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MUSTEK LIMITED - Update In Respect Of Legal Matter And Trading Statement

Release Date: 30/07/2019 09:47
Code(s): MST     PDF:  
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Update In Respect Of Legal Matter And Trading Statement

MUSTEK LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/070161/06)
Share code: MST
ISIN: ZAE000012373
(“Mustek” or “the company”)

UPDATE IN RESPECT OF LEGAL MATTER AND TRADING
STATEMENT
Shareholders are referred to the SENS announcements dated 30 August 2018 and 22 February 2019
in which a legal dispute with an insurance company was reported. The dispute related to the validity
and enforceability of a guarantee issued by an insurance company in favour of Mustek.

Judgment in the matter was handed down on 29 July 2019 and the High Court ruled in favour of the
insurance company. We are still investigating the appropriate accounting treatment, but the full
amount will be provided for at 30 June 2019 and the after tax effect of the expense will be R12,6
million.

Mustek’s board, together with its legal representatives are considering the judgment and the merits to
appeal the judgment.

Despite the ruling and the effect on the 2019 financial statements, Mustek’s shareholders are
informed that, for the year ended 30 June 2019, Mustek expects that:
     -    Earnings per share will be at least the same as the 102,58 cents reported in the previous
       financial year; and
     -    Headline earnings per share will be at least the same as the 104,15 cents reported in the
       previous financial year.

A further trading statement that will include the expected date of release of its financial results, will be
published once the company obtains reasonable certainty to provide guidance on the percentages
and ranges to describe the differences.

The above information has not been reviewed or reported on by the company’s auditors.

Midrand
30 July 2019

Sponsor: Deloitte & Touche Sponsor Services Proprietary Limited

Date: 30/07/2019 09:47:00
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