The JSE on Thursday publicly censured niche financial services company, African Dawn Capital for a misstatement of financial results that occurred in 2014, when the company was under different management. "The restatements had a material effect on the financial results. The loss per share increased by 22% from 3.37c to 4.11c, while headline loss per share increased by 57.5% from 2.61c to 4.11c," the JSE said via the Stock Exchange News Service (Sens) on Thursday. This represented a breach of the JSE’s listing requirements and a failure to observe the "highest standards of care when disseminating information in the market place", the JSE said. The results for the 12 months to February 2014 were restated in African Dawn’s full-year 2015 results, issued in November 2015. "In some instances, the errors reflected a failure by the Company to correctly apply non-complex or basic requirements of International Financial Reporting Standards," the JSE said. The misstatements related primarily ...
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