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

ORION REAL ESTATE LIMITED - Quarterly Update Suspension

Release Date: 02/09/2019 14:49
Code(s): ORE     PDF:  
Wrap Text
Quarterly Update Suspension

ORION REAL ESTATE LIMITED
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000201695
("Orion Real Estate" or “the Company”)

QUARTERLY UPDATE ON SUSPENSION

In accordance with paragraph 1.6 of the JSE Listings Requirements which deals with the suspension
of a company’s securities by the Johannesburg Stock Exchange (“JSE”), shareholders are provided
with an update on the Company’s status below.

The Company changed its auditors during February 2019 due to a breakdown in the relationship
and the Company’s inability to ascertain a date for the completion of the audit by the former
auditors. The Company published its audited results on SENS on 9 May 2019 and its interim results for
the 6 months ended 31 December 2018 on SENS on 17 May 2019. The Annual Report was posted to
shareholders and the AGM has been held.

The Company has applied for the lifting of its suspension and also met directly to discuss this issue
with the JSE and has had numerous email and telephonic conversations via our Sponsors with the
JSE on this issue. A number of subsequent requests for additional disclosures and other information
have been made by the JSE over the past three months, which the Company has addressed
timeously and completely.

The JSE has since requested a detailed root cause analysis primarily on previous restatements over
the past six years from 2013 from the Audit and Risk Committee (ARC), which was provided to the
JSE. It should be noted that the previous restatements were not due to issues with the control
environment but mostly with once off events, changes in industry reporting, the conversion to a REIT
or IFRS interpretations. Unfortunately, the passing of two previous Financial Directors, the changes in
the ARC composition during this period, as well as the recent office move, has had an impact on
the ability to access the older information and establish the root cause and steps taken at the time.
The JSE has raised additional queries on this analysis, which will be addressed in due course to the
extent that information can be located for 2013 to 2015.

In the interim, the Company has taken a decision to ask shareholders to approve the delisting of
the Company by way of a Scheme of Arrangement following the loss of the REIT status. A further
announcement will be made in due course in this regard.

Johannesburg
2 September 2019

Sponsor
Arbor Capital Sponsors Proprietary Limited

Date: 02/09/2019 02:49:00
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.

Share This Story