AFRICAN DAWN CAPITAL LIMITED - Cautionary announcement
ADW 201505150065A
Cautionary announcement
AFRICAN DAWN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1998/020520/06)
Share code: ADW
ISIN Code: ZAE000060703
(“Afdawn” or “the Company”)
CAUTIONARY ANNOUNCEMENT
Shareholders are hereby advised that it has come to the
attention of the Afdawn board of directors (“Afdawn Board”),
after instructing an independent third-party to perform a
valuation of the collection and legal book of Elite Group
(Proprietary) Limited (“Elite”), a wholly-owned subsidiary of
Afdawn (“Elite Book”), that additional provisions and write-
offs on the Elite Book are necessary. As a result, there are
material prior period accounting errors in Elite (“Financial
Events”) which are likely to have a substantial impact.
Shareholders are hereby advised that the Afdawn Board has now
initiated a complete investigation to ascertain the full scope
of the Financial Events. This investigation will include a
legal due diligence into the historic business operations of
Elite.
Shareholders should note that due to the Financial Events and
legal due diligence, the Afdawn Board advises that the audit
of the financial results for the year ended 28 February 2015
(“Financial Results”) is unlikely to be completed by the
Company’s auditors prior to 30 June 2015. In this case, the
JSE Limited will suspend trading in the Company’s shares until
such time that the Financial Results are disclosed to
shareholders.
Accordingly, shareholders are advised to continue to exercise
caution when dealing in the Company’s securities until a full
announcement is made.
15 May 2015
Johannesburg
Designated Advisor
PSG Capital
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