AFRISTRAT INVESTMENT HOLDINGS LIMITED - Resignation of External Auditor

Resignation of External Auditor

AFRISTRAT INVESTMENT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ATI - ISIN: ZAE000305959
Debt Issuer Code: ATID
Hybrid Issuer Code: ATIG
(“Afristrat” or “the Group”)


Resignation of External Auditor


In compliance with paragraphs 3.75 to 3.78 of the Listings Requirements of JSE Limited (“JSE”),
shareholders are advised that Nexia SAB&T (“Nexia”) advised the board of directors of Afristrat
(“Board”) on 12 August of its resignation as external auditors of the Group, with immediate
effect.

The following reasons were cited by Nexia for their resignation:

o   instability in the financial reporting and accounting functions throughout the foreign
    subsidiary entities within the Group;

o   significant delay in the finalisation of the audit of the foreign subsidiary entities by the
    respective component auditors;

o   significant doubt around the Group’s ability to continue as a going concern evident from its
    existing liquidity and solvency position;

o   concern related to the level of recoverability of the audit fees given delays in payment of
    historical audit fees; and

o   suspension of Afristrat’s listing by the JSE Limited.

Whilst Nexia’s resignation will unfortunately have a further negative impact on the release of
Afristrat’s audited annual financial statements for the year ended 31 March 2022, the Board has
commenced the process of appointing new external auditors and will advise shareholders once
such appointment has been confirmed and the expected timeline of release of the
abovementioned results.

For more information about this announcement or the Afristrat group, email
investor.relations@afristrat.ltd or visit www.afristrat.ltd/investor-relations/


15 August 2022
Pretoria

Sponsor
Merchantec Capital

Date: 15-08-2022 04:43:00
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