Announcement in respect of the final return of capital to shareholders: 
Announcement in respect of the final return of capital to shareholders

AEP Energy Africa Limited
Incorporated in the Republic of South Africa
(Registration number: 2017/024904/06)
JSE share code: AEY    ISIN: ZAE000241741
(“AEP” or “the Company”)


ANNOUNCEMENT IN RESPECT OF THE FINAL RETURN OF CAPITAL TO SHAREHOLDERS

1. Declaration of Capital Distribution

Shareholders are referred to the announcement released on SENS on 20 March 2020, in which they
were advised, inter alia, that the Company would cease to be listed on the JSE on Tuesday, 7 April
2020 (“the Delisting”), and that a further announcement would be made concerning the details of the
additional return of AEP’s cash reserves to Shareholders.

An initial capital distribution of 95 cents per AEP share was paid to Shareholders on 23 December
2019. Shareholders are now advised that the Board of Directors of AEP (“the Board”) has determined
to declare and pay a final capital distribution of 5 cents per AEP share (“the Final Capital Distribution”).
The Final Capital Distribution will be paid to shareholders on or about Monday, 20 April 2020.

2. Information regarding actions subsequent to the Delisting

The Board intends to issue a circular to Shareholders proposing the adoption of a new Memorandum
of Incorporation (“the New MOI”) for AEP. The New MOI will see AEP converted into a private
company that is not a Special Purpose Acquisition Company.

Should the New MOI be adopted, AEP will be in a position to seek authority from Shareholders to
repurchase its own shares. This mechanism should facilitate the concurrent return of any remaining
cash in AEP and the exit of Shareholders from their holding in the Company. The Board intends to
complete these processes, including the proposed share repurchase, within AEP’s financial year
ending 30 June 2020, subject to obtaining the requisite shareholder and regulatory approvals.

This announcement does not constitute an announcement of a firm intention to make an offer to
Shareholders of AEP and there can be no certainty that any firm offer will be made, nor as to the terms
on which any firm offer might be made in the future.

Johannesburg
6 April 2020

Designated Advisor
Questco Corporate Advisory Proprietary Limited

Date: 06-04-2020 04:30:00
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.