To view the PDF file, sign up for a MySharenet subscription.

CHOPPIES ENTERPRISES LIMITED - Further update to shareholders

Release Date: 21/05/2019 16:15
Code(s): CHP     PDF:  
 
Wrap Text
Further update to shareholders

Choppies Enterprises Limited
(Registration number 2004/1681)
BSEL share code: CHOPPIES
JSE share code: CHP
ISIN: BW0000001072
(“Choppies” or the “Company” and, together with its subsidiaries, the “Group”)


FURTHER UPDATE TO SHAREHOLDERS

1.    Shareholders are referred to (i) the various announcements regarding the delay in the
      publication of the Group’s audited annual financial statements for the year ended 30 June 2018
      (the “2018 Financial Results”), the last of which was published on 5 March 2019, and (ii) the
      related cautionary announcements.


2.    As announced on 1 November 2018, the trading of the Company’s shares on both the Botswana
      Stock Exchange Limited (“BSEL”) and Johannesburg Stock Exchange Limited (“JSE”) remains
      suspended pending the Company’s publication of its 2018 Financial Results.


A.    SUSPENSION OF THE CHIEF EXECUTIVE OFFICER

3.    In accordance with the Listings Requirements of the BSEL and the JSE, the board of directors of
      Choppies (“the Board”) hereby informs the Choppies shareholders and the general public that,
      at a duly convened meeting of the Board held on 20 May 2019, the Board resolved to suspend
      from duty the Chief Executive Officer of the Company, Mr Ramachandran Ottapathu.


4.    The suspension of Mr Ottapathu takes effect from Wednesday 22 May 2019 and will subsist
      until such date as the Board determines the action, if any, to be taken in implementation of the
      recommendations made in the investigation reports that will follow the completion of the legal
      and forensic investigations announced by the Company on 5 March 2019. The legal investigation
      is anticipated to conclude by the end of May 2019 (having extended from the end of April 2019).
      The forensic investigation is anticipated to conclude by the end of June 2019.


B.    APPOINTMENT OF AN INTERIM ACTING CHIEF EXECUTIVE OFFICER AND REDFORD CAPITAL

5.    Mr. Farouk Ismail, the current Deputy Chairman of the Board, will, with effect from 22 May
      2019, assume the role of Interim Acting Chief Executive Officer.


C.    APPOINTMENT OF REDFORD CAPITAL

6.    The Board further informs the shareholders of Choppies and the public that Redford Capital
      (“Redford”) has, with effect from 13 May 2019, been appointed to the role of ‘Chief
      Restructuring Officer’ (“CRO”) of the Company. The role of the CRO will, in summary, entail
      reviewing the Choppies business and identifying various action plans for implementation within
      the business to improve it. Redford is a South Africa based firm with over 25 years’ experience
      in providing business related services that include assisting its clients to resolve challenges and
      meet strategic and operational objectives.


7.    Redford is not a related party to Choppies (in terms of the BSEL Equity Listings Requirements).



These announcements are made for information purposes only.


The Company’s primary listing is on the BSEL and its secondary listing is on the JSE.


By Order of the Board

21 May 2019

BSEL Sponsoring Broker
AFRICAN ALLIANCE BOTSWANA LIMITED

JSE Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)




Date: 21/05/2019 04:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story