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Change Statement, Availability of Annual Financial Statements, Distribution of Annual Report and Notice of AGM
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2003/020161/06
Share code: WEZ
ISIN number: ZAE000075859
(“Wesizwe” or “the Company”)
CHANGE STATEMENT, AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS,
DISTRIBUTION OF INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL
GENERAL MEETING
CHANGE STATEMENT, AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS AND
DISTRIBUTION OF INTEGRATED ANNUAL REPORT
Shareholders of the Company (“Shareholders”) are referred to Wesizwe’s reviewed
provisional condensed consolidated financial results for the year ended 31 December 2022
published on SENS on 31 March 2022 (“Reviewed Results”) and are hereby advised that
Wesizwe’s audited consolidated annual financial statements for the year ended
31 December 2022 (“Annual Financial Statements”) are now available on the Company’s
website.
The Annual Financial Statements have been audited by SizweNtsalubaGobodo Grant
Thornton Inc., who expressed an unmodified audit opinion thereon. The audit opinion also
includes communication of key audit matters.
The Annual Financial Statements contain no modifications from the Reviewed Results, save
for those outlined in the below table. These changes arose during the finalization of the audit
and resulted in a change to the Statement of Financial Position, which in turn impacted the
Statement of Changes in Equity. There is no impact on the Statement of Profit or Loss and
Other Comprehensive Income or the Statement of Cash Flows.
Audited Reviewed Difference
R’000 R’000 R’000
Consolidated Statement of Financial Position
Equity and liabilities
Equity
Shareholder’s contributions 422 748 339 494 83 254
Liabilities
Current liabilities
Shareholder’s loans 5 634 306 5 717 560 (83 254)
Consolidated Statement of Changes in Equity
Shareholder’s contribution during the year 284 744 201 490 83 254
The reclassification arose due to the following:
Shareholder loan 2 was initially recognized at fair value at inception in the financial year
ended 31 December 2021 in accordance with IFRS. During the financial year ended 31
December 2022, Wesizwe Platinum Limited (“the Company”) obtained additional loans from
the majority shareholder. The Company conducted a similar fair valuation exercise on the
additional loans together with Shareholder loan 2. Given that this exercise was performed on
different timelines, and possibly, different assumptions, a different market interest rate was
derived, and consequently a different fair value, for Shareholder loan 2. In this regard, the
Company made an adjustment in the Reviewed Results published on 31 March 2023.
Subsequent to the release of the Reviewed Results, and upon further consultation, the
Company established that the adjustment to Shareholder loan 2 was not required. The
Company has corrected the Shareholder loan 2 fair value that was reported in the Reviewed
Results and reclassified same.
Shareholders are further advised that Wesizwe’s Integrated Annual Report
(“Integrated Report”), incorporating the abridged consolidated annual financial statements
of the Group for the year ended 31 December 2022 (“Abridged Financial Statements”) and
the notice of the Annual General Meeting of the Company (“Notice of AGM”), was dispatched
to Shareholders today, 28 April 2023.
The following documents will be available on the Company’s website, as from today:
1. the Integrated Report, incorporating the summarised financial statements and Notice of
AGM https://www.wesizwe.co.za/cmsAdmin/uploads/wesizwe-iar-2022.pdf and
2. the Annual Financial Statements https://wesizwe.co.za/cmsAdmin/uploads/wesizwe-afs-
december-2022.pdf.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting (“AGM”) will be held via video
conference at 9:00 on Wednesday, 31 May 2023 to transact the business as set out in the
abovementioned Notice of AGM.
Kindly note the following salient details:
Issuer name Wesizwe Platinum Limited
Type of instrument Ordinary shares
ISIN number ZAE000075859
JSE code WEZ
Meeting type Annual General Meeting
Meeting venue Video conference
Record date – to determine which Friday, 21 April 2023
shareholders are entitled to receive the
notice of meeting
Publication/posting date Friday, 28 April 2023
Last day to trade – Last day to trade to Tuesday, 16 May 2023
determine eligible shareholders that may
attend, speak and vote at the meeting
Record date – to determine eligible Friday, 19 May 2023
shareholders that may attend, speak and
vote at the meeting
Meeting deadline date (For administrative Monday, 29 May 2023
purposes, forms of proxy for the meeting to
be lodged)
Meeting date 09:00 on Wednesday, 31 May 2023
Publication of results Wednesday, 31 May 2023
Website link https://www.wesizwe.co.za/cmsAdmin/upl
oads/wesizwe-iar-2022.pdf
Johannesburg
28 April 2023
Sponsor
PSG Capital
Date: 28-04-2023 05:40:00
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