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City Lodge Hotels Limited (JSE:CLH) News - Notification of change in external auditors
City Lodge Hotels Limited
“City Lodge” or the “Company”
(Reg. No. 1986/002864/06)
(Incorporated in the Republic of South Africa)
Share Code: CLH ISIN Code: ZAE000117792
NOTIFICATION OF CHANGE IN EXTERNAL AUDITORS
In terms of sections 3.75 to 3.77 of the JSE Listings
Requirements, shareholders are advised that following the
conclusion of a comprehensive tender process, the Audit
Committee has recommended, and the board of directors has
endorsed, the proposed appointment of PricewaterhouseCoopers
Inc. (“PWC”) as the external auditors of the Company with Ms
Alinah Motaung as the designated audit partner, effective for
the financial year ending 30 June 2022.
The change in external auditors was initiated by the Company’s
decision to early adopt the mandatory audit firm rotation rule,
whereby audit firms shall not serve as the appointed auditor of
a public interest entity for more than 10 consecutive years,
with effect from 01 April 2023. The appointment of PWC will be
put to shareholders at the annual general meeting of the Company
to be held on or about Thursday, 18 November 2021.
KPMG Inc. (“KPMG”) will continue to audit the group and separate
annual financial statements of the Company in respect of the
financial year ended 30 June 2021 and upon completion, which is
anticipated to be on or about 14 October 2021, will immediately
be replaced by PWC pending the aforementioned shareholder
approval.
KPMG has served as the Company’s external auditors since its
incorporation in 1986. City Lodge would like to extend its
thanks to KPMG for their excellent contribution and relationship
over the many years.
13 September 2021
Bryanston
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank
Limited
Date: 13-09-2021 05:15:00
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