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DORBYL LIMITED - QUARTERLY UPDATE REGARDING THE SUSPENSION OF DORBYL

Release Date: 05/04/2013 17:30
Code(s): DLV     PDF:  
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QUARTERLY UPDATE REGARDING THE SUSPENSION OF DORBYL

Dorbyl Limited
(Incorporated in the Republic of South Africa)
Registration Number: 1911/001510/06
Share Code: DLV ISIN: ZAE000002184
("Company" or "Dorbyl")

QUARTERLY UPDATE REGARDING THE SUSPENSION OF DORBYL

Shareholders are referred to the announcement on SENS on 1 November 2012 
in which shareholders were advised that the listing of Dorbyl’s securities 
have been suspended following the Company’s failure to comply with JSE 
Limited’s (“JSE”) Listings Requirements (“the Listings Requirements”) by 
not submitting its annual financial statements timeously. Further thereto, 
Dorbyl’s annual financial statements (“AFS”) were submitted to the JSE and 
distributed to shareholders on 19 November 2012 (as announced on SENS), 
which AFS contained a modified audit report in that the Company’s auditors 
being KPMG Inc., replaced their previous emphasis of matter (which was 
included in the provisional results) with an adverse audit opinion (“Adverse 
Audit Opinion”). The basis for the Adverse Audit Opinion was as a result of 
the going concern assessment of Dorbyl at the time, specifically that the 
Company will be dependent upon a recapitalisation during 2013 to continue 
its operations. 

In addition to the above, the Adverse Audit Opinion indicates non-compliance
with the International Financial Reporting Standards and thus non-compliance
with paragraph 8.62(b) of the Listings Requirements, which must be remedied
to pursue the lifting of Dorbyl’s suspension. Accordingly, shareholders are
advised that the Company is currently considering the options available to it
for the aforementioned recapitalisation which is also required to address the
Adverse Audit Opinion and the lifting of the suspension. As the discussions 
relating to the recapitalisation are ongoing, it is uncertain as to when 
shareholders can expect the suspension to be lifted. Shareholders will 
however be kept duly informed of any further developments in this regard.


Johannesburg

5 April 2013

Sponsor to Dorbyl:   PSG Capital Proprietary Limited

Date: 05/04/2013 05:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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