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TOTAL CLIENT SERVICES LIMITED - Quarterly Progress Report

Release Date: 31/03/2015 17:10
Code(s): TCS     PDF:  
Wrap Text
Quarterly Progress Report

TOTAL CLIENT SERVICES LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/025018/06)
Share code: TCS ISIN: ZAE000116208
(“TCS” or “the Company”)


QUARTERLY PROGRESS REPORT



Shareholders are referred to the cautionary announcement released on SENS on 22 November 2013, the
subsequent renewal of cautionary announcements, the last of which was dated 19 February 2015 and in
terms of paragraph 1.10(c) of the JSE Listings Requirements relating to the continuing obligations of
suspended companies, are provided with a quarterly progress report on the current state of affairs of the
Company.

The Company continues to pursue various internal and external opportunities and initiatives in line with the
restructuring and rebuilding phase. The Company is also making good progress with the implementation of
the Business Rescue plan.

The preparation of the annual financial results for the 2014 financial year has been completed and the
Reviewed Condensed Consolidated Financial Statements for the year ended 28 February 2014 were
released on SENS on 28 November 2014. However, the completion and release of the 2014 annual report
has been delayed and is currently receiving urgent attention.

The meeting of the board of directors of TCS (“the Board”) which was intended to take place at the end of
November 2014 was postponed until early in 2015 and no fixed date has been decided yet. The scheduling
of the Annual General Meeting will be finalised at the next Board meeting, but the intention is to have the
Annual General Meeting concluded by no later than the end of May 2015.

The Company continues to work closely together with the auditors to finalise long outstanding financial
matters, which includes the completion and release of the pro forma announcement in respect of the specific
issue of shares as part of the business rescue, 2014 annual report, the August 2014 interim results and the
February 2015 year-end results. These are expected to be completed and released by no later than end of
May 2015.

During January 2015, TCS finalised an agreement with the Namibian National Police (“NAMPOL”), for the
national deployment of its traffic management system which included a service level agreement for a period
of five years. The deployment will be across thirteen regions in Namibia, starting with the Nampol
headquarters in the Khomas area. This project includes the roll-out of TCS’s mobile and permanent speed
and intersection (“Red light”) cameras throughout Namibia. The Company is well prepared for the
implementation and roll-out in Namibia, and certain aspects of the contract were already delivered in
February 2015.

The launch of the electronic laser mobile camera in January 2015 has been well received in the market and
orders for the new camera is expected to increase over the coming months. These cameras were introduced
in Polokwane, where TCS secured a new contract in 2014, and are proving to be very effective, even at
these early stages of the project.

The Company will also embark on an introduction and marketing campaign to the market in general and is
positive that the new camera will be well received and supported.

Centurion
31 March 2015

Designated Adviser
Merchantec Capital

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