Atlas African Industries : Agreement to dispose of Ethiopian Project and Notice of General Meeting

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

16 May 2017

Atlas African Industries Limited

('Atlas' or the 'Company')

Agreement to Dispose of Ethiopian Project, Notice of Annual General Meeting, Board Changes & Resignation of Nominated Advisor

Atlas African Industries Limited (NSE: ADSS) announces that it has entered into an agreement to dispose of its Ethiopian assets subject to obtaining the approval of shareholders (the 'Disposal') which approval will be sought at the Company's Annual General Meeting ('AGM') to be held at 12.00 p.m. on 20 June 2017 at Richmond House, St Julian's Avenue, St Peter Port, Guernsey GY1 1GZ. A letter to shareholders setting out the terms of the Disposal and containing a notice convening the AGM has been sent to shareholders (the 'Circular'). The Circular, notice of AGM and proxy form will be made available to download from the Company's website at www.atlassupport.com.

The Company further notes the resignation of Lachlan Monro as a director with effect from 26 April 2017 and the resignation of Ian Mann as a director with effect from 2 May 2017, in each case to enable them to focus on other activities. In the short term, the Company advises that role of the Chairman, which is vacated by Mr Mann's resignation, will be filled by the remaining board members.

Carl Esprey, Chief Executive Officer of Atlas said "On behalf of our remaining team, I thank Ian and Lachy for their contributions to the stewardship of the Company over the past few years. I wish them both the very best in their future endeavours."

The Company also notifies that I&M Burbidge Capital Limited, the Company's Kenyan nominated adviser, has given notice of termination of its engagement with the Company, such notice to expire on 29 May 2017.

** ENDS **

For further information please visit www.atlassupport.com or contact: