ROLFES HOLDINGS LIMITED - GEN General Rolfes Holdings Limited - Censure imposed by the JSE on Rolfes Holdings Limited (Company)

GEN – General – Rolfes Holdings Limited - Censure imposed by the JSE on Rolfes Holdings Limited (“Company”)

GEN – General – Rolfes Holdings Limited
Censure imposed by the JSE on Rolfes Holdings Limited (“Company”)


The JSE hereby informs stakeholders of the following findings in respect of the Company:


  1. The Company’s annual financial statements for the years ended 30 June 2015 and 2016
      contained material errors and were therefore not in compliance with International Financial
      Reporting Standards (“IFRS”). These financial statements which contained material errors were
      restated in the Company’s annual financial statements for the year ended 30 June 2017.


  2. The nature of material errors that were restated included:


          -   Overstatement of property, plant and equipment;
          -   Providing for the cost of rehabilitation on a scheduled closure basis as opposed to on
              an unscheduled closure basis resulting in material understatement of related liabilities;
          -   Overstatement of inventories;
          -   Overstatement of trade and other receivables; and
          -   Understatement of interest-bearing loans.


  3. Accordingly, the JSE found the Company to be in breach of paragraph 8.62(b) as well as General
      Principle (v) of the JSE Listings Requirements in respect of the errors that occurred because of
      non-compliance with IFRS. These provisions of the Listings Requirements require issuers to
      ensure that its annual financial statements are prepared in accordance with IFRS and to observe
      the highest standards of care when disseminating information into the market place.


The JSE has decided to impose this public censure against the Company in relation to the above-
mentioned breaches of the Listings Requirements.


12 November 2019

Date: 12/11/2019 07:05:00
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