| Fri 29 Aug 2008, 12:09 | | PLC - Placecol Holdings Limited - Audited annual financial statements for the |
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PLC
PLC
PLC - Placecol Holdings Limited - Audited annual financial statements for the
year ended 29 February 2008
PLACECOL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/025374/06)
JSE code: PLC
ISIN: ZAE000102307
("Placecol")
AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2008
Placecol, an established manufacturer and retailer of skin care products and
services, listed on the Alternative Exchange of the JSE Limited ("JSE"), is
unfortunately not going to meet the deadline set by the JSE to post audited
financial statements for the year ended 29 February 2008 before 31 August 2008.
The financial results released by Placecol for the year ended 29 February 2008
were reviewed only and were still subject to an audit being done. The reasons
for not producing the audited financial statements on time are mainly due to a
complete restructuring of the Financial Department resulting in a delay in
producing a complete set of financial statements in accordance with
International Financial Reporting Standards ("IFRS").
Wessel de Wet, CEO of Placecol, says that when the directors realised that the
Financial Department was ill-equipped to produce a complete set of financial
statements, in terms of IFRS as well as the JSE Listings Requirements, immediate
steps were taken. Placecol has, since the release of its reviewed year end
results, implemented a new real-time accounting system, adopted and implemented
certain Corporate Governance policies and procedures, established an Audit and
Risk Committee, appointed two Independent Non-Executive Directors of which one
is an ex-Ernst & Young Audit Partner and who will also be Chairman of the Audit
and Risk Committee. Furthermore an experienced Chartered Accountant has
recently been appointed at Placecol to strengthen the Financial Ddepartment and
management team and has been earmarked to become the Financial Director of the
group.
"It is extremely unfortunate that Placecol has to release this statement, but we
assure our shareholders that we will endeavour to rectify this situation and
that we are addressing this issue as a matter of urgency." states de Wet.
Midrand
29 August 2008
Designated Adviser
Vunani Corporate Finance
Date: 29/08/2008 12:09:01 Produced by the JSE SENS Department.
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