Turnstar Holdings (Botswana) – Update regarding certain transactions in Dubai

By Published On: May 10th, 2022Categories: Corporate announcement

1. Further to (i) the Turnstar Holdings Limited (Turnstar or the Company) press release dated 27 January 2022, (ii) the trading statement for the year ended 31 January 2022, comprising a cautionary announcement dated 29 March 2022 (the Trading Statement) and (iii) the announcement to shareholders (being a reference to linked unit holders) dated 12 April 2022 in relation to the Report to the Board of Directors of Turnstar (the Turnstar Board) in respect of the legal review and analysis of certain transactions in Dubai (the Report Announcement), all as published on the X-News service of the Botswana Stock Exchange (BSE), the Turnstar Board advises shareholders, stakeholders and the public at large as follows:
(i) The investigation by Desai Law Group (DLG) of the transactions in Dubai undertaken by the Company is complete and the Report following the investigation was received, accepted and adopted unanimously by the Turnstar Board at its meeting on 8 April 2022.
(ii) The Report was furnished to the BSE on 8 April 2022.
(iii) The Report is comprehensive and thorough, factual and non-partisan, comprising 64 pages of analysis and several hundred pages of annexures.
(iv) As recorded in the Report Announcement, the Report was available for inspection at the offices of DLG until 29 April 2022 and a number of shareholders have availed themselves of the opportunity to undertake the necessary review.
(v) At the results presentation on 5 May 2022 for the year ended 31 January 2022, Mr Gulaam Abdoola, the managing director of Turnstar, and the other members of the Turnstar Board, fully and directly responded in detail to questions raised by the shareholders present following their respective review of the Report.

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Turnstar Holdings Limited (TURNST.bw)

Share price: 226.00 Thebe (0.00 | 0.00% – 22/04/25)

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