Seeka Responds to Market Speculation

Seeka Limited (NZX:SEK) responds to market speculation about an incident of fraud in the company.

Seeka confirms that it has detected a series of invoicing irregularities in the company which it has been investigating with the assistance of independent forensic accountants. The total cost of the fraud is less than $350k and the impact on the current year earnings is $200k. There is no impact from this issue on the guidance range of the full year earnings at a profit before tax level in the current year which is currently between $39.0m and $43.0m.

The issue has been detected relatively early and Seeka is reviewing all payment processes to ensure that the risk of fraud is minimised. All relevant regulatory authorities have been notified, Seeka is pursuing full recovery, and the matter may be placed before the Courts.


Release ends.

For further information please contact:

Michael Franks Seeka Chief Executive Officer +64 21 356 516
Nicola Neilson Seeka Chief Financial Officer +64 21 841 606

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