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TCTA Further Clarification - Update on Delay in Submission of TCTA's 2019/20 Annual Report and Release of AFS
| Website: www.tcta.co.za
Trans-Caledon Tunnel Authority (TCTA)
WSP5 (LHWP) ZAG000020017
As established by Notice No 2631 in Government Gazette No 10545 of 12 December 1986, and revised
by Notice No 277 in Government Gazette No 21017 of 24 March 2000 (the Notice of Establishment).
A Schedule 2 Public Finance Management Act No. 1 of 1999 (PFMA) entity.
FURTHER CLARIFICATION – UPDATE ON DELAY IN SUBMISSION OF TCTA’S 2019/20 ANNUAL REPORT AND THE RELEASE OF THE
ANNUAL FINANCIAL STATEMENTS
Noteholders are notified of the following with regards to TCTA’s SENS announcement of 30 October
2020 relating to the delay in the submission of TCTA’s 2019/20 Annual Report and Annual Financial
Statements (AFS) for the year ended 31 March 2020.
1. CLARIFICATION
In terms of s6.15 of the revised Debt Listing Requirements, effective from September 2020, a state-owned
entity must submit its audited annual financial statements to the JSE within seven months after the end of
the financial year, i.e. 31 October 2020 in the case of a financial year ending on 31 March. Due to the
nationwide lockdown, the FSCA granted an extension of two months, resulting in TCTA being required to
submit its AFS by 31 December 2020.
After the submission of the SENS announcement on 30 October, TCTA was granted a further extension
by the FSCA to 29 January 2021.
The revised deadline dates and sections are reflected in the table below:
Consequences of Non-
Requirement Deadline Status
Compliance
s90(b) FMA Regulated 30 October Extension Administrative penalty levied in
Person must submit AFS to 2020 granted to 29 terms of s167 FSRA.
FSCA January 2021
s6.15 DLR: make AFS 31 December 31 December s6.18(b) DLR JSE will publish
publicly available & publish 2020 2020 SENS after deadline informing
JSE SENS announcement investors of potential suspension
of listing.
s6.18(c) DLR if AFS are still
outstanding after 29 Jan 2021,
JSE will suspend listing.
S6.18 (d) DLR The suspension of
the listing will be lifted after the
JSE receives the AFS
2. UPDATE ON DELAY IN SUBMISSION OF TCTA’S 2019/20 ANNUAL REPORT AND THE
RELEASE OF THE ANNUAL FINANCIAL STATEMENTS
The closing of the border prevented the auditors of the Lesotho Highlands Development Authority from
conducting work required by the Auditor General South Africa (“AGSA”) in relation to TCTA’s mandate
on the Lesotho Highlands Water Project. With the reopening of the international border, the auditors of
LHDA have fulfilled the AGSA’s requirements.
In the course of finalising the audit, the AGSA raised a query related to royalty payments made to the
Government of Lesotho by TCTA on behalf of the Government of South Africa, which matter required
the Department of Water and Sanitation and the RSA Delegation to the Lesotho Highlands Water
Commission, under whose responsibility the matter lies, to request the advice of legal and technical
experts. To accommodate the required work, a request for a two week extension was submitted to the
AGSA on 7 November 2020, which was granted to TCTA. TCTA expects the AGSA to conclude the
audit and release the audit report to the TCTA Board on or before Friday, 4 December 2020.
Section 65(1)(a) of the PFMA requires the executive authority to table in the National Assembly the
annual report, financial statements and the audit report within one month after they have received it,
after which it is public documentation. Considering that the National Assembly will go into recess after
4 December 2020, the tabling of the annual report, financial statements and the audit report will take
place after the opening of Parliament in February 2021.
Given TCTA’s obligations in terms of various finance agreements and the JSE Debt Listing
Requirements, the Board will consider the options available to publish earlier.
TCTA will update Noteholders promptly as soon as further information becomes available.
25 November 2020
For further information please contact
Darshana Jeeva, TCTA Sponsor +27 12 683 1311
Date: 25-11-2020 02:18:00
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