19 February 2002
INDEPENDENT FINANCIAL SERVICES LIMITED ("INDFIN")
The JSE Securities Exchange South Africa ("the JSE") wishes to advise that
INDFIN has been fined R25 000.00 (of which R10 000 has been suspended for 12
months) as a result of the company failing to comply with the JSE Listings
Requirements relating to the repurchase of shares by a subsidiary during a
prohibited period, namely while the company was trading under a cautionary
announcement and during the 40 business days prior to the publication of its
interim financial statements.
In addition to the above, a director, Mr. J.W. Simpson, has been censured in
his personal capacity in the form of a written warning from the JSE for his
failure to disclose certain dealings in the company's securities.
In mitigation Mr. Simpson advised the JSE that his stockbrokers had accepted
the responsibility to report all his dealings. This was done for a period
and then, due to a clerical error by the stockbrokers, they stopped
reporting dealings.
The company advised the JSE they were unaware that it was a breach of
requirements for a subsidiary to purchase shares in its holding company
during the time period referred to above.
The company and Mr. Simpson expressed regret that the breaches occurred.
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