TOTAL CLIENT SERVICES LIMITED - Quarterly Progress Report

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 complete the audit process in May 2017.
The Company published its reviewed condensed consolidated provisional financial statements for 2015
and 2016 at the end of May 2017. Although the technical review and finalisation of the annual financial
statements experienced some delays, this has now been completed and the Company submitted the
annual financial statements for 2014, 2015 and 2016 to the JSE, during the course of September 2017.

The Company and the auditors will focus on completion of the 2017 annual financial statements, as well
as the interim results for 2018, for publication. The expected completion date is 15 December 2017.

The Company is now in the process of preparing the annual reports for 2014, 2015 and 2016 for
publication and distribution. Once all the annual financial statements and the annual reports have been
published and distributed, as the case may be, the Company will attend to the necessary shareholder
general meetings to, inter alia, ratify the annual financial statements.

Certain aspects of the aforementioned processes still remain uncertain and beyond the Company’s
control, and thus the Board has to take a realistic view on the timing of the aforementioned shareholder
meetings. The Board therefore expects the shareholders meetings to be scheduled and concluded during
the first quarter of 2018.

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
29 September 2017


Designated Adviser
Merchantec Capital

Date: 29/09/2017 04:58:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
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,
 information disseminated through SENS.