STEFANUTTI STOCKS HOLDINGS LIMITED - Voluntary announcement relating to the article published in the Daily Maverick

Voluntary announcement relating to the article published in the Daily Maverick

Stefanutti Stocks Holdings Limited
(Registration number 1996/003767/06)
Share code: SSK
ISIN ZAE: 000123766
(“Stefanutti Stocks” or “the company”)

Voluntary announcement relating to the article published in the Daily Maverick

Shareholders are referred to the article in the Daily Maverick published on 26 November 2019 wherein
allegations of impropriety were made against Stefanutti Stocks.


The company has issued an open letter to all stakeholders summarised as follows:


Stefanutti Stocks would like to clarify that the following information was shared with Mr Pieter-Louis
Myburgh in advance of the publication of the Daily Maverick article:
    •   Stefanutti Stocks has engaged in an open and transparent manner with the Special
        Investigation Unit (SIU) and importantly it has as part of its process of disclosure brought the
        payments made to Babinatlou Business Services (“Babinatlou”) to the attention of the SIU;
    •   The payments totalling R2 million (pursuant to a request from Mr Kgomoeswana) were made
        as part of Stefanutti Stocks’ Corporate Social Investment initiative in order to fund the
        completion of a four-classroom block at Mokhine High School at Sekhukhune in the Limpopo
        Province;
    •   The measures that Stefanutti Stocks adopted in order to ensure that the monies were indeed
        utilised for their intended purpose included the following:
            o   it established from the South African Revenue service that Babinatlou was in good
                standing;
            o   it secured a breakdown of the outstanding works required to complete the project;
            o   it was sent photographs of the completed works;
            o   it was invited to inspect the completed works; and
            o   it engaged with the principal, Mr MS Makgwale, of the school, who incidentally after
                completion of the school block, invited representatives of Stefanutti Stocks to attend
                the opening of the school.
    •   At the time, Stefanutti Stocks was unaware of the fact that Babinatlou may have been utilised
        to front for certain Eskom executives. It was also unaware that Mr Kgomoeswana may be
        linked to certain Eskom executives.
    •   The payments to Babinatlou were made purely for the purpose indicated and importantly were
        not made for any illicit purposes involving any Eskom executives.
    •   Insofar as Stefanutti Stocks has been able to ascertain, the monies it paid were utilised for their
        intended purpose.
Stefanutti Stocks takes its regulatory compliance obligations very seriously and hence its open
approach to engagements with the SIU and its willingness to engage in a direct and frank manner with
Mr PL Myburgh.


29 November 2019
Johannesburg

Sponsor: Bridge Capital Advisors Proprietary Limited

Date: 29-11-2019 02:02:00
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