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Update to publication of results and lifting of suspension and further cautionary announcement
DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT
ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the “Company”)
UPDATE TO PUBLICATION OF RESULTS AND LIFTING OF SUSPENSION
FURTHER CAUTIONARY ANNOUNCEMENT
Delta shareholders are referred to the various announcements released by the Company on SENS, the latest being on
25 February 2021, relating to a forensic investigation by Mazars Forensic Services (“Forensic Investigation”) into
alleged procurement irregularities and the misappropriation of funds by senior executives and Delta’s subsequent
engagement with its auditor, BDO South Africa Incorporated (“Auditor”) in respect of the Forensic Investigation, which
led to the withdrawal by the Auditor of its audit opinion in respect of the financial statements for the year ended
February 2020 (“2020 Financial Statements”), the Delta board of directors’ (“Board”) withdrawal of the 2020 Financial
Statements, resultant delay in the publication of the Company’s interim results for the six months ended 31 August
2020 ("Interim Results") and the JSE-initiated suspension of the Company (“Suspension”) on 15 December 2020.
As stated in the SENS announcement dated 25 February 2021, due to the extended internal assessment conducted by
management on the Company that was required as a result of the findings of the Forensic Investigation, and the
additional work the Auditor had to perform, more time than originally anticipated was required to finalise the restated
2020 Financial Statements. Based on the feedback from the Auditor at the time, the Board had previously targeted
the publication of its audited restated 2020 Financial Statements and the Interim Results by 22 March 2021.
Shareholders are reminded that the Auditor is required to undertake a rigorous review process in respect of the 2020
Financial Statements in order to provide an audit opinion thereon, and has had to perform additional work following
the significant reduction in audit materiality. Although the audit has substantially been completed, based on the
updated timetable and feedback from the Auditor, the Board anticipates to be in a position to publish the audited
restated 2020 Financial Statements by no later than 12 April 2021.
Due to the emphasis having been placed on the audited restated 2020 Financial Statements as a result of the extent
of the work that has been required to be performed thereon by management and the Auditor, the publication of the
Interim Results will follow on a later date. Shareholders will be advised of the anticipated publication date of the
Interim Results in due course.
The Board will apply to the JSE for the Suspension to be lifted once both the audited and restated 2020 Financial
Statements and Interim Results have been published.
Based on the above, shareholders are advised to continue exercising caution in relation to Delta securities until a
further announcement is made and the Suspension is lifted.
Johannesburg
17 March 2021
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Date: 17-03-2021 02:10:00
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