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Pembury Lifestyle Group (PEM)

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The share suspended I have seen?

 

It was suspended due to non-submission of annual financials. Some problem with valuations of properties being purchased.

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Well, this is a disaster...

 

Link to tweet: https://twitter.com/SimonPB/status/1014033759358930944

 

PEM yearend is December, so results due end March .. 

 

10 April they report some 'minor issues' and say results out by end April ..

 

2 May they promise trading update by 15 May and results soon after ..

 

As of today, zip, nada, zero results ..

 

Share is currently suspended

 

#JSE

 

2018-07-03_10-45-58.png.0f678b8534f0cc826caf78c544e2644a.png

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PEMBURY LIFESTYLE GROUP LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 2013/205899/06)

(“PL Group” or “the Company”)

ISIN Code: ZAE000222949 JSE Code: PEM

 

 

UPDATE ANNOUNCEMENT ON SUSPENSION AND PUBLICATION OF RESULTS

 

Shareholders are referred to the announcement issued on 2 May 2018 advising that as a result of technical IFRS and other key matters, there would be a delay in the finalisation of the audit and publication of the results announcement for the year ended 31 December 2017.

 

In addition to the acquisition issues previously mentioned, the company also experienced poor accounting and controls during the second half of the year (primarily due to the appointment of a finance person who did not perform and who is no longer with the Company), which have subsequently been addressed. However, this only came to the attention of the Audit and Risk Committee (“ARC”) and Board meetings during March 2018 and the extent of the additional work and auditing required was not anticipated at the time. This necessitated additional resources and time to correct the information, which also required additional audit procedures.

 

Regular meetings have been held by the ARC and Board during this period to actively address and monitor the situation. Measures have been put in place to avoid a repeat of this situation going forward.

 

The audit is now substantially complete with the final IFRS and quality control reviews of the Annual Financial Statements taking place next week, with ARC and Board meetings set for the week thereafter to approve the results announcement, the Annual Financial Statements, and the Annual Report.

 

The application will be made to the JSE to lift the suspension of trade in the Company’s securities once the Annual Report has been printed and posted to shareholders, which will be completed before the end of July 2018.

 

BY ORDER OF THE BOARD

Johannesburg

6 July 2018

 

SENS: https://senspdf.jse.co.za/documents/SENS_20180706_S401989.pdf

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They should have done a better job of keeping shareholders informed about what is going on. I don’t see why this information couldn’t have been released a few weeks, or even months, ago...

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These guys need to come through. We haven't forgotten about the targets they set for this year. They must just stop thugging.

 

Sent from my C2105 using Tapatalk

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Cutting it a bit fine. Reputation will take a further knock if they fail to produce the financials by today as promised.

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It was suspended due to non-submission of annual financials. Some problem with valuations of properties being purchased.

 

I am holding thumbs!

I just want this little share not to be a scam/failure.

And then.....there was nothing....again....or atleast I have not seen anything. No Sens

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Were the financials completed and sent to shareholders? Time marches on and this stock remains suspended and shareholders funds are tied up. Some update on the situation please.

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We mailed them to ask them the status, this was their reply:

 

Hi

 

Please see the SENS announcement made below

 

We are expecting to publish a trading statement with our results announcement very soon and are just finalising and getting BOD approvals etc

 

Riaan

 

UPDATE ANNOUNCEMENT ON SUSPENSION AND PUBLICATION OF RESULTS

 

Shareholders are referred to the announcement issued on 2 May 2018 advising that as a result

of technical IFRS and other key matters, there would be a delay in the finalisation of the audit

and publication of the results announcement for the year ended 31 December 2017.

 

In addition to the acquisition issues previously mentioned, the company also experienced poor

accounting and controls during the second half of the year (primarily due to the appointment

of a finance person who did not perform and who is no longer with the Company), which have

subsequently been addressed. However, this only came to the attention of the Audit and Risk

Committee (“ARC”) and Board meetings during March 2018 and the extent of the additional

work and auditing required was not anticipated at the time. This necessitated additional

resources and time to correct the information, which also required additional audit procedures.

Regular meetings have been held by the ARC and Board during this period to actively address

and monitor the situation. Measures have been put in place to avoid a repeat of this situation

going forward.

 

The audit is now substantially complete with the final IFRS and quality control reviews of the

Annual Financial Statements taking place next week, with ARC and Board meetings set for the

week thereafter to approve the results announcement, the Annual Financial Statements and

the Annual Report.

 

Application will be made to the JSE to lift the suspension of trade in the Company’s securities

once the Annual Report has been printed and posted to shareholders, which will be completed

before the end of July 2018.

 

BY ORDER OF THE BOARD

Johannesburg

6 July 2018

 

Designated Advisor

Arbor Capital Sponsors

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What is the consequence of Pembury being removed from the index at zero value? Do shareholders lose their investment and is there any legal recourse against Pembury?

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What is the consequence of Pembury being removed from the index at zero value? Do shareholders lose their investment and is there any legal recourse against Pembury?

 

@SimonPB

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"Hi

 

Please see the SENS announcement made below

 

We are expecting to publish a trading statement with our results announcement very soon and are just finalising and getting BOD approvals etc

 

Riaan"

 

Sounds very nonchalant despite the urgency of the situation. Extremely puzzling. I hope that someone from Pembury takes this matter seriously for a change and we see some action.

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So Curro has released their half year numbers, PEM still struggling with 2017 numbers, 2018 is gone already wondering if they even notice that 2018 is gone. Their communication is sh** counts for zero cannot be taken seriously. September is around the corner!

 

Shareholders have no clue if the application to lift suspension has been made to the JSE, no clue if the Annual Reports have been sent to the shareholders. What a drain on such potential, this share is going downhill from here on.

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PEM 201808150015A

Trading Statement

 

PEMBURY LIFESTYLE GROUP LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 2013/205899/06)

(“PL Group” or “the Company”)

ISIN Code: ZAE000222949 JSE Code: PEM

 

TRADING STATEMENT

 

In terms of the JSE Listings Requirements, companies are required to publish a trading statement as soon

as they are satisfied that a reasonable degree of certainty exists that the financial results for the period to

be reported will differ by at least 20% from the financial results for the previous corresponding period or a

profit forecast previously provided to the market in relation to such period.

 

The Company included a profit forecast in its prospectus, which was issued on 9 March 2017 ahead of its

listing on the JSE on 31 March 2017 wherein a loss per share and headline loss per share of (1.30) cents

and (0.87) cents was forecast. Shareholders are advised as follows:

 

• the loss per share is (6.57) cents per share for the financial year ended 31 December 2017, which

represents a decline of 42.5% compared to the prior year’s loss per share of (4.61) cents and more

than 100% compared to the forecast loss per share of (1.3) cents; and

 

• the headline loss per share is (6.20) cents per share for the financial year ended 31 December 2017,

which represents a decline of 38.4% compared to the prior year’s headline loss per share of (4.48)

cents and more than 100% compared to the forecast headline loss per share of (0.87) cents.

 

Shareholders are advised that the earnings per share and headline earnings per share for the period

ended 31 December 2016 was for a period of 10 months. PL Group was granted a listing on the

Alternative Stock Exchange (“AltX”) of the JSE with effect from 31 March 2017. During 2016, the Company

changed its financial year end from February to December.

 

Shareholders are also advised that the net asset value per share increased to 47.09 cents from 8.42 cents

and the tangible net asset value per share increased to 38.47 cents from 6.75 cents. This increase arises

primarily from the revaluation of properties acquired during the year to fair value net of deferred

taxation, which is recorded in Other Comprehensive Income.

 

The financial information on which this trading statement is based has not been reviewed by the

company’s auditors. The audit committee and board will be meeting on 21 August 2018 to consider and

approve the audited annual financial statements, results announcement for publication on SENS and the

Annual Report, which will be finalised and posted to shareholders before the end of August 2018.

 

BY ORDER OF THE BOARD

Johannesburg

15 August 2018

 

Designated Advisor

Arbor Capital Sponsors

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