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BELL EQUIPMENT LIMITED - Reliance on Market Notice and update relating to the impact of the COVID-19 pandemic

Release Date: 29/04/2020 12:40
Code(s): BEL     PDF:  
 
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Reliance on Market Notice and update relating to the impact of the COVID-19 pandemic

BELL EQUIPMENT LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1968/013656/06
ISIN: ZAE000028304
Share Code: BEL
(“the Company”)

RELIANCE ON MARKET NOTICE AND UPDATE RELATING TO THE IMPACT OF THE
COVID-19 PANDEMIC

Further to the SENS announcement released by the Company on 1
April 2020 notifying shareholders of the extension granted to
the Company by the JSE to 30 April 2020 in order for the Company
to finalise its year-end financial results for the year ended 31
December 2019, shareholders are referred to the JSE announcement
published on SENS on 3 April 2020 advising the market that the
outbreak of the COVID-19 pandemic and subsequent national
lockdown in South Africa has caused business continuity
challenges and significant financial reporting challenges for
issuers.

The JSE also advised that the Financial Sector Conduct Authority
(‘FSCA’) had considered a request made by the JSE to extend
certain financial reporting deadlines. On 3 April 2020, the FSCA
issued a market notice announcing that issuers with year-ends of
31 December 2019, 31 January 2020, 29 February 2020 and 31 March
2020 will receive temporary relief of two months within which to
complete their year-end financial reporting process (‘Market
Notice’) should this be required by the issuers.

Shareholders are advised that the Company will be placing
reliance on the Market Notice and will be utilising the two
month extension in order to finalise the year-end financial
results. Accordingly, the Company now expects to release its
2019 results before 31 May 2020.

Bell Equipment supports the South African government’s
structured and gradual phasing out of the country’s lockdown.
There is still widespread uncertainty associated with the COVID-
19 pandemic and the group is closely monitoring the situation
and adapting the business to mitigate some of the impact as the
situation develops. The safety and well-being of the group’s
employees is paramount and will remain the group’s first
priority. In this regard measures were implemented by the group
prior to the South African lockdown to prevent and minimise
potential infections and transmissions of the virus within its
operations globally. The group’s employees received and continue
to receive ongoing education and communication on the COVID-19
pandemic and the appropriate preventative measures to be taken.

Significant short-term decisions have been taken by the group
including the undesirable but unavoidable step of implementing
20% short time across the global operations, starting in May
2020 for an initial three-month period; the group executive
committee has committed to a 25% salary reduction for the
corresponding period and the non-executive directors of the Bell
Equipment Limited board have committed to a 30% reduction in
their meeting fees for a six month period. In addition to these
measures, action has been taken to delay capex, halt any non-
essential expenses and restructure supplier payments where
possible. Further information in this regard will be provided in
the audited annual financial statements.

The group continues to engage with its employees, financiers,
suppliers, customers and other stakeholders, including
Government and the board would like to wish all its stakeholders
safety during this uncertain time. The group looks forward to
improved business when the countries it operates in rebound from
the COVID-19 pandemic.


Richards Bay
29 April 2020

Sponsor: INVESTEC BANK LIMITED





Date: 29-04-2020 12:40:00
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