEL
ISIN: ZAE000191342

DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of the JSE Limited,
shareholders are advised of the following transactions by an associate of a director of the Company:

Director : Mr AC Ball
Title : Non-Executive Director
Company Altron Limited
Director : Mr TR Ngara
Title : Non-Executive Director
Company : Altron Limited
Name of Associate : Value Capital Partners Proprietary Limited *
Relationship : The Directors have an indirect beneficial interest
in Value Capital Partners Proprietary Limited *

Date of transaction : 8 August 2023
Class of securities : Altron A ordinary shares
Number of securities : 874 346
Lowest Price per security : R 7.75
Highest Price per security : R 7.85
VWAP : R 7.825826
Value of transaction : R 6 842 479.00
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes


* Mr AC Ball and Mr TR Ngara have an indirect beneficial interest in Value Capital Partners Pty Ltd
(“VCP”), which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund
and various other funds


Johannesburg
15 August 2023

Sponsor
Investec Bank Limited

Date: 15-08-2023 12:11:00
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.

Dealing in Securities by a Non-Executive Director

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

DEALING IN SECURITIES BY A NON-EXECUTIVE DIRECTOR

In compliance with paragraph 3.63 to 3.74 of the JSE Limited Listings Requirements, the following
information is disclosed:

Date of Transaction : 10 August 2023
Director : Mr. Grant Glenn Gelink
Title : Non-Executive Director
Company : Altron Limited
Class of securities : Altron A Ordinary shares
Number of securities : 20 000
Price per security : R7.89
Total value of transaction : R157 800
Nature of transaction : Purchase of shares in the open market
Nature of interest : Direct
Clearance obtained : Yes


Johannesburg
11 August 2023

Sponsor
Investec Bank Limited

Date: 11-08-2023 11:45:00
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.

Dealing in Securities by an Associate of a Director

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


DEALING IN SECURITIES BY AN ASSOCIATE OF A DIRECTOR

In compliance with paragraphs 3.63 – 3.74 of the Listings Requirements of the JSE Limited, shareholders
are advised of the following transactions by an associate of a director of the Company:

Director : Mr AC Ball
Title : Non-Executive Director
Director : Mr T Ngara
Title : Non-Executive Director
Company : Altron Limited
Name of Associate : Value Capital Partners Proprietary Limited *
Relationship : The Directors have an indirect beneficial interest
in Value Capital Partners Proprietary Limited *

Date of transaction : 26 July 2023
Class of securities : Altron A ordinary shares
Number of securities : 1 776 941
Lowest Price per security : R7.10
Highest Price per security : R7.50
VWAP : R7.347974
Value of transaction : R13 056 916.27
Nature of transaction : On-market purchase of securities
Nature of interest : Indirect, Beneficial
Clearance to deal obtained : Yes


* Mr AC Ball and Mr T Ngara have an indirect beneficial interest in Value Capital Partners Pty Ltd (“VCP”),
which is the registered investment manager to Value Capital Partners H4 QI Hedge Fund and various other
funds


Johannesburg
31 July 2023

Sponsor
Investec Bank Limited

Date: 31-07-2023 04:56:00
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.

Results of the Annual General Meeting of Altron held on 27 July 2023

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

RESULTS OF THE ANNUAL GENERAL MEETING OF ALTRON HELD ON 27 JULY 2023

Shareholders are advised that the results of the business conducted at the Altron Annual General
(“AGM”) meeting held through electronic communication on Thursday, 27 July 2023 are as follows:

Total number of shares that can be exercised at the meeting 100% 378 517 983
Total number of shares present/represented including proxies 88% 334 126 914
at the meeting as percentage (%) of voteable shares
Total number of shares present/represented including proxies 81% 334 126 914
at the meeting as percentage (%) of issued shares
Total number of members present in person - 19
Issued A Ordinary shares 100% 410 805 451

Annual Financial Statements:
The Annual Financial Statements of the Company, incorporating the Directors’ report, Audit and Risk
Committee report, together with the report from the external auditors, Pricewaterhouse Coopers Inc.
(“PwC”), were presented to shareholders.

Details of the results of voting at the AGM are as follows:

Resolutions Proposed Votes cast Number of Shares voted Shares
disclosed as a Shares voted disclosed as abstained
percentage of the a percentage disclosed as
total number of of the total a percentage
shares voted at voteable of the total
the meeting shares issued
For Against shares*
Ordinary resolution 99,14% 0,86% 334 113 914 88,27% 0%
number 1.1:
Election of Mr. Werner
Gerhard Kapp as an
Executive Director of the
Company
Ordinary resolution 96,14% 3,86% 334 113 914 88,27% 0%
number 1.2:
Election of Mr. Tapiwa
Rugare Ngara as a Non-
Executive Director of the
Company
Ordinary resolution 98,86% 1,14% 334 113 914 88,27% 0%
number 1.3:
Election of Mr. Carel
Coenraad Snyman as an
Executive Director of the
Company


Resolutions Proposed Votes cast Number of Shares voted Shares
disclosed as a Shares voted disclosed as abstained
percentage of the a percentage disclosed as
total number of of the total a percentage
shares voted at voteable of the total
the meeting shares issued
For Against shares*
Ordinary resolution 96,13% 3,87% 334 113 914 88,27% 0%
number 2.1:
Re-Election of Mr. Brett
William Dawson as a Non-
Executive Director of the
Company
Ordinary resolution 96,12% 3,88% 334 113 914 88,27% 0%
number 2.2:
Re-Election of Mr. Antony
Ball as a Non-Executive
Director of the Company
Ordinary resolution 100.00% 0% 334 113 914 88,27% 0%
number 3:
Re-appointment of external
auditor
Ordinary resolution 92,30% 7,70% 334 113 914 88,27% 0%
number 4.1: Election of Mr.
Grant Glenn Gelink as a
member and Chairman of
the Altron Audit and Risk
Committee
Ordinary resolution 100.00% 0% 334 113 914 88,27% 0%
number 4.2: Election of Ms.
Alupheli Kwanele Sithebe
as a member of the Altron
Audit and Risk Committee.
Ordinary resolution 97,40% 2,60% 330 996 312 87,45% 0,76%
number 4.3: Election of Ms.
Sharoda Rapeti as a
member of the Altron Audit
and Risk Committee.
Ordinary resolution 84,03% 15,97% 334 113 914 88,27% 0%
number 5: Endorsement of
Altron Group Remuneration
Policy
Ordinary resolution 83,89% 16,11% 334 113 914 88,27% 0%
number 6: Endorsement of
Implementation of Altron
Group Remuneration Policy
Ordinary resolution 72,05% 27,95% 334 113 914 88,27% 0%
number 7: General
authority to Directors to allot
and issue authorised but
unissued A ordinary shares


Resolutions Proposed Votes cast Number of Shares voted Shares
disclosed as a Shares voted disclosed as abstained
percentage of the a percentage disclosed as
total number of of the total a percentage
shares voted at voteable of the total
the meeting shares issued
For Against shares*
Ordinary resolution 100.00% 0% 334 113 914 88,27% 0%
number 8: Authority to
implement resolutions
passed at the AGM

Special resolution 99,61% 0,39% 334 113 914 88,27% 0%
number 1: Remuneration of
independent Non-Executive
Chairman
Special resolution 99,97% 0,03% 334 113 914 88,27% 0%
number 2: Remuneration of
Non-Executive Directors
Special resolution 99,98% 0,02% 334 113 914 88,27% 0%
number 3.1: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Audit and Risk
Committee Chair
Special resolution 99,98% 0,02% 334 113 914 88,27% 0%
number 3.2: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Audit and Risk
Committee Member
Special resolution 99,98% 0,02% 334 113 914 88,27% 0%
number 3.3: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Remuneration
Committee Chair
Special resolution 99,98% 0,02% 334 113 914 88,27% 0%
number 3.4: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Remuneration
Committee Member


Resolutions Proposed Votes cast Number of Shares voted Shares
disclosed as a Shares voted disclosed as abstained
percentage of the a percentage disclosed as
total number of of the total a percentage
shares voted at voteable of the total
the meeting shares issued
For Against shares*
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.5: Remuneration
payable to
non-executive directors
participating in statutory and
board committees -
Altron Social, Ethics and
Sustainability Committee
Chair
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.6: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Social, Ethics and
Sustainability Committee
Member
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.7: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Nomination
Committee Chair
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.8: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Nomination
Committee Member
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.9: Remuneration
payable to
Non-Executive Directors
participating in statutory and
board committees -
Altron Investment
Committee Chair
Special resolution 99,98% 0,02% 333 870 257 88,20% 0,06%
number 3.10:
Remuneration payable to

Resolutions Proposed Votes cast Number of Shares voted Shares
disclosed as a Shares voted disclosed as abstained
percentage of the a percentage disclosed as
total number of of the total a percentage
shares voted at voteable of the total
the meeting shares issued
For Against shares*
non-executive directors
participating in statutory and
board committees -
Altron Investment
Committee Member
Special resolution 100.00% 0% 333 870 257 88,20% 0,06%
number 4: General
authority to provide financial
assistance to related or
inter-related companies

*Abstentions are represented as a percentage of total issued ordinary shares

Accordingly, all the resolutions as set out in the notice of annual general meeting, were passed by the
requisite majority of votes. The special resolutions will, to the extent necessary, be filed and registered
with the Companies and Intellectual Property Commission.

CHANGE IN DESIGNATED INDIVIDUAL AUDITOR

Shareholders are advised that as a result of the requirements of audit partner rotation, Mr. Kali Joseph
Dikana has been appointed as the new designated individual auditor partner, replacing Ms. Alinah
MaQueen Motaung. In line with the approval by shareholders of ordinary resolution number 3 providing
for the re-appointment of PwC as the Company’s external auditors. Mr. Dikana’s appointment as the
designated individual auditor will take effect immediately.


Johannesburg
27 July 2023

Sponsor
Investec Bank Limited

Date: 27-07-2023 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.

Operational Update and Trading Statement

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


OPERATIONAL UPDATE AND TRADING STATEMENT

In terms of the JSE Limited Listings Requirements, a listed company must publish a trading statement once
it is satisfied that a reasonable degree of certainty exists that its financial results for the period to be reported
on next, will differ by at least 20% from the reported financial results for the previous corresponding period.

Accordingly, shareholders are hereby advised that a reasonable degree of certainty exists that the financial
results for the six months ended 31 August 2023 (“Reporting Period”) will differ by at least 20% from the
comparative six months ended 31 August 2022 (“Comparative Period”), as set out below:

- Headline earnings per share (“HEPS”) from continuing operations is estimated to be between 43
cents and 51 cents, representing an increase of between 5% and 24% compared to HEPS from
continuing operations of 41 cents reported for the Comparative Period;
- Group HEPS is estimated to be between (64) cents and (57) cents, representing a decrease of
between 288% and 268% compared to Group HEPS of 34 cents reported for the Comparative
Period;
- Earnings per share (“EPS”) from continuing operations is estimated to be between 33 cents and
40 cents, representing a range of an 11% decrease and an 8% increase compared to EPS from
continuing operations of 37 cents reported for the Comparative Period; and
- Group EPS is estimated to be between (86) cents and (81) cents, representing a decrease of
between 457% and 437% compared to Group EPS of 24 cents reported for the Comparative
Period.

As announced at the year-end February 2023 (“Year End”) presentation of results, management were in
the process of undertaking a detailed business review of all operations, both continuing and discontinuing.

Continuing operations

The purpose of the reviews on continuing operations was to ensure each operation is aligned to the Group’s
new strategy and has performance optimisation plans in place to grow revenue and improve operating
leverage. Pursuant to these business reviews, targeted operating models are being executed in each
operation, with early leading indicators highlighting strong year-to-date performance, with all operations on
track to achieve their growth objectives.

The profit improvement strategies are starting to show meaningful benefits, particularly in Netstar and Altron
Systems Integration, the largest businesses in the Group. Netstar's profit improvement strategy is
progressing well, with benefits already flowing from enhanced operational efficiencies and growing Software
as a Service. The conversion rates on pre-fitments have increased from 32% at Year End to 63%, and the
fulfillment rate on contracts has improved to 93% from 72% at Year End. Churn has decreased from 21%
at Year End to the targeted level of 17%. Altron Systems Integration’s profit improvement strategy is
progressing well, with the team securing the largest outsourcing contract in its history. The Group continues
to remain strongly cash generative and is sufficiently capitalised, providing a solid platform to execute its
immediate strategic initiatives.

Discontinuing operations

Following recent developments during the Reporting Period, the Group has undertaken material and
decisive actions to streamline two non-core operations, which will adversely impact the overall Group
financial performance.

Results for the Reporting Period will be negatively impacted by provisions raised within two non-core
subsidiaries namely, Altron Nexus of R336 million and Altron Document Solutions of R95 million, together
with a provision raised at a Group level of R33 million in relation to goodwill held on the Group balance
sheet for Altron Nexus.

Altron Nexus and Altron Document Solutions will be classified as held-for-sale and will be reported in
discontinued operations. These two entities contributed 21% to the Group’s revenue at Year End however
both subsidiaries were loss-making and therefore did not contribute to the Group’s profit.

Further information on the provisions raised is detailed below:

Altron Nexus:

1. Gauteng Broadband Network (“GBN”) contract
- In May 2023 the extension of the GBN contract for phase 2 came to an end. Altron Nexus
was not awarded the contract for GBN phase 3 as reported at Year End. The GBN contract
for phase 2 accounted for a material portion of Altron Nexus’ revenue and profits. As the
incumbent service provider for GBN phase 1 and 2, the relevant personnel and infrastructure
had been kept in place to enable Altron Nexus to seamlessly deliver on GBN phase 3, in the
event that the contract for GBN phase 3 was awarded. The fact that GBN phase 3 was not
awarded to Altron Nexus has necessitated the conducting of a full business review, including
the associated operating model of Altron Nexus’ three focus areas, namely Critical
Communications; Huawei Enterprise Networking and Broadband Network Services. Pursuant
to this review, the following process has been initiated to restructure the business:
- A section 189A process has commenced which, it is anticipated, will be finalised in
September 2023.
- The public sector Broadband Network Services business, which was underpinned by
the GBN contract for phase 1 and 2, has been wound down.
- As both Altron Systems Integration and Altron Nexus hold enterprise networking
capabilities and key relationships with Huawei, it has been decided to rationalise and
consolidate the Huawei Enterprise Networking operations. All future enterprise
networking will be conducted by Altron Systems Integration in a manner that ensures
the retention of key skills.
- Following the restructuring, the remaining business of Altron Nexus will focus on non-
core Critical Communications services. Altron will actively pursue opportunities to sell
the remaining Altron Nexus business.
- Pursuant to the detailed business review, provisions totalling c.R135 million were
raised, including:
- R34 million relating to accounts receivable;
- R30 million relating to property, plant and equipment; and
- R71 million relating to inventory.
- The once-off restructuring costs are estimated to be R11 million which will negatively
impact the Reporting Period.

2. City of Tshwane (“CoT”) contract
- In January 2023, the Auditor General released a report recording that there are material
uncertainties in the CoT 2022 financial statements relating to a going concern. Subsequent
to Altron's year-end, there have been several recent media reports regarding the CoT's
growing debt burden, with substantial debts owed to entities such as Eskom and Rand Water
having been recently reported. This is estimated to have a further material impact on the
going concern status of the CoT. Given these developments highlighting the invidious
financial position of the CoT, Altron, in accordance with auditing, accounting and reporting
principles, has decided to raise an additional provision of R201 million in order to provide for
Altron Nexus' indirect full exposure to CoT (the "CoT Provision"). The main contractor is
Thobela Telecoms (RF) (Pty) Ltd (“TT”) and Altron Nexus is the EPC contractor. Recoveries
by Altron Nexus are dependent upon TT being paid by the CoT.
- The raising of the CoT Provision is purely for accounting purposes and does not impact on
the arbitration proceedings by TT against the CoT, which are progressing well but will take
some time, possibly several years, to finalise. These proceedings are, by their nature,
confidential. Even if the arbitration proceedings are finally determined against CoT, there is
no certainty as to whether CoT will be able to discharge an adverse arbitral award, and
current indications are to the contrary.

3. Litigation with Aeonova 360 Management Services (Pty) Limited (“Aeonova”)
- Several years ago, arbitration proceedings were instituted against Altron Nexus by Aeonova,
an erstwhile sub-contractor for the GBN contract. These proceedings are, by their nature,
confidential. Legal advice received during the period prior to May 2023 was that the
prospects of Aeonova succeeding in the arbitration were remote. Following certain adverse
interim awards and judgments, it was resolved to brief Werksmans to conduct an
independent assessment of the matter. Werksmans has since been retained to represent
Altron Nexus in the arbitration proceedings, and a number of related High Court proceedings,
both pending and contemplated, that may impact the progression of this arbitration.
Werksmans has advised that given what has recently transpired in the arbitration and related
court proceedings, and the vagaries of litigation, the historic legal opinion as to the prospects
of success should be revised. Given what is set out above, it is premature to raise any
provision.

4. Change in accounting treatment of Altron Nexus
- The Altron board does not regard the restructured Altron Nexus business as core to its
operations and strategy and will actively explore opportunities to sell the business. Several
third-party expressions of interest in Altron Nexus have been received in the past. With the
cessation of the Broadband Network Services business and the consolidation of the Enterprise
Networking business into Altron Systems Integration, Altron Nexus will remain with only non-
core Critical Communications operations, which are expected to be saleable on a standalone
basis. Consequently, Altron Nexus will be reclassified as held-for-sale and accounted for in
discontinued operations going forward.

5. Summary of the impact of the provisions raised in relation to Altron Nexus
- The total provisions raised in Altron Nexus as detailed above, totalling R336 million, together
with restructuring costs of R11 million, will negatively impact the Reporting Period in
discontinuing operations.
- Considering the provisions detailed above, an additional provision was raised against
goodwill accounted for on the Group balance sheet, in relation to Altron Nexus of R33 million,
which will negatively impact EPS from continuing operations for the Reporting Period but will
not impact HEPS from continuing operations.

Altron Document Solutions:

- The Group continues to regard Altron Document Solutions as non-core to its operations and
strategy and has actively engaged with multiple potential bidders who have expressed interest
in acquiring Altron Document Solutions.
- Following the unsuccessful sale of Altron Document Solutions to Bi-Africa Investment Holdings
Proprietary Limited, Altron Document Solutions appointed Warren Mande, the previous
managing director of Altron Managed Solutions, to restructure the business with a focus on
cost optimisation, cash generation and working capital management.
- However, an assessment of all the assets of Altron Document Solutions post the unsuccessful
sale, together with challenging market conditions that led to two large customers facing
financial difficulties, has culminated in the following provisions which will negatively impact the
Reporting Period in discontinuing operations:
- R15m relating to accounts receivable;
- R68m relating to finance lease assets; and
- R12m relating to inventory.
- As an active sale process continues, the business will be managed for value and remains
accounted for as held-for-sale and reported as a discontinued operation.

Quote by Werner Kapp

“As communicated at the Group’s results for the year-end 2023, we are actively focussed on ensuring once-
off adjustments do not recur. Since joining the Group, I have worked with the management teams in
scrutinising all operations to ensure they are strategically aligned and have performance optimisation plans
in place. Unfortunately, this process together with recent market developments, has resulted in further
provisions in Altron Nexus and Altron Document Solutions, which are accounted for in discontinuing
operations. However, I am confident we are now at a point where we have a stable base for the Altron
Group to grow from. The Group maintains a very healthy balance sheet, remains strongly cash generative
and is committed to maintaining its dividend policy. Our continuing operations are delivering a strong year-
to-date performance and I am looking forward to presenting our delivery against our strategy at the half-
year results in October.”

Shareholders are advised that the information provided in this trading statement has not been reviewed
and reported on by the Group’s external auditors.

Johannesburg

26 July 2023

Sponsor
Investec Bank Limited

Date: 26-07-2023 07:05:00
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.

Successful conclusion of the Disposal of the ATM Hardware and Support Business of Altron Managed Solutions

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


SUCCESSFUL CONCLUSION OF THE DISPOSAL OF THE ATM HARDWARE AND
SUPPORT BUSINESS OF ALTRON MANAGED SOLUTIONS


Shareholders are referred to the announcement published on 27 October 2022 advising the shareholders
of the Company’s disposal of its ATM Hardware and Support Business of Altron Managed Solutions
(“Transaction”) and the various updates.

Shareholders are advised that the suspensive condition for NCR to register for Value Added Tax with the
South African Revenue Services has been fulfilled and all other suspensive conditions relating to the
Transaction have either been fulfilled or waived.

Accordingly, the Transaction is now unconditional with the effective date being 1 July 2023.


Johannesburg
30 June 2023

Transaction Advisor
Marsden Advisory Pty Ltd

Sponsor
Investec Bank Limited

Date: 30-06-2023 05:34:00
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.