RBA HOLDINGS LIMITED - Update on reviewed interim results of the Company for the six months ended 30 June 2016
RBA 201611100016A
Update on reviewed interim results of the Company for the six months ended 30 June 2016
RBA HOLDINGS LIMITED (IN BUSINESS RESCUE)
(Incorporated in the Republic of South Africa)
(Registration number: 1999/009701/06)
(Share Code: RBA ISIN Code: ZAE000199642)
(“RBA” or “the Company”)
Update on reviewed interim results of the Company for the six months ended 30 June 2016
Shareholders are referred to the SENS announcement dated 2 November 2016 regarding the
reviewed interims results of the Company for the six months ended 30 June 2016 and the
additional disclosure noted below.
An extract of the modified review opinion issued by KPMG Inc is as follows:
“Basis for disclaimer of conclusion
As indicated in note 7 to the interim financial statements, the Group incurred a net loss after tax of
R10,1 million for the six months ended 30 June 2016 and, as if that date, its total liabilities
exceeded its total assets by R60,4 million. The note states that RBA Holdings Limited and RBA
Developments (JHB) Proprietary Limited have been placed in business rescue and under
supervision of the BRP. The BRP’s plan has not been finalised nor approved. Therefore, we
have been unable to obtain sufficient appropriate evidence to support the appropriateness of the
interim financial statements being prepared using the going concern basis of accounting.
Consequently, we were unable to confirm or dispel whether it is appropriate to prepare the
consolidated financial statements using the going concern basis of accounting.
Disclaimer of conclusion
Due to the significance of the matter described in the basis for disclaimer of conclusion
paragraph, we were unable to obtain sufficient appropriate evidence to form a conclusion on
these interim financial statements. Accordingly, we do not express a conclusion on these interim
financial statements.”
10 November 2016
Braamfontein
Designated Advisor
Exchange Sponsors
Date: 10/11/2016 09:44:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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