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Notification of Change in Auditor
SANTOVA LIMITED
(“Santova” or “the Company”)
Registration Number: 1998/018118/06
Share code: SNV
ISIN: ZAE000159711
NOTIFICATION OF CHANGE IN AUDITOR
Shareholders are advised that in terms of paragraph 3.78 of the JSE Limited Listings
Requirements, Moore Stephens has been appointed as the Company external auditors, with
Candice Whitefield acting as the designated audit partner for the current financial year
ending 28 February 2019, replacing Deloitte & Touche.
Deloitte and Touché has been the auditor of the Company and the Group’s South African
subsidiaries for the past 11 years, with the offshore subsidiaries being audited by local audit
firms in each jurisdiction in which they operate. Following an amended internal policy
requirement by Deloitte & Touche regarding the minimum audit coverage across all
subsidiaries within a Group, both locally and offshore, the Santova Audit & Risk Committee
decided that the financial implications of the change on the Group was not warranted. In
addition the merits of such a change are not consistent with the Group’s size, strategy and
business model. As a result of this decision, Deloitte & Touche signified their intention to
resign and the Santova Audit and Risk Committee embarked on a formal tender process to
appoint new auditors, resulting in its recommendation to the Board to appoint Moore
Stephens. The Board formally approved the appointment at its meeting held on 29 October
2018.
Moore Stephens is ranked as the 10th largest audit firm internationally, based the size of its
staff complement, and currently audits the Group’s wholly owned subsidiary in the
Netherlands, a significant component of the Group.
The board of directors of Santova extends its thanks and appreciation to Deloitte & Touche
for their services and valuable contribution to the Group over the past 11 years.
29 October 2018
Durban
Sponsor and Corporate Advisor
River Group
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