Sharenet Sites 
Sharenet Sites
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 rectification of all outstanding compliance matters remains a priority for the Company and the
completion and release of all outstanding financial statements are the most important area of focus.
The Company and the auditors are still focussed on the completion of the 2017 annual financial
statements, as well as the financial statements for 2018. Although the audit process has been largely
concluded, the auditors are unable finalise the financial statements due to uncertainty around the SARS
debt settlement.
This settlement was reached with SARS in April 2017 and the Company fulfilled all its obligations in terms
of this agreement. The Company has been struggling, without success, since June 2017 to get SARS to
fulfil its obligations in terms of said agreement. During April 2018, the Company received unexpected
indication from SARS that they are now querying the legitimacy of the 2017 settlement agreement and
reviewing matters internally.
However, during August 2018, the Company managed to secure a meeting with SARS and were able to
agree on certain processes to resolve the tax matters. The Company provided SARS with requested
information and documentation and SARS is currently busy affecting the necessary adjustments to the tax
accounts. The parties will then proceed to reach final conclusion on any remaining matters, and agree on
the way forward. The expectation is that this process should be concluded by the end of October 2018.
The auditors will only be able to finalise the financial statements once we have clarity on the SARS issue.
There have been numerous previous completion timelines reported, which the Company believed to be
realistic, based on the information available at that time. However, the information, specifically provided by
SARS and the auditors, was not always accurate or forthcoming. The Company therefore constantly fails
to meet its deadlines and has to adjust its completion targets on a regular basis.
The Company is doing everything within its power, but the matters currently delaying conclusion are not
under its control. The Company will continue to work with its auditors and all other parties to expedite
matters where possible, but cannot commit to a fixed timeline of completion at this point.
Once the audit has been completed, the Company will release all results as soon as possible thereafter.
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.
Given the mentioned circumstances, the Board therefore has to reconsider its initial planning and remains
hopeful to have the shareholder meetings scheduled and concluded before the end of the year.
Operational update
The unresolved SARS matters and non-compliance status of the tax accounts has a negative impact on
operations. The Company cannot collect its debts or successfully tender for new business without the
necessary tax clearances. Regardless of these constraints, the operational focus remains on improving
performance and creating a stable and sustainable business.
The Company is constantly increasing and adjusting its marketing activities to raise awareness of its
products and services. The focus is not only on traditional government clients, but also on potential
applications in the private sector.
Centurion
28 September 2018
Designated Adviser
Merchantec Capital
Date: 28/09/2018 02:55:00 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.
