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 on SENS, the last being
on 22 December 2022. Shareholders are advised that the following progress has been made to date:

Update on the School Rezoning and Registration

Raslouw
The Raslouw School 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. The Company has also
engaged with a qualified engineer to repair the borehole. The engineer will take full responsibility for the
operations, maintenance and quality of the water produced. The same engineer will assist with testing
of the quality of the water at a registered laboratory. The engineer, together with the Town Planner, will
submit proof to the City of Tshwane of the water quality in due course.

Once the quality of water has been approved by the National Water and Sanitation Department, the
City of Tshwane will release the school’s zoning certificate. The file for the Department of Education will
then be ready for submission.

The Company signed a contract with Quick Volt Elektries, a registered company which issues Certificates
of Compliance. Quick Volt Elektries have been working with the Group since the end of December 2022
to ensure that all the electrical work is in working order as well as being compliant.

A Certificate of Compliance (“COC”), along with the registration application, is required to be submitted
to the Department of Education. The COC for the Raslouw property is nearly complete.

Carlswald
The City of Johannesburg requested that the property owner of the Carlswald School be notified of the
results of their Environmental Department’s inspection. The owner, who is PLG Properties, was notified, as
requested. Upon the City of Johannesburg’s response, the zoning certificate should be issued as there
are no other outstanding reasons to dispute the issuance of the certificate. The school’s application to
register with the Department of Education will then be submitted.

Willowview
The Company, with support from Verityhurst, has been actively involved with renovating the boarding
facilities at Willowview Academy. The boarding advertisements have already been implemented and
various staff members are ensuring that the correct control measures are in place for the smooth running
of the boarding facilities once operation commences.
The application for Umalusi was submitted in mid-January 2023. The school is working on ensuring that
Umalusi is accredited again.

Springs
The school is currently in the process of applying for an EMIS extension to Grade 12. The Town Planner is
currently compiling all the necessary documents in order to commence with the zoning application.
Thereafter, the school will prioritise the Umalusi applications.

Audits
The audit for 2019 has not yet commenced as the final amended Sale of Shares agreements still have
to be signed. 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 R482 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
7 February 2023

Designated Advisor
AcaciaCap Advisors Proprietary Limited

Date: 07-02-2023 02:40:00
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