Ecsponent announced today that the publication of the annual financial statements for the year ended 30 June 2019 will be postponed due to a delay in the finalisation of the MyBucks group’s (“MyBucks”) consolidated financial results. As this is a material investment for the Group, Ecsponent’s financial statements can only be finalised once the MyBucks’ results are released.
In some territories of operation, MyBucks is conducting audits on new banking operations for the first time, a complex and time-consuming process, contributing to the delay. MyBucks’ management and auditors have committed to finalising the group’s consolidated financial results during November 2019. Once MyBucks’ financial results are available, Ecsponent’s appointed auditors will be able to finalise Ecsponent’s annual financial statements for the year ended 30 June 2019.
About Ecsponent’s MyBucks investment
Ecsponent currently holds a 39.71% stake in the MyBucks group and announced its intention to take a further stake in the Frankfurt-listed entity. The details of the transaction are contained in the Circular, which was distributed to shareholders together with information about the general meeting that will be convened for ordinary shareholders to vote on the transaction on 20 November 2019.
MyBucks is a digital banking group that uses technology to provide financial services and products to consumers in several African countries. Ecsponent’s investment in MyBucks investment aligns with the Company’s strategy and provides Ecsponent with further geographical diversification. It not only adds significant critical mass to the business but provides access to five banking licences with further expansion opportunities for our investment products and increased exposure to hard currency assets, providing a natural rand hedge.
Information to shareholders
Ecsponent is working closely with the management of the MyBucks group to finalise their results, so that Ecsponent’s financial results can be published as soon as possible. Shareholders will be informed as soon as the publication date has been confirmed.
On behalf of the board, Ecsponent’s executive directors apologise for the inconvenience caused by the further delay in the release of the annual results.