In response to the public censure imposed by the JSE on TUHF Limited -with regards to the JSE’s public communication requirements- TUHF acknowledges that we did not meet the JSE’s communication requirement, with regards to specific requirements for public announcements in respect of our Domestic Medium Term Note (DMTN) Programme.
Throughout 2020 and 2021, TUHF proactively communicated with all stakeholders on the performance of the loan book, including the covenant stresses we were experiencing and the impact this had on the downgrading of TUHF’s credit rating by GCR towards the end of 2020. As we pride ourselves on maintaining close relationships with our select group of investors, we engaged with these stakeholders on a one-on-one basis, where we were open and transparent in monthly meetings and presentations.
However, during this period we did not make the necessary public SENS announcements with respect to covenant stresses and GCR’s downgrading of TUHF in a timely manner in line with the JSE listing requirements. This was an unintentional oversight on our part and subsequently remedied.
The capital markets are a critical source of funding for TUHF and, as such, we wholeheartedly recognise the importance of ensuring that we meet the disciplines expected of us as participants in the market, and in particular the importance of complying with all the JSE’s listing requirements. To meet these requirements in future we have implemented the necessary reporting steps and improvements to our internal procedures to ensure that such an unintentional oversight does not happen again.
Furthermore, we have, and will continue to proactively engage with the JSE, having cemented a robust and positive working relationship with the Exchange.
Our commitment to the capital markets remains of utmost important as we continue to invest in the renewal of South Africa’s inner cities.
For any further information, please contact Ilona Roodt (Ilonar@tuhf.co.za)