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Update to tthe audited results for the year ended 30 June 2018
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or “the Company”)
UPDATE TO THE AUDITED RESULTS FOR THE YEAR ENDED 30 June 2018
As indicated to shareholders in the group’s Audited Results for the
year to June 2018, released on SENS on Monday 5 November 2018, the
group has approached the JSE for the lifting of the voluntary
suspension of the group’s securities. Shareholders are advised that
the audited annual financial statements for the year ended 30 June
2018 is available on the company’s website at www.jasco.co.za
As part of this process, shareholders are referred to the subsequent
events section of the Audited Results for the year ended 30 June
2018, detailing the reportable irregularity, the legal dispute
raised by the minority shareholders of Reflex Solutions (Pty) Ltd,
and PwC Inc.’s unmodified audit opinion in the modified Independent
Auditor’s Report contained in the Audited Annual Financial
Statements for the year ended 30 June 2018, to note the following
information in terms of section 3.18(g) of the JSE Listings
Requirements:
1. “Report on other legal and regulatory requirements
In accordance with our responsibilities in terms of section 44(2)
and 44(3) of the Auditing Profession Act (APA), we report that we
have identified a reportable irregularity in terms of the Auditing
Profession Act. We have reported such matter to the Independent
Regulatory Board for Auditors. The matters pertaining to the
reportable irregularity has been described in note 36 to the Annual
Financial Statements.
2. Emphasis of matter
We draw attention to note 34.3 to the Annual Financial Statements,
which indicates that a legal dispute has arisen between the company
and the minority shareholders of Reflex Solutions (Pty) Ltd over
the ownership of Reflex Solutions (Pty) Ltd, the outcome of which
is uncertain. Our opinion is not modified in respect of this matter.”
With reference to note 36 on page 86 of the June 2018 Annual
Financial Statements it is disclosed that PwC Inc. followed up this
report with a second report as required by APA, advising IRBA that,
in its view, the reportable irregularities are no longer occurring.
With reference to note 34.3 on page 79 of the Audited Annual
Financial Statements for the year ended 30 June 2018, it is disclosed
that the outcome of this dispute may affect the timing of the payment
of the second tranche payment. Based on legal advice, Jasco confirms
that its ownership of a controlling interest is not in doubt, only
the possible timing of the final payment. Jasco will provide further
relevant updates as negotiations continue.
Johannesburg
8 November 2018
Sponsor: Grindrod Bank Limited
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