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Mark van Vuuren

18 Jun 2019

CEO Staff Address

It is my pleasure to address you all this morning. I am painfully aware that it is, for many organisations, a tired cliché when they refer to staff as the organisation’s most valuable asset. The products and solutions that Jasco delivers to its clients, which is central to the position we occupy in various market segments, is a direct result of the vast pool of intellectual capital that Jasco has been able to assemble and retain over the years.

When I refer to you as our most valuable asset, I mean it in every sense of the word.

We have gone through a rather difficult few days, as some of you are no doubt aware. We did our utmost best to keep you informed of developments and progress because you are the company and we need you to know what is happening around you at all times.

To briefly reiterate, Jasco changed auditors from EY to PwC. During that process, it became clear that one firm interpreted certain accounting principles differently from the other. This resulted in a need to revise our previously stated results. Alongside that restatement, we also took the voluntary and responsible route of requesting the JSE to suspend trading of Jasco shares. This was done.

Let me say at the outset that changing auditors is not only desirable, but a very prudent business practice and as a company that does not compromise when it comes to observing good corporate governance, we have taken the route of voluntarily rotating our auditors. This is a practice that in some sectors, such as banking, will become mandatory in the not-too-distant future.

We worked tirelessly with our management team, our new auditors and JSE sponsors to get the matter resolved speedily.

I am pleased to say we have now been able to release the restated results, which it must be mentioned reflect a very solid operation. Our operating profit has increased and we are continuing on this growth path. The JSE will lift the voluntary suspension and Jasco shares will be available for trading again.

I want to take this opportunity to thank you for your continued support, your confidence in us as the management team and to again reassure you that it is business as usual. If you have any issue of concern with regards to what has transpired during the past few days, please speak to your line manager and we will do our best to make sure we address your concern as quickly as possible.


Mark Van Vuuren

CEO-Jasco Enterprises

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