SHAREHOLDER UPDATE

To the holders of Ordinary Shares

21 October 2016

Dear Shareholder

As you will be aware our shares were suspended from trading on AIM on 17 October 2016 following the resignation of Stifel Nicolaus Europe Limited (“Stifel”) as the Company's nominated adviser and broker.

In this context, the purpose of this letter is to:
• provide shareholders with further information regarding this situation and next steps;
• outline the proposed development plans for the Company; and
• assure shareholders that generating valuable returns remains our primary objective.

AIM Suspension
Stifel is recognised in the markets as a specialist oil and gas focussed nominated adviser and broker and was appointed by the Company in May 2015 at a time when the Company’s business focussed on providing international standard support services to the East African oil and gas and energy industries. As shareholders are aware, an unprecedented drop in global oil prices resulted in an evolution in our corporate strategy and an exit from this business sector.

As a consequence of the transition in our corporate strategy towards consumer market opportunities across the African continent, following discussions with Stifel, it was accepted that it was no longer necessary or appropriate for an oil and gas specialist such as Stifel to continue to represent Atlas. Accordingly, Stifel have stepped down as our nominated adviser and broker.

As a consequence of this, in accordance with the AIM Rules, our shares have been suspended.
In accordance with the AIM Rules, if a replacement nominated adviser is not appointed by 17 November 2016, admission of the Company's shares to trading on AIM will be cancelled.

Whilst we appreciate that suspension of trading may have caused concern to shareholders, I assure you that we believe this suspension will, in fact, enable us to better position the Company for long term growth. We cannot confirm that we will retain our AIM listing following this date, and whilst the Board is aware that cancellation of admission of the Company’s shares
to trading on AIM, would make it more difficult for shareholders to buy and sell shares in the Company should they wish to do so, shareholders should be assured that we remain committed to a London based listing, in the short term. Specifically, shareholders should take note that we have consulted with a number of corporate advisers regarding alternative options to an AIM listing; we are carefully considering these with a view to ensuring shareholders’ long term
interests are protected. In the meantime, we continue to maintain our Kenyan listing on the Growth Enterprise Market Segment of the Nairobi Securities Exchange (“GEMS”).
In the event of cancellation of admission of the Company’s shares to trading on AIM, the Company will continue to be subject to the applicable provisions of Guernsey law and the rules applicable to GEMS.

Moreover, the Company will continue to:
• communicate information about the Company (including annual accounts) to its shareholders and the Company will continue to hold general meetings, as required by law; and
• maintain its website and to post updates on the website from time to time (being at least every six months), although shareholders should be aware that there will be no obligation on the Company to include all of the information required under AIM Rule 26 or to update the website as required by the AIM Rules.


Development Plans
Although our operational focus has developed considerably, our underlying strategy to identify
and gain exposure to prospective growth opportunities across Africa remains unchanged. Indeed, with rising incomes leading to the emergence of a growing and significant consumer market across the African continent, the Board is particularly attracted to the significant growth opportunities within the African consumer market.

In August 2016 we made an initial investment into BonanzaWin, a Nigerian based gaming business, which the Board believes provides Atlas with exposure to Nigeria’s large consumer sector, specifically the fast‐growing gaming and entertainment market. This investment was followed by a further investment in September 2016 to support continued roll‐out of new sites. With a range of established games and betting experiences, and a developing real‐estate portfolio BonanzaWin has established a competitive and comprehensive service offering and Atlas looks forward to supporting BonanzaWin as it looks to grow user numbers and average spend across its platforms, thereby ultimately building value.

In addition to our interest in BonanzaWin, we are assessing options relating to our investment into our project to develop a new state‐of‐the‐art glass bottle manufacturing facility 45 kilometres north of Addis Ababa, Ethiopia (the ‘Chancho Project’). As shareholders are aware we made great strides in advancing the Chancho Project, following our investment in November 2015.

Unfortunately, and as announced subsequently, actions taken against the Company and its staff by the Ethiopian Revenue and Customs Authority (including the summary removal of approximately US$2.4m from the Company’s Ethiopian subsidiary’s bank account with the
Development Bank of Ethiopia) have made it increasingly difficult for the Company to continue
to fund and develop the Chancho Project. We therefore continue to pursue reimbursement opportunities whilst also assessing ways in which to best crystallise value from this investment with the intention of generating value for shareholders.

Conclusion
On behalf of the entire Board, I thank shareholders for their ongoing support and patience. As a Company we have faced numerous challenges since inception; we are motivated to overcome these challenges and the Board is fully aligned with shareholder interests as we work to achieve this.

Our focus remains on maximising shareholder value from our investment portfolio and a London listing (in addition to our listing in Nairobi), as this is something that we know is important to our shareholders. It is our intention and expectation that following this current suspension Atlas will become a stronger and more resilient entity.

We look forward to keeping shareholders updated with our progress.

Yours faithfully,


Ian H. Mann
Chairman, for and on behalf of
Atlas African Industries Limited

18 November 2016

Atlas African Industries Limited
(‘Atlas’ or the ‘Company’)

(A public limited liability company incorporated in Guernsey under number 55964 and registered in Kenya as a branch under company number CF/2014/166829)

CANCELLATION OF LISTING ON AIM MARKET
Following the Company’s announcement dated 17 October 2016 and the subsequent letter to the shareholders dated 21 October 2016, Atlas notifies shareholders that the Company has not appointed a replacement nominated adviser and accordingly the admission of the Company's shares to trading on AIM has been cancelled with effect from 7.00 am on 18 November 2016, in accordance with the AIM Rules.

The Company will continue to be subject to the applicable provisions of Guernsey law and the rules applicable to the Growth Enterprise Market Segment of the Nairobi Securities Exchange (“GEMS”). Moreover, the Company will continue to:

 communicate information about the Company to its shareholders
 hold general meetings, as required by law; and
 maintain its website and to post updates on the website from time to time.

Shareholders should take note that the Company is carefully assessing alternative listing options
with a view to ensuring shareholders’ long term interests are protected. In the meantime, the
Company continues to maintain its Kenyan listing on GEMS.

** ENDS **

[quote]LETTER TO THE SHAREHOLDERS OF ATLAS AFRICAN INDUSTRIES LIMITED
(the “Company”, incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) with company number 55964)

Proposed Disposal of Ethiopian Project
and Notice of General Meeting

Preliminary economic studies had highlighted the strong potential of the Chancho Project based on a yearly production capacity of 105 million 330ml bottles, with full production targeted for early 2019. The Ethiopian Government has designated manufacturing as a top industrial priority with an emphasis on replacement of imports; the high-quality glass bottle market is currently dominated by expensive imports,so the Board identified this project as having huge benefit to allstakeholders. Success of the Chancho Project has the potential to generate significant revenue in tax to the Ethiopian Government as well as generate employment of 195 people in the area.

Furthermore, the Board perceived significant ancillary benefits would be identified within associated businesses and supply chains.

Despite these considerable efforts and the factors, which suggested that the Chancho Project would generate positive impacts for the Company, its shareholders, the local community around Chancho and the Ethiopian Government through tax revenues,
the Company’s progress was terminally undermined and derailed by the actions of the Ethiopian Revenue and Customs Authority (“ERCA”). As shareholders will be aware from the announcement of 11 May 2016 the Company was subjected to a complete injustice, through the summary removal of approximately US$2.4 million from TEAP’s bank account with the Development Bank
of Ethiopia by ERCA. ERCA’s actions stem from a tax claim made against Ardan Risk & Support Services (“Ardan”) which categorically relate to periods prior to the Company’s involvement with Ardan.

The Company has received legal advice that neither it nor TEAP has any liability for any such taxes under Ethiopian law; the Company believes that the unilateral removal of these funds was unlawful.

The Company has made considerable efforts to retrieve its expropriated funds, pursing all legal, diplomatic and political channels in order to seek redress, including direct appeals to the Government of Ethiopia and the Ethiopian Investment Commission and through the UK Foreign Office and the British Business Secretary; in addition, the Company’s major shareholders have been actively lobbying the Canadian and US Governments. Despite this, there remains no visibility on when these monies might be returned and safety assured for the Company’s staff within the country.

In this context, the Board has been obliged to assess the ongoing viability of maintaining an Ethiopian operation and making further investment into the country. With some sadness, and after considerable reflection and analysis, the Board has taken
the view that it is not viable to continue operations in Ethiopia and has therefore sought to maximise value from the investments made into the Chancho Project.

The Board believes that the Disposal offers the best and most attractive option at this stage.


3. Principal terms of the Disposal
The principal terms of the Disposal are as follows:

a) In consideration for the transfer of ownership of the Chancho Project, the Purchasers will:
● pay to the Company a cash sale price of US$1.6 million to be settled as follows:
– US$600,000 immediately upon completion of the Disposal;
– US$600,000 nine months after completion of the Disposal; and
– US$400,000 to be paid in cash upon the earlier of commissioning of the Chancho Project or, upon any of the sale of the Chancho Project by TEAP , the sale of (all or a majority stake in) TEAP by EAPH, or the sale of (all or a majority stake in) EAPH by the Purchasers or any other transaction similar in nature, substance or effect to the foregoing;

and

● return to the Company to hold in treasury the 276,720,001 ordinary shares of no par value in the capital of the Company held by the Purchasers (in aggregate representing approximately 18.5% of the Company’s issued share capital, the “Buy-Back Shares”).

b) the Disposal is subject to satisfaction of the following conditions precedent:

● all necessary and applicable third party (and similar or equivalent) approvals having been obtained; and
● the passing at a general meeting of the shareholders of the Company of all resolutions required to approve the purchase of the Buy-Back Shares, in accordance with the relevant provisions of the Law .

c) following completion of the Disposal, the Purchasers undertake to carry on the Chancho Project in the ordinary course with a view to completing the Chancho Project and achieving commissioning as soon as practicable and provide various other undertakings to protect the Company’s interests and in particular, to act in good faith towards the Company in respect of
the Chancho Project and the provisions of the Sale Agreement and not to take any action which could prejudice or adversely affect the Company and its interests pursuant to the Sale Agreement.

d) the Company provides the Purchasers with customary representations and warranties regarding the Chancho Project.

These wazungus are criminals

What did these financial mercenaries ratify in their meeting in London?

Atlas African Industries Limited / Ticker: AAI / Index: NSE / Sector: Support Services

16 December 2016

Atlas African Industries Limited (‘Atlas’ or the ‘Company’)

Update and Notice of General Meeting

Atlas African Industries Ltd (AIM, NSE: AAI) is pleased to announce that it has entered into a memorandum of understanding (the “MOU”) with Willem Jacobus Bodenstein, a senior executive and slot machine and sports betting specialist (“Physical Gaming”) with extensive experience of operating in Southern Africa, to join the Atlas senior management
team as Chief Operating Officer. Pursuant to the MOU he will spearhead the establishment of Physical Gaming operations in a number of African jurisdictions with a
view developing a top-tier pan-African Physical Gaming business. The Company is separately in discussions with potential partners who may offer access to top-tier on-line gaming infrastructure, which will further strengthen and complement Atlas’ current investment in BonanzaWin, a Nigerian based gaming business.

Mr Bodenstein has proven success in the gaming sector. As the former CEO of Vukani Gaming Group (a subsidiary of South African-listed Niveus Invesments Limited, “Niveus”) he oversaw the business’ expansion across a number of southern African jurisdictions, which saw the market capitalisation of Niveus grow to US$350 million (having listed at a price of ZAR 7 per share, the stock now trades around ZAR 40 per share).

In order to finance the Company’s proposed expansion in the African gaming sector it will be necessary to raise additional finance in the region of US$1.5 million, which the Board would anticipate undertaking through a non-pre-emptive private placing to be completed early in 2017 (the “Fundraising”).

Accordingly, the Board is convening a general meeting
on 19 January 2016 to be held at 12.00 p.m. on 19 January 2017 at Richmond House, St Julian’s Avenue, St Peter Port, Guernsey GY1 1GZ (the “General Meeting”) to obtain shareholder approval to authorise the directors to issue up to 1,200,000,000 equity securities free from pre-emption rights on the issue of such ordinary shares for cash (the “Fundraising Shares”). The Fundraising Shares, which will rank pari passu in all respects with the Company’s existing ordinary shares currently in issue, will represent approximately 44.5 per cent. of the Company’s enlarged issued share capital following
completion of the Fundraising.

As stated previously, the Board remain fully committed to a London based listing, notwithstanding the recent de-listing from trading on the AIM Market.

Specifically, shareholders should take note that the Board continue to consult with corporate advisers
regarding alternative options, which are being carefully assessed with a view to ensuring
shareholders’ long term interests are protected. In the meantime, the Company continue to maintain its Kenyan listing on the Growth Enterprise Market Segment of the Nairobi Securities Exchange (“GEMS”).

Further information on these proposed developments is detailed in a letter to shareholders, which has been posted to shareholders and will be available to view on the Company's website at www.atlassupport.com.

A copy of the Notice of General Meeting and Proxy form will also be available on the Company's website and has been posted to shareholders.


**ENDS**

You asked, they heard you!

These guys are worse than all Kenyan NSE conmen combined.