Delay in publication of the Audited Annual Financial Statement for the year ended 30 June 2021
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1987/003293/06)
Share Code: JSC ISIN: ZAE000003794
("Jasco" or “the Group”)
DELAY IN PUBLICATION OF THE AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2021
Shareholders are referred to the reviewed condensed provisional results for the year
ended 30 June 2021, released on 29 October 2021 (“Results Announcement”).
In the Results Announcement shareholders were advised that the group is currently
negotiating the extension of the working capital loan from the Bank of China. Should the
negotiation not be successful, these events and conditions would cast significant doubt
on Jasco's ability to continue as a going concern and therefore, the group may be unable
to realise its assets and discharge its liabilities in the normal course of business. The
auditors’ Review Opinion on the Results Announcement further included a material
Uncertainty Related to Going Concern.
Shareholders are advised that the negotiations with the Bank of China is still ongoing. As
a result, the Group is not in a position to distribute its integrated annual report and
audited consolidated annual financial statements for the year ended 30 June 2021
(“Audited AFS”), to shareholders by close of business on 30 November 2021.
In terms of paragraph 3.23 of the JSE Listings Requirements, Jasco’s listing is at risk of
being suspended until the Audited AFS have been distributed to shareholders. Jasco
have approached the JSE to seek and motivate an extension and requested the JSE to
apply its discretionary authority in terms of paragraph 3.24 of the JSE Listings
Requirements, to delay the suspension of Jasco’s listing until 31 December 2021, while
the Group finalises the negotiations with Bank of China and can then proceed to
distribute the Audited AFS. The outcome of this request will be announced as soon as
Shareholders are further advised that the rights offer to the value of R55 million, which is
to be approximately 80% underwritten by the major shareholder, Community Investment
Holdings Proprietary Limited, will proceed subsequent to the completion of the
negotiations with the Bank of China and the subsequent distribution of the Audited AFS
29 November 2021
Date: 29-11-2021 05:40:00
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