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ECSPONENT LIMITED - Ecsponent subsidiary, Ecsponent Financial Services Proprietary Limited: Suspension of licence

Release Date: 20/05/2020 16:08
 
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Ecsponent subsidiary, Ecsponent Financial Services Proprietary Limited: Suspension of licence

ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
Debt Issuer Code: ECSD
(“the Company” or “Ecsponent”)

ECSPONENT SUBSIDIARY, ECSPONENT FINANCIAL SERVICES PROPRIETARY LIMITED: SUSPENSION OF LICENCE

The Company advises preference and ordinary shareholders (collectively, “Security Holders”) that its
subsidiary, Ecsponent Financial Services Proprietary Limited (“EFS”) has today received a notification from
the Financial Services Conduct Authority (“FSCA”) of the temporary suspension of its license as a financial
service provider for a period of two weeks (until 2 June 2020), or until the FSCA has communicated its final
decision with reference to the deferred decisions, whichever comes last.

The temporary suspension is subject to EFS not conducting any new business and not offering any
replacement of a financial product except for a financial product that arises from the restructuring offer by
Ecsponent as per the announcement released on SENS on 28 April 2020 advising the Security Holders that
a circular had been distributed to the Company’s Security Holders, setting out details relating to the proposed
amendments to the Company’s Memorandum of Incorporation (“MOI Amendments”) and containing
notices of general meetings to be held on 27 May 2020. Reference is also made to the announcement
released on SENS on 19 May 2020 relating to the MOI Amendments which may result in changes to the
status and listing of the current preference shares and/or the conversion of the current preference shares
to new ordinary shares.

EFS will therefore continue to interact with all preference shareholders.

A non-routine investigation by the FSCA involving EFS has been ongoing for a period of almost 7 years.
Preliminary findings have been issued by the FSCA and EFS has submitted comprehensive replies in respect
thereof to the FSCA. Barring the temporary suspension as aforesaid, the final outcome of the deliberations
remains uncertain and, as a result, no further information is disclosed at this time.

EFS and the FSCA will ensure prompt resolution to the matter so as to act in the best interests of all
stakeholders.

Shareholders will immediately be informed of any further developments and further indications from the
FSCA as and when they become available.


20 May 2020
Pretoria

Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd

Date: 20-05-2020 04:08:00
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