W G WEARNE LIMITED - Financial results for the year ended 28 February 2018 short-form announcement

Financial results for the year ended 28 February 2018 – short-form announcement

WG WEARNE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1994/005983/06)
(Share Code: WEA ISIN Code: ZAE000078002)
JSE Code: WEA
(“Wearne” or “the Company” or “the Group”)

FINANCIAL RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2018 – SHORT-FORM
ANNOUNCEMENT

FINANCIAL HIGHLIGHTS


                                                                                   Audited
                                                          Audited              28 February 2017
 GROUP                                                28 February 2018             Restated
                                                             R'000                  R'000
 Revenue                                                          339 387                    389 440


 Basic and diluted basic loss per share (cents)                      (11.46)                   (9.79)
 Headline and diluted headline loss per share
 (cents)                                                              (5.31)                  (14.48)


 Net asset value per share (cents)                                     4.96                    13.24
 Net tangible asset value per share (cents)                            4.08                    11.71

SHORT-FORM STATEMENT

This short-form statement is the responsibility of the directors. It is only a summary of the
information contained in the full announcement and does not contain full or complete details.

Any investment decision should be based on the full announcement accessible from 28
September 2022 via the JSE link and from the CEO at johnw@wearne.co.za.

Copies of the full announcement may also be requested by contacting Miss Claire Middlemiss by
email at claire@capgov.co.za and are available for inspection at the Company’s registered office
at no charge, weekdays during office hours.

The JSE link is as follows:
https://senspdf.jse.co.za/documents/2022/jse/isse/wea/FY2018.pdf

The annual financial statements including the audit opinion of the external auditor, HLB CMA
(South Africa) Inc. which sets out the key audit matters and the basis for its qualified audit
opinion, is available on the Company’s website on www.wearne.co.za/investor-relations. The
audit was qualified due to the qualification on opening balances and non-current assets held for
sale, a disclaimer on financial performance and cash flows and a material uncertainty based on
going concern.

Wearne has been suspended since July 2018 as a result of not releasing its financial statements
for the years ended 28 February 2018, 2019, 2020 and 2021. The release of the results for the
year ended 28 February 2018 is the first step in submitting the outstanding financial statements
with a view to having the listing reinstated.

The audit fieldwork for the year ended 28 February 2019 is substantially completed and draft
financial statements are currently being finalised and should be released by October 2022. Audit
fieldwork for the year ended 28 February 2020 is in progress at the time of this statement.
The audit fieldwork for the years ended 28 February 2021 and 2022 will commence as soon as
2020 has been finalised. It is envisaged the outstanding financial information for those years will
be released by 28 February 2023.

28 September 2022
Randfontein

Designated Adviser
Exchange Sponsors

CORPORATE INFORMATION
Non-executive directors: W van der Merwe * (Chairman); FJ Mojono *; K Maelane *
*Independent
Executive directors: J Wearne, A Badenhorst
Registration number: 1994/005983/06
Registered address: 1 Main Road, Aureus, Randfontein, Gauteng 1759
Postal address: PO Box 192, Randfontein, 1760, Gauteng, South Africa
Company secretary: C Middlemiss
Telephone: 011 459 4500
Transfer secretaries: CTE Registry Services (Pty) Limited
Designated Adviser: Exchange Sponsors (2008) (Pty) Limited

Date: 28-09-2022 10:30:00
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