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JASCO ELECTRONICS HOLDINGS LIMITED - Update: December 2018 interim results announcement and Reflex Solutions (Proprietary) Limited dispute

Release Date: 29/03/2019 14:46
Code(s): JSC     PDF:  
 
Wrap Text
Update: December 2018 interim results announcement and Reflex Solutions (Proprietary) Limited dispute

JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC    ISIN: ZAE000003794
("Jasco" or “the group”)

Update: December 2018 interim results announcement and Reflex
Solutions (Proprietary) Limited dispute

Shareholders are referred to the SENS announcement on
8 February 2019 when it was disclosed that Jasco, as the
majority shareholder in Reflex Solutions (Proprietary) Limited
(“Reflex Solutions”), and the minority shareholders of Reflex
Solutions are in a dispute. The dispute involves the validity
of the cancellation by the minority shareholders of the sale
of shares and shareholders’ agreements entered into between
Jasco and Reflex Solutions in 2017.

Shareholders are advised that the arbitration hearing dates
initially scheduled for 14 and 15 March were utilised by the
arbitrator for an interlocutory hearing. The interlocutory
hearing was a pre-requisite for the actual hearing and deemed
necessary by the arbitrator to resolve a specific procedural
issue ahead of hearing the dispute. The arbitration process
will now continue on 4 and 5 April 2019 for the dispute to be
heard.

Due to the dispute, Jasco has not been in possession of Reflex
Solutions’ financial information for period ending December
2018 (“Reporting Period”) and as Reflex Solutions is a material
subsidiary of the group, Jasco was unable to publish the
group’s interim results for the Reporting Period until the
arbitration was concluded.

The parties have, however, reached an amicable solution
regarding the provision of Reflex’ financial information for
the Reporting Period in order to proceed with the release of
the interim results of the group ahead of the conclusion of
the arbitration proceedings.

Jasco therefore anticipates publishing the group’s December
2018 interim results in mid-April 2019 following the inclusion
of the Reflex financial results into the consolidated group
interim results for the Reporting Period.


Further updates will be provided as the arbitration process
progresses and the parties reach a conclusion to the dispute.

Midrand
29 March 2019
Sponsor: Grindrod Bank Limited

Date: 29/03/2019 02:46:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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