PEMBURY LIFESTYLE GROUP LIMITED - Update on Executive Directors and Operations

Update on Executive Directors and Operations

PEMBURY LIFESTYLE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2013/205899/06)
(“PL Group” or “the Company”)
ISIN Code: ZAE000222949      JSE Code: PEM

UPDATE ON EXECUTIVE DIRECTORS AND OPERATIONS

Shareholders are referred to the recent resignation of the group Financial Director on 10 January 2019
and are advised that a number of concerns have been brought to the Board’s attention around the
Chief Executive Officer (“CEO”), compliance and corporate governance. The CEO was placed on
temporary leave pending an investigation into various concerns. The CEO is currently attempting to
resist the Board’s decision and the matter is being dealt with by the Board. The Company’s Chief
Operating Officer remains in place.

The Audit and Risk Committee will be considering the appointment of a new Financial Director but has
a competent financial team in place headed by a Chartered Accountant, which is busy preparing for
the audit. The former Financial Director also remains available to assist the Company, if required,
subject to a suitable arrangement with the Company.

Other than the matter with the CEO, the Company’s operations are continuing as normal and a good
intake of pupils has been experienced. The steps taken by the Company to close down two loss
making schools and review the cost structure last year are also expected to have a positive impact.

The Board aims to resolve the governance issues as a matter of priority.



By order of the board
Johannesburg
27 January 2020

Designated Advisor
Arbor Capital Sponsors

Date: 27-01-2020 01:55:00
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