SQE - Square One Solutions Group Limited - Board Announcement

Release Date: 13/05/2010 08:52
Code(s): SQE
 
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SQE - Square One Solutions Group Limited - Board Announcement Square One Solutions Group Limited (Incorporated in the Republic of South Africa) (Registration number 1999/026822/06) Share code: SQE ISIN: ZAE00023768 ("Square One" or "the company") BOARD ANNOUNCEMENT Further to our SENS announcement on Monday 10th May 2010 announcing the resignation of Mr. Garth Alan Coetser as Chairman of Square One Solutions Group Limited and as director of all underlying subsidiaries we have taken note that there are various articles in the press which still link Mr. Coetser to Square One Solutions Group Ltd and its subsidiaries. On Saturday there was an article indicating that SARS had issued a warrant of arrest for Garth Alan Coetser for alleged VAT fraud. We wish to place on record that as far as we are aware no Square One Group companies are implicated on the charge sheet presented to Mr. Coetser and other parties. As a Group we have not formally had sight of the charge sheet and our understanding is that if any of the Group companies were implicated in any way in this matter the authorities would have served appropriate documentation on the Group or affected entities. We have noted that in one of the press reports an entity by the name of Square One Power is linked to the allegations against Mr. Coetser. We wish to place on record that Square one Power was sold out of the Group in 2007 and is no longer part of the Group. To the extent that there may be other entities on the charge sheet with a Square One name on the charge we at this time wish to distance the Group from the regrettable allegations against our former Chairman as well as any such entities and reiterate that no Group companies are implicated in this unfortunate process that is unfolding. At this stage we are not in any position to comment on any of the allegations against Mr. Coetser as we have also been caught by surprise by these allegations and we have not been privy to the charge sheet or any facts around the matter. We trust that the matter will be resolved expeditiously without further reputational damage to Square One Solutions Group Limited and its subsidiaries. This unfortunate event is having a negative impact on perceptions around the Group and the remaining management and directors are acting to the best of our abilities to protect the interests of stakeholders in the most appropriate manner. Shareholders and other stakeholders will be provided with further proposed actions around this matter and any actions around the Group as soon as practically possible. By order of the Board 13 May 2010 Sponsor: Grindrod Bank Limited Date: 13/05/2010 08:52:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department . The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information
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