ROLFES HOLDINGS LIMITED - Response to public censure imposed by the JSE

Response to public censure imposed by the JSE

ROLFES HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/002715/06)
Share Code: RLF & ISIN: ZAE000159836
("Rolfes" or "the Company")

RESPONSE TO PUBLIC CENSURE IMPOSED BY THE JSE

Shareholders are referred to the Censure imposed by the JSE on Rolfes on
SENS this morning. The Company strongly disagrees that the Censure is
appropriate. While the Company subsequently became aware that the 2015 and
2016 reported results did not comply with IFRS and the JSE Listings
Requirements, at the time of publication they were the results as
presented to the Board by management and audited without qualification.
When the errors and issues were identified in 2017, the Company
immediately notified the JSE, restated the previous results in the 2017
financial statements and replaced its CEO and CFO. It is clear that the
Company acted decisively and appropriately, and the points raised in the
Censure are precisely what the Company itself had notified to the JSE.


Johannesburg
12 November 2019


Sponsor: Grindrod Bank Limited

Date: 12/11/2019 07:06:00
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