The JSE found that Jasco was in breach of various provisions of its listing requirements:
- For previously published annual financial statements (2017) not being in compliance with International Financial Reporting Standards.
- For omitting details about the emphasis of matter contained in the auditor’s report in the 2018 audited results released on 5 November 2019.
- For not issuing a trading statement when it had a reasonable degree of certainty that the financial results for the period to be reported on next (2018) would differ by at least 20% from the previous corresponding period (2017).
In addition, the JSE said Jasco failed to exercise the highest standards of care when disseminating information into the marketplace for:
- Initially publishing and referring to results that were not audited at the time as having been audited.
- Incorrectly advising the market in a Sens announcement that the 2018 audited results would not reflect changes to profits and earnings, whereas they contained adjustments and reflected material changes.
“The accuracy and reliability of financial information published by companies are of critical importance in ensuring a fair, efficient and transparent market and the investing public relies on a company’s published financial information to make important investment decisions,” Jasco said.
“The provisions of the listing requirements, which impose various important obligations on listed companies in respect of the disclosure of financial information, contributes to the integrity of the market, and for these reasons and with reference to the JSE’s findings of breach, the JSE has decided to impose this public censure against Jasco.”
Jasco said it accepts the decision of the JSE. – © 2020 NewsCentral Media
Duncan McLeod is Editor of TechCentral