News/ Article

SENS

ROTATION OF EXTERNAL AUDITOR

Monday, 4 December 2017

AECI LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1924/002590/06)
Share code: AFE   ISIN: ZAE000000220
Bonds company code: AECI
Bond code: AECI00   ISIN: ZAG000145988
(“AECI” or “the Company”)

In terms of the provisions of paragraph 3.78 of the JSE Listings Requirements and paragraph 7.13 of the Debt Listings Requirements, shareholders are advised as follows:

The AECI Board of Directors has resolved in favour of the early adoption of the Independent Regulatory Board for Auditors’ decision in respect of the mandatory rotation of external auditors at least every 10 years.  Accordingly, the current external auditor, KPMG, will not be considered for reappointment for the 2018 financial year.  The change will take effect on the close-out of all matters pertaining to the audit for the financial year ending 31 December 2017, but no later than the end of March 2018.

KPMG has been AECI’s auditor for 93 years, during which time the firm has provided a robust, independent and highly competent service to the Group and its shareholders.

A new external auditor will be appointed and announced by no later than 31 March 2018.  Shareholders will be given an opportunity to consider and approve the appointment of this auditor at the Annual General Meeting currently scheduled to be held on or about 31 May 2018.

Woodmead, Sandton
4 December 2017

Equity and Debt Sponsor:  Rand Merchant Bank (A division of FirstRand Bank Limited)


Return to the previous page