Afristrat Investment: Resignation of the Statutory Auditor
AFRISTRAT INVESTMENT HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ATI – ISIN: ZAE000305959
Debt issuer code: ATID
Hybrid issuer code: ATIG
(“Afristrat” Where “the group“)
Resignation of the Statutory Auditor
In accordance with paragraphs 3.75 to 3.78 of the JSE Limited Terms of Listing (“JSE“), the shareholders are informed that Nexia SAB&T (“Nexia“) advised Afristrat’s Board of Directors (“Plank“) on August 12 of his resignation as Group Statutory Auditor, with immediate effect.
The following reasons were cited by Nexia for their resignation:
- the instability of the financial reporting and accounting functions in all the Group’s foreign subsidiaries;
- significant delay in the finalization of the audit of the foreign subsidiaries by the auditors of the respective components;
- significant doubt as to the Group’s ability to continue as a going concern, evidenced by its current liquidity and solvency situation;
- concern about the level of recoverability of audit fees given the late payment of historical audit fees; and
- suspension of Afristrat’s listing by the JSE Limited.
While Nexia’s resignation will unfortunately have an additional negative impact on the publication of Afristrat’s audited annual financial statements for the year ended 31 March 2022, the Board of Directors has started the process of appointing new external auditors and will inform the shareholders once this appointment has been confirmed and the expected timetable for the publication of the aforementioned results.
August 15, 2022
Afristrat Investment Holdings Ltd. published this content on August 15, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Aug 15, 2022 3:03:08 PM UTC.