Quarterly Suspension Update
Quarterly Suspension Update New Frontier Properties Ltd (Incorporated in the Republic of Mauritius on 5 June 2014) (Registration number 123368C1/GBL) SEM share code: NFP.N0000 JSE share code: NFP ISIN: MU0453N00004 (“New Frontier” or the “Company”) QUARTERLY SUSPENSION UPDATE Shareholders are advised that the Company was suspended for the late publication of its Provisional Report for the year ended 31 August 2020. In terms of paragraph 1.11(c) of the JSE Listings Requirements, the Company is required to provide an update to shareholders regarding the current state of affairs of the Company until the suspension is lifted. The Company remains restrained due to the rental cash trap by the property financier and the refusal of the subsidiary directors to authorise the release of funds to the parent company. This has caused a delay in resolving old payments to the auditors from 2019 and a delay in the commencement of the audit for the 2020 financial year. Furthermore, the Company is considering whether control of the subsidiaries has technically been lost and is consulting with auditors in this regard. Shareholders are further advised that the audit process of New Frontier’s consolidated financial statements for the year ended 31 August 2020, as well as that of the Guernsey subsidiary companies, are still on-going due to various hindrances owing to the COVID-19 pandemic and other administrative issues. Consequently, and following an application made to the Stock Exchange of Mauritius Limited (“SEM”), the Company has obtained formal approval from the SEM for an extension of the deadline for publishing its accounts for the year ended 31 August 2020 and for the quarters ended 30 November 2020, 28 February 2021 and 31 May 2021 until 31 August 2021. The Company will become compliant with the JSE Listings Requirements once the Annual Financial Statements and Annual Report for the year ended 31 August 2020 have been issued and have been published. The Company will then apply to the JSE for the lifting of the suspension in trade in its securities. The Company’s shares continue to trade on the Official Market of the Stock Exchange of Mauritius Limited (“SEM”). New Frontier holds primary listings on the Official Market of the SEM and the Alternative Exchange of the JSE. By order of the Board 1 July 2021 This notice is issued pursuant to SEM Listing Rule 11.3, the JSE Listings Requirements and the Mauritian Securities Act 2005. The Board of the Company accepts full responsibility for the accuracy of the information contained in this notice. For further information please contact: JSE Sponsor AcaciaCap Advisors Proprietary Limited +27 11 480 8500 Date: 01-07-2021 02:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.