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BLUE FINANCIAL SERVICES LIMITED - Further update to shareholders

Release Date: 06/12/2013 15:45
Code(s): BFS     PDF:  
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Further update to shareholders

BLUE FINANCIAL SERVICES LIMITED
Incorporated in the Republic of South Africa
Registration Number: 1996/006595/06
JSE Code: BFS
ISIN: ZAE000083655
("Blue" or "the Company" or “the Group”)

FURTHER UPDATE TO SHAREHOLDERS

1. BACKGROUND

  Shareholders are referred to the announcements published on
  the Stock Exchange News Service (“SENS”) of the JSE Limited
  (“JSE”) on 31 October 2013 (“October 2013 SENS”) and 26
  August 2013 (“August 2013 SENS”), whereby shareholders were
  updated on the significant developments at Blue. This
  includes the conversion of debt in terms of the debt
  rescheduling agreement (“DRA”), the restructuring of Blue
  Financial Services South Africa Proprietary Limited (“Blue
  SA”), the forensic investigations launched in 2010 and 2013
  respectively and the status of the February 2013 financial
  results. This announcement serves as further communication
  to shareholders on the aforementioned matters where
  referenced.

2. FEBRUARY 2013 FULL YEAR AND AUGUST 2013 INTERIM FINANCIAL
   RESULTS

  In the October 2013 SENS it was indicated to shareholders
  that Blue anticipated to release its February 2013 full year
  results by the end of November 2013. Furthermore, in terms
  of the Listings Requirements of the JSE Limited paragraph
  3.15, Blue is required to publish its interim results for
  the six months ended 31 August 2013 by no later than 30
  November 2013.

  Shareholders are referred to the August 2013 SENS regarding
  the forensic investigations launched by Blue including the
  investigation of transactions between the Company and Leonox
  Investments Proprietary Limited (“Leonox”). Due to the
  extent and complexity of these transactions and the
  resultant delay this has had on the finalisation of the
  audit of the Company’s financial results, Blue regrettably
  advises shareholders that the financial results for the year
  ended 28 February 2013 and the interim results for the six
  months ended 31 August 2013 will only be released in the
  first quarter of 2014. The Board of Directors of Blue
  remains committed to giving this matter the utmost priority.

3. UPDATE ON INVESTIGATION COMMISSIONED 2013

  As referred to in the August 2013 SENS, Horwath Forensics SA
  was appointed by the Board to undertake the investigation,
  which includes inter alia investigating transactions between
  the Company and Leonox Investments (Pty) Ltd. This
  investigation is broadly finalised.

  Blue is currently awaiting legal opinion on certain of these
  aspects. The Company’s external auditors are in the process
  of auditing the related transactions and the appropriate
  treatment in accordance with IFRS.

4. LOOKING FORWARD

  The Board will apply to the JSE to recommence trading of
  Blue securities on the JSE once the February 2013 full year
  financial results and August 2013 interim results have been
  published on SENS. Until such time the voluntary suspension
  of trading of Blue’s securities will remain in effect.


  Randburg
  6 December 2013


  Designated Advisor
  Grindrod Bank Limited

Date: 06/12/2013 03:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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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,
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