PEMBURY LIFESTYLE GROUP LIMITED - Renewal of Cautionary Announcement

Renewal of Cautionary Announcement

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


RENEWAL OF CAUTIONARY


Shareholders are referred to the previous cautionary announcements published, the last being on 9
November 2022. Shareholders are advised of further progress made to date:

Update on the School Rezoning and Registration

Raslouw:
The Raslouw property received some comments back from Tshwane’s Water and Sewer Department
advising that the current available water supply from Tshwane will be able to accommodate 133
learners and staff. This is, however, less than current capacity and also envisaged growth. The Town
Planner held discussions with the Tshwane Water and Sewer Department advising them that the
Company will arrange the use of borehole water as an interim measure and subject to the following:

•   Proof must be submitted for approval by the National Water and Sanitation Department that the
    existing or new borehole can provide sufficient potable water (quality and quantity) for the proposed
    land use.
•   The water quality must be tested and registered by a registered laboratory and a report drawn up
    setting out the test results as well as the recommendation and conclusion.
•   The owner takes full responsibility for complying to legislation in terms of water licensing and water
    quality standards.
•   The owner appoints a professional person to take full responsibility for the operations, maintenance
    and quality of the water produced by the filtration system.

The Company awaits positive comments from the Tshwane Water and Sewer Department as this will be
the final comment for the Zoning certificate to be processed and the school’s registration with the
Department of Education will then be finalised.

Carlswald
The results from the Environmental Impact Assessment were positive, which was the final outstanding
matter on the rezoning. The application was submitted to the City of Johannesburg during November
2022 and the matter is being followed up regularly. Once the property is rezoned, the school’s
registration with the Department of Education will then be finalised.

Audits:
The audit for 2019 has not yet commenced as the final amended Sale of Shares agreements require
signature. Once the agreements are signed, it is expected that the Company will be able to draw down
on the convertible loan funding, although an amount of R282 000 has already been advanced to the
Company. The convertible funding also provides for the acquisition of old debt owed to the former
auditors.

The steps taken in late 2020 and 2021 to substantially improve the internal financial reporting have been
maintained by the incumbent Financial Director. Accordingly, it is expected that once the audit for
FY19 has been finalised, the following two years and the relevant interim reports will be able to be
finalised and published in quick succession.

In the interim, the IFRS advisor/Annual Financial Statements (AFS) compiler has been appointed and has
commenced with the re-preparation of the AFS for 2019.

Legal:
The Company continues to engage with various claims and creditors on a case-by-case basis and in a
constructive manner, as each matter requires proper investigation. Certain matters will be defended
where there is no basis for the claim. Legal counsel is assisting in this regard.

Renewal of cautionary announcement
In light of the above information, shareholders are accordingly advised to continue to exercise caution
until a further announcement is made.

Johannesburg
22 December 2022

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 22-12-2022 11:31:00
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