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Quarterly Suspension Update
New Frontier Properties Ltd
(Incorporated in the Republic of Mauritius on 5 June 2014)
(Registration number 123368C1/GBL)
SEM share code: NFP.N0000
JSE share code: NFP
ISIN: MU0453N00004
(“New Frontier” or the “Company”)
QUARTERLY SUSPENSION UPDATE
Shareholders are advised that the Company was suspended for the late publication of its Provisional
Report for the year ended 31 August 2020.
In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide
an update to shareholders regarding the current state of affairs of the Company until the suspension
is lifted.
The Company remains restrained due to the rental cash trap by the property financier and the
refusal of the subsidiary directors to authorise the release of funds to the parent company. This has
caused a delay in resolving old payments to the auditors from 2019 and a delay in the
commencement of the audit for the 2020 and 2021 financial years.
Shareholders are further advised that the subsidiary directors and the property financier, have
requested the asset manager to commence marketing and selling the two remaining properties.
The asset manager will earn a fee on the disposals from HSBC. NFP has been advised by the
subsidiary directors that it has no say in the process and that there is no need for them to comply
with the JSE or SEM listings requirements as they need to act in the interests of creditors in terms of
Guernsey law. The Company is considering whether control of the subsidiaries has technically been
lost.
The Board of NFP have taken steps to try to secure replacement funding in order to acquire the
debt of HSBC Bank Limited (“HSBC”) at an amount higher than the consideration being offered for
the shopping centres. Various expressions of interest have been received but still need to be
backed up by proof of funding. This would be in the interests of all stakeholders, including HSBC, as
opposed to NFP losing the underlying assets. Other recapitalization opportunities are also being
explored.
In addition to the above, shareholders are further advised that the audit process of New Frontier’s
consolidated financial statements for the year ended 31 August 2020, as well as that of the
Guernsey subsidiary companies, are still on-going due to various hindrances owing to the COVID-
19 pandemic and other administrative issues. This has a knock-on impact on the audit for the year
ended 31 August 2021.
Consequently, and following an application made to the Stock Exchange of Mauritius Limited
(“SEM”), the Company has obtained formal approval from the SEM for an extension of the deadline
for publishing its accounts for the years ended 31 August 2020 and 31 August 2021 as well as for the
various quarters ended 30 November 2021, until 30 June 2022. The Company has also been
suspended on SEM.
The Company will become compliant with the SEM and JSE Listings Requirements once the Annual
Financial Statements and Annual Reports for the years ended 31 August 2020 and 31 August 2021
have been issued and published as well as the interim results for the various quarterly and interim
periods. The Company will then apply to the SEM and the JSE for the lifting of the suspension in
trade in its securities.
New Frontier holds primary listings on the Official Market of the SEM and the Alternative Exchange
of the JSE.
By order of the Board
10 January 2022
This notice is issued pursuant to SEM Listing Rule 11.3, the JSE Listings Requirements and the Mauritian
Securities Act 2005. The Board of the Company accepts full responsibility for the accuracy of the
information contained in this notice.
For further information please contact:
JSE Sponsor
AcaciaCap Advisors Proprietary Limited
+27 11 480 8500
Date: 10-01-2022 10:00:00
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