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PEMBURY LIFESTYLE GROUP LIMITED - Renewal of Cautionary Announcement

Release Date: 02/02/2021 08:18
Code(s): PEM     PDF:  
Wrap Text
Renewal of Cautionary Announcement

PEMBURY LIFESTYLE GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 2013/205899/06)
Share code: PEM    ISIN: ZAE000222949
(“Pembury” or “the Company”)


RENEWAL OF CAUTIONARY ANNOUNCEMENT


Further to the ‘Receipt of Application for Provisional Liquidation and Cautionary Announcement’ dated
14 February 2020 regarding the liquidation applications served on the Company by Moore Stephens Inc,
Pembury’s former auditors, and the subsequent renewal of cautionary announcements, the last of which
was dated 17 December 2020 (and using the terms defined therein unless otherwise stated), shareholders
are advised that Verityhurst has entered into an agreement for the acquisition of the claims from the former
auditors, and that the first payment in terms thereof has been made by Verityhurst. The agreement
provides for the initial halting of the legal proceedings and the withdrawal of the legal proceedings on
receipt of the final payment. It also provides for the former auditors to allow the incoming auditors access
to the working papers in order to verify opening balances, which was a stumbling block for the new
auditors. This access has been granted to the new auditors but they have not yet availed themselves to
such access. Whilst the agreement has technically lapsed, further payments have been made and the
relationship remains cordial.

Furthermore, an arrangement is being made for the new auditors to recommence with finalising the audit
for the year ended 31 December 2019, which process will commence after the Company has provided
IFRS reviewed Annual Financial Statements to the new auditors. An independent IFRS reviewer has been
appointed by the Company and has commenced with the review of the subsidiary Annual Financial
Statements, which draft subsidiary financial statements have now been provided to the new auditors. The
finalisation of the audited results and Annual Report is subject to the availability of the auditors with an
ARC meeting scheduled for this coming week.

The Company will also be required to publish its interim results for the six months ended 30 June 2020.
Thereafter, application will be made to the JSE for the lifting of the suspension of trade in the Company’s
securities.

Accordingly, shareholders are advised to continue exercising caution when dealing in the Company’s
securities until a further announcement is made.


Johannesburg
2 February 2021

Designated Adviser
Merchantec Capital

Date: 02-02-2021 08:18:00
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