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TOTAL CLIENT SERVICES LIMITED - Quarterly Progress Report

Release Date: 30/09/2016 14:00
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


In terms of paragraph 1.10(c) of the JSE Listings Requirements, relating to the continuing obligations of
suspended companies, shareholders are provided with a quarterly progress report on the current state of
affairs of the Company.

The completion and release of all outstanding financial statements remain an important area of focus for
the Company. Prior expected completion deadlines, as referred to in previous progress reports, have not
been met by TCS. The Company is engaged in a financial re-structuring process and elements of this
process is of importance to the auditors, their technical reviews and their ultimate approval of past and
future financial statements. Only once the financial re-structuring elements are approved and in place, the
auditors will be in a position to continue. The conclusion of this process, which was initially expected by
January 2016, has been delayed due to certain unresolved elements of the due diligence process.
Although all efforts are being applied to have this resolved, successful conclusion is only expected
towards the end of November 2016. This has an impact on the completion date previously communicated
and the revised timetable is set out below.

Once the 2014 financial statements are signed and released, work can commence on the audit for 2015
and 2016. Depending on the start date, the audit process could be completed by end of October 2016 and
the financial statements released in November 2016.

The remaining overdue financial matters and statements include the 2014 annual report, the August 2014
interim results, the February 2015 year-end results and the 2015 annual report, the August 2015 interim
results, the February 2016 year-end results, the August 2016 interim results and the 2016 annual report. All
these reports are delayed by the completion of the outstanding 2014 financial statements. Once this can be
completed, the outstanding 2015 and 2016 financial matters and statements can be actioned and
completed at the earliest possible opportunity. Considering the delay and the prerequisite activities, the
board of directors of TCS is still positive that completion and full compliance can be in place by end of
November 2016.

Operational update
The operational focus is currently on improving performance and increasing volume production on the
primary full-service contracts in Polokwane, Thlokwe and Buffalo City. The Company completed the
upgrade and enhancement of its Traffic Management Software which will be made available to all current
clients and the general market.

Following the completion of the project with the Namibian Police, the Company aims to build on the
success of this project and its relationship with local partners in Namibia to secure further business.

The Company continues with the introduction and marketing campaign of the new camera equipment and
technology, as well as the new management systems, to the market in general and is positive that it will be
well supported.

Centurion
30 September 2016

Designated Adviser
Merchantec Capital

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