Jasco Electronics Holdings (JSE:JSC) News - No Change Statement, posting of Integrated Annual Report and Notice of Annual General Meeting

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”)

No Change Statement, posting of Integrated Annual Report
and Notice of Annual General Meeting

1. No Change Statement
Shareholders are referred to the reviewed condensed
provisional results for the year ended 30 June 2021
released on 29 October 2021 (“Results Announcement”). Jasco
wishes to advise that the Group’s Integrated Annual Report
for the year ended 30 June 2021, containing the abridged
Annual Financial Statements and Notice of Annual General
Meeting, has been published on the company’s website
(www.jasco.co.za) today, 31 December 2021. Printed copies
of the report will be distributed to shareholders on or
about 7 January 2022.

The audited Annual Financial Statements for the year ended
30 June 2021 have also been published on the website and
contain no changes to the Results Announcement.

2. Audit Report
Shareholders were advised in the Results Announcement that
the Group was negotiating the extension of the working
capital facility from the Bank of China. This casted doubt
on the Group’s going concern and its ability to realise its
assets and discharge its liabilities in the normal course
of business. The auditor’s Review Opinion on the Results
Announcement further included a material uncertainty
related to the Group’s going concern.

Shareholders are advised that the negotiations with the
Bank of China have been completed successfully and that the
Group has been granted a three-year period for the
repayment of the working capital facility.

The audit of the Annual Financial Statements has been
completed and an unqualified audit report was issued,
containing the following emphasis of matter regarding the
material uncertainty related to going concern:

“We draw attention to the consolidated and separate Annual
Financial Statements, which indicate that the Group
reported a retained loss of R252 million (2020: R257
million) and that the company reported a retained loss of
R235 million (2020: R276 million) for the year ended 30
June 2021 and also, as of that date, that the Group and
company’s current liabilities exceeded its current assets
by R78 million (2020: R146 million) and R39 million (2019:
R109 million) respectively.

Subsequent to the year-end the company concluded an
agreement subject to pre and postconditions, to
restructure the existing working capital facility into a
term loan facility of R130 million with the Bank of China.

These events or conditions, along with other matters as set
forth in note 35 to the Annual Financial Statements,
indicate that a material uncertainty exists that may cast
significant doubt on the Group’s ability to continue as a
going concern.

Our opinion is not modified in respect of this matter.”

The audit report is available on the company’s website,
together with the Annual Financial Statements.

3.   Notice of Annual General Meeting
Included in the Integrated Annual Report is a Notice of
Annual General Meeting of shareholders on Monday, 7
February 2022, at 14:00, to transact the business as stated
in the Notice of the Annual General Meeting.

4.   Electronic participation
Shareholders are advised that the Annual General Meeting
will be held entirely via a remote interactive platform, in
terms of the provisions of the Companies Act, 2008 and the
Memorandum of Incorporation of the Company. The Board
deemed it prudent to host an electronic meeting to ensure
the ongoing health and safety of shareholders, employees
and service providers given the ongoing risk posed by
COVID-19.

Shareholders are encouraged to connect to the Annual
General Meeting by utilising the virtual meeting facility.
Shareholders should contact the Company Secretary at
company.secretary@jasco.co.za or telephonically on +27 11
266 1678 with their contact details by no later than 14:00
on Thursday, 3 February 2022 to obtain the link to the
Annual General Meeting.
In-person registration of meeting participants will not be
carried out at the registered office of the Company.
Participants should note that access to the electronic
communication may be at the expense of the participants who
wish to utilise the facility.

The salient dates and times regarding the Annual General
Meeting are set out below:

Issuer name                    Jasco Electronics Holdings Limited
Type of instrument                                Ordinary Shares
ISIN number                                          ZAE000003794
JSE code                                                      JSC
Meeting type                               Annual General Meeting
                                    Remote interactive electronic
                                             platform Google Meet
Meeting venue                                     videoconference
Record date for purposes of
receiving the Notice of
Annual General Meeting                   Friday, 31 December 2021
Distribution of  the
Integrated Annual Report                   Friday, 7 January 2022
Last day to trade                        Tuesday, 25 January 2022

Record date for voting
purposes                                  Friday, 28 January 2022
Last day to lodge proxy
forms                          14:00 on Thursday, 3 February 2022
Date and time of Annual
General Meeting                  14:00 on Monday, 7 February 2022
Publication  of Annual
General Meeting results on
SENS on or before                        Tuesday, 8 February 2022
Website link                                      www.jasco.co.za

Midrand
31 December 2021

Sponsor
Grindrod Bank Limited

Date: 31-12-2021 12:45:00
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