JASCO ELECTRONICS HOLDINGS LIMITED - Update to the Audited Results for the year ended 30 June 2020

Update to the Audited Results for the year ended 30 June 2020

JASCO ELECTRONICS HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1987/003293/06
Share code: JSC     ISIN: ZAE000003794
(“Jasco” or “the company” or “the group”)

UPDATE TO THE AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2020


Shareholders are referred to the Audited Results for the year
ended 30 June 2020 that was released on SENS on 15 December 2020
and are advised of the going concern paragraph contained in the
full announcement available on the company’s website at
www.jasco.co.za, which reads as follows:
Going Concern
We draw attention to the fact that on 30 June 2020, the group
accumulated losses of R257,2 million (2019: R139,2 million),
with the group making a loss of R110,9 million (2019: R29,1
million). The group’s current liabilities exceed its current
assets by R145,9 million (2019: R63,9 million) as the group
breached its debt covenants causing the loans to be recorded as
current liabilities instead of non-current. These events and
conditions indicate that a material uncertainty exists that may
cast doubt on the groups ability to continue as a going concern.
Subsequent to year-end, the Bank of China loan was extended to
a 100% lump sum repayment on 27 December 2021. The directors
believe there is sufficient financing available to continue the
business of the group, accordingly, these financial statements
have been prepared on a going-concern basis.
Midrand
15 December 2020
Sponsor
Grindrod Bank Limited

Date: 15-12-2020 12:40:00
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