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LAB - Labat Africa Limited - Emphasis of matter

Release Date: 05/10/2011 14:15
Code(s): LAB
Wrap Text

LAB - Labat Africa Limited - Emphasis of matter LABAT AFRICA LIMITED Incorporated in the Republic of South Africa) (Registration number: 1986/001616/06) Share Code: LAB ISIN: ZAE000018354 ("Labat" or "the company") EMPHASIS OF MATTER Shareholders are referred to the announcement released yesterday detailing changes to the audited results in comparison to the reviewed results for the year ended 28 February 2011 as announced on 1 June 2011. The review opinion as announced on 1 June 2011 detailed an unqualified report. The audit opinion, for the results as announced on 3 October 2011, contained an emphasis of matter. The emphasis of matter relates to the following; 1. Without qualifying the auditor`s opinion, they draw attention to note 27 of the financial statements which indicates why the company`s financial are prepared on the basis of accounting policies that are applicable to a going concern. 2. The audit report identified certain unlawful acts or omissions committed by persons previously appointed to the Labat board and then responsible for the management of the Company which constitute reportable irregularities in terms of the Auditing Profession Act, and have reported such matters to the Independent Regulatory Board for Auditors. The matters pertaining to the reportable irregularities have been described under the heading "Other legal and regulatory requirements" to the directors` report. Johannesburg 5 October 2011 Sponsors Arcay Moela Sponsors (Pty) Ltd Date: 05/10/2011 14:15:01 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 published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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