Oceana: Appointment of an auditor and update on voluntary exchanges
OCEANA GROUP LIMITED
(Incorporated in the Republic of South Africa) (Registration Number: 1939/001730/06)
JSE share code: OCE
NSX Share Code: OCG
(“Oceana” or “the Company” or “the Group”)
APPOINTMENT OF THE EXTERNAL AUDITOR AND VOLUNTARY UPDATE OF THE EXCHANGES
APPOINTMENT OF THE STATUTORY AUDITOR
Pursuant to paragraph 3.78 of JSE Limited’s listing requirements, shareholders of Oceana (“Shareholders”) are advised that, on the recommendation of the Audit Committee and following an appeal process tenders, the Board of Directors of the Company (“the Board”) has appointed Mazars as the external auditor of Oceana for the financial year ended September 30, 2022, the appointed audit partner being Marc Edelberg.
The appointment of Mazars as external auditor takes effect immediately.
The appointment follows the resignation of PricewaterhouseCoopers as the Company’s external auditors on May 27, 2022. Given the closeness of the end of the year, the new appointment could cause a delay compared to the normal presentation schedule. of the Group’s reports and, accordingly, the Board of Directors expects to publish provisional revised results for the year ending September 30, 2022 no later than December 31, 2022, and to publish the audited results no later than later than January 31, 2023 in terms of JSE registration requirements.
VOLUNTARY UPDATE OF NEGOTIATIONS FOR THE 9 MONTHS ENDED JUNE 26, 2022
Canned fish (pilchard) sales volumes in the third quarter were 14.5% higher than the comparative period, resulting in total sales volumes of 6.6 million cartons for the 9 months to to June 26, 2022 (9 months to June 2021: 6.7 million boxes), with a 50% increase in more profitable local production.
Production volumes of fishmeal and fish oil in Africa in the third quarter were 28% higher than the comparative period, with 21,815 tonnes now produced for the 9 months to June 26 (9 months to June 26, 2021: 17,276 tons). Sales volumes are now in line with the prior period year-to-date, having recovered from the impact of lower opening inventory levels.
In the United States, Gulf Menhaden landings in the third quarter are 83% higher than the comparative period, with total landings for the 9 months now 62% higher than the previous period, at 328 million fish (June 2021: 203 million fish). As a result, fishmeal and fish oil inventories available for shipment in the fourth quarter are 115% higher than they were in the fourth quarter of the prior period.
International dollar prices for fishmeal and fish oil remain extremely high.
Hake and horse mackerel operations were affected by high fuel and quota costs and low South African catch rates in the third quarter. Sales volume
for the 9 months are 10% lower than the previous period, mainly due to scheduled vessel maintenance in Namibia in the first half. Demand for horse mackerel in Africa remains strong and demand for hake in Europe is improving.
This voluntary trading update and any forward-looking statements set forth in this announcement have not been reviewed or reported by the Company’s external auditors.
July 21, 2022
The Standard Bank of South Africa Limited
Old Mutual Investment Services (Namibia) Proprietary Limited