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TOTAL CLIENT SERVICES LIMITED - Quarterly Progress Report

Release Date: 30/06/2017 16:00
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 pertaining to the continuing obligations of
suspended companies, shareholders are hereby 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, elements of which
require engagement with the auditors; technical reviews and ultimate approval of past and future financial
statements by the auditors.

The Company made sufficient progress to enable the auditors to commence the audit process in February
2017. The Company published its condensed financial statements for 2015 and 2016, at the end of May
2017. During June 2017, the Company submitted its financial statements to the auditors for technical
review and finalisation. This process is still in progress and the Company will only be able to release
financial statements once all reviews have been satisfactorily completed. The targeted completion date is
set for no later than 21 July 2017.

Once the financial statements and the annual reports have been published and distributed, as the case
may be, the Company will attend to the necessary shareholder meetings to, inter alia, ratify the financial
statements.

Although certain aspects of the aforementioned processes still remain uncertain and beyond the
Company’s control, the board of directors of TCS is positive that the aforementioned shareholder
meetings can be held before the end of September 2017.

Operational update
The operational focus remains on improving performance and increasing volume production on the primary
full-service contracts. The Company has completed the upgrade and enhancement of its Traffic
Management Software which is currently presented to all existing clients and the general market.

The Company continues to pursue all opportunities to market, including the sale of camera equipment and
technology, as well as the new management systems.


Centurion
30 June 2017


Designated Adviser
Merchantec Capital

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