|The Board of Directors has pleasure in presenting the Group’s audited results for the year ended 30 June 2014.
The publication of AfroCentric’s results for the year ended June 30, 2014 coincides with the announcement
of two important strategic initiatives for AfroCentric which are briefly explained herein under “Recent
||an agreement to acquire WAD Holdings Proprietary Limited (“WAD”) businesses that specialise in
wholesaling, dispensing and delivery of chronic medication; and
||an agreement for a significant minority investment by Sanlam Limited.
Apart from the satisfactory results of the Group’s business operations, the year ended 30 June 2014
has important significance in the Group’s history. During the year, the AfroCentric Health Limited’s
(formerly Lethimvula) profit warranty was finally measured, which triggered the issue of the shares
due under the second tranche payment provisions. In addition, ordinary shares were issued to
Preference Shareholders in terms of the Preference Share Redemption covenants. Shareholders
should consider these factors for a better appreciation of this results announcement.