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Voluntary shareholder announcement
MUSTEK LIMITED
Incorporated in the Republic of South Africa
(Registration number 1987/070161/06)
Share Code: MST ISIN: ZAE000012373
(“Mustek”)
VOLUNTARY SHAREHOLDER ANNOUNCEMENT
In accordance with paragraph 3.4(a) of the JSE Limited Listings Requirements, the board of Mustek
hereby advises stakeholders of a matter which may potentially be price sensitive. The matter concerns
certain irregular expenditure during the 2023 financial year, which occurred in Mustek’s associate
company, namely, Sizwe Africa IT Group (Pty) Ltd (“Sizwe”), in which Mustek holds a minority share.
Kindly note, that Mustek’s nominee director is appointed in a non-executive capacity to the Sizwe board
and is accordingly not directly involved in the everyday administration of Sizwe’s business activities.
Mustek believes in upholding the highest standards of transparency, accountability, and adherence to
regulatory compliance and it is with regret that we inform stakeholders of the identified irregularities.
An internal audit revealed that certain expenditure during the 2023 financial year, by certain employees
of Sizwe, did not follow due processes and procedures prescribed by the company and was beyond the
ambit of the authority delegated to such employees.
The board of Sizwe is committed to taking the necessary steps to fully investigate and address such
irregular expenditure, including reporting the matter in terms of the relevant laws and regulations.
The investigation is being conducted in collaboration with external experts to ensure an unbiased and proper
review. As part of this process, the Sizwe employees suspected of being involved in such irregularities
have been suspended from their employment and will be subject to the appropriate disciplinary procedures.
As Mustek, we remain focused on our core business operations and the value we bring to our customers,
employees and stakeholders. While this incident is regrettable, we will ensure that this matter is dealt
with appropriately.
Such irregular expenditure will be accounted for in Mustek’s results to be released for the financial year
ended 30 June 2023. The effect of the aforegoing on both earnings per share and headline earnings per
share is between 30 cents and 40 cents based on a weighted average number of shares of 58.5 million
in issue. The aforegoing does not necessitate Mustek issuing any trading statements.
The financial information in this announcement had not been reviewed nor reported on by Mustek’s
external auditors.
Midrand
5 September 2023
Company Secretary: Sirkien van Schalkwyk
Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited
Date: 05-09-2023 04:00:00
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