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Resignation of external auditor
OCEANA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1939/001730/06)
JSE share code: OCE
NSX share code: OCG
ISIN: ZAE000025284
(“Oceana” or “the Company”)
RESIGNATION OF EXTERNAL AUDITOR
Shareholders are referred to the SENS announcement of 5 May 2022 wherein due to the
significant number of votes exercised against the reappointment of the Company’s external
auditors PricewaterhouseCoopers Inc. (“PwC”), the Company undertook to consult with
shareholders. The consultation is scheduled for today, Monday 30 May 2022.
In the SENS, the Board acknowledged the strained relationship with its auditors. Shareholders
are now advised that late afternoon, Friday 27 May 2022 PwC resigned as auditors of the
Group with immediate effect in respect of the audit of the financial year ending September
2022, due to their assessment of significant doubt as to whether there was objective and
transparent communication between the Board and PwC given the strained relationship, which
they assert constituted a significant impairment of their independence.
The Board supports the principle of mandatory audit firm rotation and recognizes the
importance of appointing competent and independently minded auditors. To this end, and as
a contingency to the outcome of the shareholder consultation process, the Board had already
begun a process to identify a potential alternative to PwC. Discussions with one of the “Big
Four” auditing firms have been progressed and the Company is confident that it will be able to
appoint new auditors within the required 40 business days, and subject to regulatory
requirements.
The consultation with shareholders planned for Monday 30 May at 08:30 will proceed to
provide shareholders with an opportunity to engage with the Audit Committee on this important
matter.
30 May 2022
Cape Town
Sponsor - South Africa
The Standard Bank of South Africa Limited
Sponsor – Namibia
Old Mutual Investment Services (Namibia) Proprietary Limited
Date: 30-05-2022 07:05:00
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