LABAT AFRICA LIMITED - Further announcement on the Pac-Con Pharmaceuticals (Pty) Ltd acquisition and update to financial information

Further announcement on the Pac-Con Pharmaceuticals (Pty) Ltd acquisition and update to financial information

LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat” or “the Company”)
ISIN Code: ZAE 000018354 Share code: LAB


FURTHER ANNOUNCEMENT ON THE PAC-CON PHARMACEUTICALS PROPRIETARY LIMITED (“Pac-
Con”) ACQUISITION AND UPDATE TO FINANCIAL INFORMATION


Shareholders are referred to the announcement released on SENS on 22 November 2019 with
regard to the establishment of a fully integrated cannabis business within the Labat Group of
companies known as Labat Healthcare.

Shareholders are advised of the following additional information in relation to the Pac-Con
acquisition

-    Labat has advanced the funds to the Business Rescue practitioner and the Pac-Con
     creditors have been paid;
-    Pac-Con has been taken out of business rescue.

An application to list the shares for the Pac-Con acquisition is being made to the JSE.

In addition, shareholders are advised that a correction to the source of the historical financial
information is made in that the information was extracted from what was termed in respect of
audited annual financial statements but the financial statements received were in fact
Compiled Finanical Statements prepared by Nigel Nair, a Business Accountant in Practice –
SAIBA 1658 from Blue Sky Tax Services CC. Furthermore, the Compiled Finanical Statements
had not been signed by the compiler and the directors. The financial statements were
prepared in accordance with IFRS for Small and Medium-sized entities and the compilation
report (unsigned) was prepared in accordance with the International Standard on Related
Services 4410 (Revised) Compilation Engagements.

JOHANNESBURG
27 December 2019

Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 27-12-2019 09:00:00
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