| Fri 27 Nov 2020, 16:35 | | DELTA PROPERTY FUND LIMITED - Delay in release of interim results / update / renewal of cautionary announcement / resignation of company secretary |
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Delay in release of interim results / update / renewal of cautionary announcement / resignation of company secretary
DELTA PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/005129/06)
JSE share code: DLT ISIN: ZAE000194049
(Approved as a REIT by the JSE)
("Delta" or the “Company”)
DELAY IN RELEASE OF INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2020
UPDATE AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
RESIGNATION OF COMPANY SECRETARY AND EXTENSION OF THE NOTICE PERIOD IN
RESPECT OF THE RESIGNATION OF MR MJN NJEKE
Delay in release of interim results for the six months ended 31 August 2020 (“Interim Results”)
and renewal of cautionary announcement
Delta shareholders are referred to the update and renewal of cautionary announcement released by
the Company on SENS on 3 November 2020 (the “Update”) relating to a forensic investigation by
Mazars (the “Forensic Investigation”) into alleged procurement irregularities and the misappropriation
of funds by senior executives (“Past Practices”), and Delta’s subsequent engagement with its auditor,
BDO South Africa Incorporated (the “Auditor”), in respect of the preliminary forensic findings and the
circumstances surrounding the resignations of its former executive management.
As indicated in the Update, the Company expected to release its Interim Results on or about 30
November 2020. Despite the Company working as diligently and expeditiously as possible, the
significance of the Past Practices identified in the Forensic Investigation means that the Company’s
Interim Results will now only be finalised for publication on or about 11 December 2020.
The board of directors of Delta (the “Board”) is committed to finalising the Interim Results on or about
11 December 2020.
The Board has prioritised this urgent matter. The Company continues to engage with all relevant
regulatory bodies, including the JSE Limited.
Delta shareholders continue to be advised that the full impact of the Forensic Investigation and, in
particular, the outcome of the further procedures by the Auditor, are still being determined, and that
these circumstances may have a material effect on the price of the Company’s securities. Accordingly,
Delta shareholders are advised to continue exercising caution when dealing in the Company’s securities
until a full announcement is made and the Interim Results are released.
The information on which this announcement is based has not been reviewed or reported on by the
Auditor.
Resignation of company secretary
Delta shareholders are advised that Ms Paula Nel has resigned as company secretary of Delta with
effect from 28 February 2021. The Company has commenced the process of appointing a new company
secretary and will update shareholders once such appointment has been finalised. We take this
opportunity to thank Ms Nel for her continuous dedication and guidance since listing.
Extension of the notice period in respect of the resignation of Mr MJN (JJ) Njeke
The Update also included notification of the resignation of Mr JJ Njeke as lead independent non-
executive director and chairman of the audit, risk and compliance committee with effect from
30 November 2020. Delta shareholders are advised that Mr Njeke has agreed to extend his resignation
notice period in order assist in the finalisation of the Interim Results. His resignation will now be effective
from 31 December 2020.
27 November 2020
Johannesburg
Sponsor: Nedbank Corporate & Investment Banking, a division of Nedbank Limited
Date: 27-11-2020 04:35:00
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