ENX CORPORATION LIMITED - BIEQS1 - Notification of a change of financial year-end and update on the availability of the Issuers AFS

BIEQS1 - Notification of a change of financial year-end and update on the availability of the Issuer’s AFS

enX Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1984/007045/06)
Company code: BIEQS1
(“enX” or the “Issuer”)

NOTIFICATION OF A CHANGE OF FINANCIAL YEAR-END AND UPDATE ON THE AVAILABILITY OF THE ISSUER’S
ANNUAL FINANCIAL STATEMENTS

NOTIFICATION OF A CHANGE OF FINANCIAL YEAR-END

Noteholders are advised that the Issuer has changed its year-end from 31 August to 30 June for the 2020 financial year
and from 30 June to 31 August for the 2021 financial year onwards.

The financial year-end of the Issuer was initially changed to align with the Bidvest Bank Limited’s (“Bidvest”) financial
year-end, in anticipation of the divestment of the Eqstra Fleet Management and Logistics business to Bidvest (the
“Transaction”) being concluded earlier this year. As the Transaction did not proceed, the Issuer has decided to realign
its financial year-end to that of the holding company and guarantor, enX Group Limited (“ListCo”).

UPDATE ON THE AVAILABILITY OF THE ISSUER’S ANNUAL FINANCIAL STATEMENTS

Noteholders are referred to the third market notice issued on 7 July 2020 by the Financial Sector Conduct Authority
(“FSCA”) wherein, as a result of the COVID-19 pandemic and resultant nationwide lockdown, the FSCA granted
companies with debt listed on the Interest Rate Market of the JSE Limited and who have financial year ends of 31 May
2020, 30 June 2020 and 31 July 2020, an extension of two months by which to comply with the various reporting
timeframes as provided for in the JSE Limited Debt Listings Requirements (the “Requirements”) (the “FSCA Extension”).

The Requirements stipulates that the Issuer’s audited annual financial statements (“AFS”) must be available at the
registered office of the Issuer and on the Issuer’s website and a notice of availability announcement must be released
within four months after the Issuer’s financial year end.

The FSCA extension is being utilised for the following reasons:

    •   As a result of the Transaction not becoming effective, the year-end of the Issuer no longer aligns to that of the
        ListCo. If the FSCA extension is not utilised, the AFS of the Issuer will have to be made public prior to ListCo’s
        AFS being released. The Issuer forms a material part of ListCo and therefore a prior release is not desirable.
    •   The timing of the audit of the AFS by the auditors has been impacted by the change in year-end from 31 August
        2020 to 30 June 2020. The auditor’s planning was previously aligned to the 31 August 2020 year-end, based
        on the prior year audit. While the auditor adjusted the planning of the audit to align to the new financial year-
        end, COVID-19 impacted audit planning significantly with audit teams not being able to start as anticipated
        due to delays on other client audits as well as the audit of the Issuer’s AFS being performed remotely increasing
        turnaround times in providing audit evidence.
    •   As a further result of the Transaction not being effective, ListCo commenced the process of refinancing the
        notes issued by enX. While significant progress has been made in this regard, the funding agreements are only
        expected to be concluded during November 2020.

Accordingly, the Issuer expects to make its audited annual financial statements for the year ended 30 June 2020
available at the registered office of the Issuer and on its website on or about 30 November 2020, but in any event by
no later than 31 December 2020.

14 October 2020

Debt Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

Date: 14-10-2020 05:50:00
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