CONSOLIDATED INFRASTRUCTURE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2007/004935/06)
JSE share code: CIL ISIN: ZAE000153888
(“CIG” or the “Group”)

CAUTIONARY ANNOUNCEMENT AND CHANGES TO THE BOARD OF DIRECTORS

Shareholders are referred to previous announcements detailing CIG’s debt restructure programme, the last of which was published on 14 August 2020, wherein shareholders were advised of the ongoing negotiations in respect of concessions to the terms of agreement of the debt restructure in respect of Consolidated Power Projects Proprietary Limited (“CONCO”) and CIG. Given the ongoing discussions and continued uncertainty on the settlement of the debt restructure negotiations and, as previously advised, the impact thereof on the Group’s sustainability, shareholders are advised to exercise caution when trading in CIG shares.

Shareholders are advised that on Friday, 23 October 2020 the Company received resignation letters from Michael Wilkerson, non-executive director and chairman of the board, Quinn McLean, non-executive director and Ahmad Mazhar, non-executive director, being nominated directors of CIG’s largest shareholder (and holder of R300 million convertible debt in CIG), Fairfax Africa Investments Proprietary Limited.

A further announcement on the reconstitution of the board of directors will be made in due course. CIG remains compliant with the Companies Act and its memorandum of incorporation with three independent non-executive directors, one non-executive director and two executive directors on the Board.

26 October 2020

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