WLL - Wellco - Delay In Release Of Provisional Res
WLL
WLL
WLL - Wellco - Delay In Release Of Provisional Results
WELLCO HEALTH LIMITED
(Registration No: 2005/005805/06
JSE code: WLL
ISIN: ZAE000071841
("Wellco" or "the Company")
DELAY IN RELEASE OF PROVISIONAL RESULTS
As stated in our announcement of the 29 June 2007 the directors anticipated
release of our provisional results by the 10 July 2007.
Due to the uncertainty of the ongoing negotiations surrounding the potential
sale of certain brands, the injection of capital and pursuing other mechanisms
consistent with the turnaround programme, the board is unable at this point of
time to accurately determine the treatment of certain items within the Annual
Financial Statements.
The outcome of these negotiations will determine how the company recognizes the
value of the intangible assets, goodwill and the deferred tax asset, amongst
other items. The potential sale of brands may result in the impairment of the
intangible asset value and an adjustment to the associated portion of goodwill
to reflect the recoverable amounts of these assets based on post balance sheet
events.
Once these negotiations are concluded, which the board expects to be in the next
10 days, the board will be in a position to release the audited results that
accurately reflect the position of the company.
Midrand
11 July 2007
Designated Advisor
River Group
Date: 11/07/2007 12:20:47 Produced by the JSE SENS Department.
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