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Cautionary announcement relating to the Covid-19 impact on property valuations
Acsion Limited
(Registration number 2014/182931/06)
(Incorporated in the Republic of South Africa)
Share code: ACS ISIN: ZAE000198289
(“Acsion” or “the Company”)
CAUTIONARY ANNOUNCEMENT RELATING TO THE COVID-19 IMPACT ON PROPERTY VALUATIONS
Shareholders are referred to the Company’s condensed consolidated financial results for the six months
ended 31 August 2020 (“Interim Results”) released on SENS on 26 November 2020, which contained the
following statement:
“Investment properties were last revalued at 29 February 2020. Caution needs to be exercised by the
user of this announcement, bearing in mind that the valuations were performed without COVID-19
impact. The impact of COVID-19 was treated as a subsequent event in the audited annual financial
statements for the year ended 29 February 2020.”
The above statement was included in the Interim Results to alert shareholders that the board of
directors of Acsion (the “Board”) was of the view that it would have been irresponsible and potentially
misleading to provide revised re-measurements in respect of the values of its investment properties for
the six months ended 31 August 2020, given that there was no reliable information available with which
to prepare valuations in a volatile market resulting from the COVID 19 pandemic.
In order to provide shareholders with relevant valuation COVID-19 disclosures in terms of the JSE’s
guidance issued on 25 May 2020 as well as the Investment Property Common Findings Report issued by
the JSE on 3 November 2020, the Board has resolved to prepare valuations of the Company’s investment
properties, including developments under construction as at 31 August 2020, on an urgent basis.
The full details of the Valuations are expected to be published in due course but by no later than 28
February 2021.
Acsion shareholders are advised that the valuations may have a material effect on the price of the
Company’s securities. Accordingly, shareholders are advised to exercise caution when dealing in the
Company’s securities until Acsion is in a position to publish full details of the valuations.
In addition, and as part of Acsion’s upcoming financial year end of 28 February 2021, further valuations
will be performed of the Company’s investment properties as at 28 February 2021 as required in terms
of the JSE Listings Requirements and International Financial Reporting Standards.
Johannesburg
5 February 2021
Sponsor
Nedbank Corporate and Investment Banking
Date: 05-02-2021 04:51:00
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