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ALJ
ALJ
All Joy - Report To The Public Accountants" And Auditors" Board ("PAAB")
Warning: The listing of ordinary shares in the company is on ALTx. Investors
are advised of the risks of investing in a company listed on ALTx. Investors are
advised that the JSE does not guarantee the viability or the success of a
company listed on ALTx. In terms of the Listings Requirements, the company is
obliged to appoint and retain a Designated Adviser, which is required to, inter
alia, attend all board meetings held by the company to ensure that all the
Listings Requirements and applicable regulations are complied with, approve the
Financial Director of the company and guide the company in a competent,
professional and impartial manner. If the company fails to retain a Designated
Adviser, it must make arrangements to appoint a new Designated Adviser within 10
business days, failing which the company faces suspension of trading of its
securities. If a Designated Adviser is not appointed within 30 days of its
suspension, the company faces the termination of its listing without the
prospect of an appropriate offer.
ALL JOY FOODS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
JSE Share code: ALJ ISIN: ZAE000017240
("All Joy" or "the Company")
REPORT TO THE PUBLIC ACCOUNTANTS" AND AUDITORS" BOARD ("PAAB")
Shareholders are advised that the Company"s previous auditors, Horwath Leveton
Boner ("Horwath"), reported the accounting error announced on SENS on 14 October
2005 as a material irregularity to the PAAB.
Prior thereto and immediately upon being notified of the accounting error the
board of directors of All Joy appointed forensic auditors to investigate such
accounting error. The forensic auditors fully investigated all relevant matters
and submitted a detailed report, which indicated that the accounting errors were
not an intentional misstatement by management and that there is no basis for
contending any alleged material irregularity as indicated by Horwath.
Notwithstanding the findings of the forensic auditors report, which was made
available to Horwath they reported the matter to the PAAB, who in turn reported
the matter to the JSE Limited ("JSE").
The board of directors of All Joy is satisfied following the forensic auditors
report that no material irregularity has taken place at the Company. The
forensic auditors report has been made available to the JSE.
The forensic auditors report also indicated that standard auditing procedures
should have prevented the accounting error. The board of All Joy is
investigating why these standard auditing procedures were not performed, and
upon completion of such investigation will take appropriate action including if
necessary a report to the PAAB and legal action against the party or parties
responsible.
The Company has appointed ARC Chartered Accountants and Auditors Inc as its new
auditors.
11 January 2006
Johannesburg
Designated Advisor
Exchange Sponsors
Date: 11/01/2006 09:29:31 AM Produced by the JSE SENS Department
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