HUGE GROUP LIMITED - No change statement and notice of annual general meeting

No change statement and notice of annual general meeting

HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Company”)

NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING

1. No change statement

   Shareholders are advised that the Company’s Integrated Report, incorporating the
   audited annual financial statements for the year ended 29 February 2020
   (“FY2020”), has been distributed to shareholders and is available on the Company’s
   website     at    http://hugegroup.com/huge-group-unlocking-business-opportunity-
   financials/ with effect from 31 August 2020.

   Other than the matter outlined below, the audited annual financial statements for
   the year ended 29 February 2020 contain no material changes when compared to
   the reviewed provisional condensed consolidated annual financial results published
   on SENS on 29 May 2020. Shareholders are advised of the following:

   In terms of the JSE’s pro-active monitoring processes, the JSE has found that Huge’s
   recognition of a donation of R14.4 million (received by the Connectnet Incentive
   Trust and included as income of the Group on consolidation of the Connectnet
   Incentive Trust for the year ended 28 February 2019) was contrary to IFRS. The JSE has
   found that the donation should have been recognised as a reduction in the
   purchase price of ConnectNet Broadband Wireless Proprietary Limited.

   Huge has corrected the error outlined above in terms of IAS 8 and has done so in its
   audited annual financial statements for the year ended 29 February 2020. The
   restatement has reduced Goodwill by R14.4 million and has increased Equity by
   R14.4 million in FY2020. Following the correction of the above error, the unqualified
   independent auditor’s report no longer includes an emphasis of matter relating to
   the Connectnet Incentive Trust.

2. Annual general meeting (“AGM”)

   Notice is hereby given that the annual general meeting of the shareholders of the
   Company will be held on Thursday, 8 October 2020 at 11h00 by virtual conference.

   Huge has engaged the services of The Meeting Specialist (“TMS”) to host the AGM
   on an electronic communication platform, which will facilitate the remote
   participation of and voting by shareholders. TMS will be available to assist
   shareholders in registering to participate and vote on the electronic communication
   platform in accordance with the Companies Act, No 71 of 2008 (“the Companies
   Act”). While voting during the AGM will be permitted, shareholders are strongly
   encouraged to submit votes by proxy before the AGM. Shareholders wishing to
   participate in the AGM should instruct their CSDP or broker to issue them with the
   necessary letter of representation.
   
   Shareholders who wish to participate in the AGM by way of the electronic
   communication platform are required to contact TMS at the JSE Limited, One
   Exchange Square, 2 Gwen Lane, Sandown, Johannesburg, PO Box 62043,
   Marshalltown, 2107, or proxy@tmsmeetings.co.za, as soon as practically possible, but
   by no later than 11h00 on Wednesday, 7 October 2020. Full details of this process
   are set out in the notice of AGM forming part of the Integrated Report.

   In terms of section 59 of the Companies Act, the board of directors of the Company
   has determined that the record date to be eligible to participate in and vote at the
   AGM is Friday, 2 October 2020 and that the last day to trade to be eligible to
   participate in and vote at the AGM is Tuesday, 29 September 2020.

31 August 2020

Sponsor
Nedbank Corporate and Investment Banking

Date: 31-08-2020 05:49:00
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