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Suspension of listing of shares
DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT ISIN: ZAE000194049
(Approved as a REIT by the JSE)
(“Delta” or the “Company”)
SUSPENSION OF LISTING OF SHARES
1. Suspension of the listing
Delta shareholders are referred to the various announcements released by the Company on SENS,
the latest being on 9 December 2020, relating to a forensic investigation by Mazars (the “Forensic
Investigation”) into alleged procurement irregularities and the misappropriation of funds by senior
executives and Delta’s subsequent engagement with its auditor, BDO South Africa Incorporated
(the “Auditor”) in respect of the Forensic Investigation, which led to the withdrawal by the Auditor
of its audit opinion in respect of the financial statements for the year ended February 2020 (“2020
Financial Statements”) and the Delta board of directors’ (“Board”) subsequent withdrawal of the
2020 Financial Statements (“Withdrawal”).
As a direct result of the Withdrawal and the continuation of the investigation into the impact of the
Forensic Investigation on the Company and its prior period financial information, as well as the audit
procedures being undertaken by the Auditor, the Board engaged with the JSE to consider a
suspension of the listing of the Company’s shares on the JSE (“Suspension”) . Unfortunately, the
JSE could not approve such request as the reasons for the Suspension did not fall within any of the
circumstances contained in paragraph 1.10 of the JSE Listings Requirements (suspension at the
request of the issuer).
The JSE, however, initiated the suspension provisions as set out in paragraphs 1.6 and 1.7 of the
JSE Listings Requirements as a result of the Withdrawal and has today confirmed the Suspension
with immediate effect.
2. Board support and indicative timing of the Suspension
The Board agrees with and supports the Suspension, the ultimate aim being to protect investors
and enable accurate price formation. The Board believes that the Suspension is in the best interests
of shareholders and the Company.
The Board views the Suspension as a temporary measure until the Company is in a position to
publish audited restated 2020 Financial Statements and the interim results for the six months ended
31 August 2020 (“Interim Results”). Based on preliminary feedback from the Auditor, the Board is
currently targeting the publication of the 2020 Financial Statements and the Interim Results by no
later than 28 February 2021, whereupon the Board will apply for the Suspension to be lifted.
A further announcement will be made as and when appropriate.
15 December 2020
Johannesburg
Sponsor: Nedbank Corporate & Investment Banking, a division of Nedbank Limited
Legal advisor : Webber Wentzel Attorneys
Date: 15-12-2020 12:53:00
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