| Wed 25 Sep 2019, 7:06 | | ECS, ECSP1, ECSP10,... : Notification of expected late issue of Annual Financial Statements for 30 June 2019 and Trading Statement |
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ECS, ECSP1, ECSP10,... : Notification of expected late issue of Annual Financial Statements for 30 June 2019 and Trading Statement:
ECSPONENT LIMITED
Incorporated in the Republic of South Africa
Registration number: 1998/013215/06
JSE Code: ECS - ISIN: ZAE000179594
Debt Issuer Code: ECSD
("the Company" or "Ecsponent")
NOTIFICATION OF THE EXPECTED LATE ISSUE OF ANNUAL FINANCIAL STATEMENTS FOR THE
YEAR ENDED 30 JUNE 2019 AND TRADING STATEMENT
Background
During the 2019 financial year, Ecsponent concluded transactions that involved, inter alia, the conversion of
certain loan assets into equity of MyBucks SA ("MyBucks"), a Frankfurt-listed financial technology company.
On 26 March 2019 Ecsponent announced a further transaction to capitalise MyBucks ("the MyBucks
Transaction"), with supplementary announcements released on 24 May 2019, 26 July 2019, and
13 September 2019. MyBucks has secured banking licences in five of the 11 countries in which it operates
with lending operations in the balance of the territories.
MyBucks comprises a material investment by Ecsponent and consequently, the Company is reliant on the
conclusion of MyBucks' financial results before concluding Ecsponent's 30 June 2019 annual financial
statements. MyBucks auditors' (PWC Luxembourg) have committed to finalising MyBucks' consolidated
results once the JSE approval process relating to the MyBucks Transaction is concluded.
The conclusion of the abovementioned approval process of the MyBucks Transaction is anticipated to be
completed with Ecsponent shareholders approval for the MyBucks Transaction at a general meeting by the
end of October 2019.
Late issue of reviewed provisional consolidated annual financial statements for the year ended
30 June 2019:
Ecsponent has, following discussion with its appointed auditors (Nexia SAB and
* headline earnings per share ("HEPS") are expected to decrease by at least 195% to a loss of 6.6416
per share, as compared to the HEPS of 6.991 cents for the Comparative Period.
The financial information on which this trading statement is based has not been reviewed or reported on by
the Company's external auditors.
For more information about this announcement or the Ecsponent group, email
investor.relations@ecsponent.com or visit www.ecsponentlimited.com/investor-relations
25 September 2019
Pretoria
Sponsor to Ecsponent
Questco Corporate Advisory (Pty) Ltd
Date: 25/09/2019 07:05:00
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