| Mon 20 Sep 2010, 16:21 | | TCS - Total Client Services Limited - No change statement update to |
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TCS
TCS
TCS - Total Client Services Limited - No change statement, update to
shareholders and notice of annual general meeting
TOTAL CLIENT SERVICES LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/025018/06)
Share code: TCS ISIN: ZAE000116208
("TCS")
NO CHANGE STATEMENT, UPDATE TO SHAREHOLDERS AND NOTICE OF ANNUAL GENERAL
MEETING
No change statement
Shareholders are advised that the annual report for the year ended 28 February
2010 was dispatched to shareholders on 20 September 2010 and contains no
material modifications to the audited condensed consolidated results published
on SENS on 30 June 2010.
The directors of TCS ("the directors") wish to draw shareholders` attention
to the following extract from the auditor`s qualified opinion contained in the
audited condensed consolidated results for the year ended 28 February 2010
as released on SENS on 30 June 2010:
"Basis for Qualified Opinion
There is uncertainty on the impairment of goodwill reflected in the group
annual financial statements if two major customer contracts are not extended.
Had the impairment loss been recognised, goodwill would have been stated in
the consolidated statement of financial position at R1.4 million and
consolidated net profits after tax would have been reduced by R6.1 million
to a loss of R18.8 million.
Qualified Opinion
In our opinion, except for the effect of the possible impairment of goodwill
described in the Basis for Qualified Opinion paragraph, the financial
statements present fairly, in all material respects, the financial position
of Total Client Services Limited as at 28 February 2010, and its consolidated
and separate financial performance and its consolidated and separate cash
flows for the year then ended in accordance with International Financial
Reporting Standards and in the manner required by the Companies Act of South
Africa."
Update to shareholders
Shareholders are further advised that the directors have received written
confirmation that the two contracts referred to in the auditor`s qualified
opinion set out above have been renewed. These contracts relate to the
Emfuleni local municipality contract, which has been extended for a period
of 12 months, and the Mogale City contract, which has been extended until the
earlier of an 18-month period or the implementation of the Adjudication and
Administration of Road Traffic Offences. As a result, no further impairment
of goodwill will be required in respect of the results for the year ended 28
February 2010.
Notice of annual general meeting
Notice is hereby given that the annual general meeting of shareholders of
TCS will be held on the Top Floor, Bushwillow, River Falls Office Park, Rose
Avenue, Doornkloof, Zwartkop Ext 26 at 10:00 on Friday, 29 October 2010 to
transact the business stated in the notice of annual general meeting, which
is contained in the annual report.
Pretoria
20 September 2010
Designated Adviser
Merchantec Capital
Date: 20/09/2010 16:21:03 Produced by the JSE SENS Department.
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