| Fri 28 Sep 2007, 7:00 | | IND - Independent Financial Services Limited - Con |
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IND
IND
IND - Independent Financial Services Limited - Consolidated audited results for
the year ended 30 June 2007
INDEPENDENT FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1950/037061/06)
Share code: IND & ISIN: code: ZAE000025300
("IFS")
CONSOLIDATED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2007
INCOME STATEMENT
Audited Audited
12 months 12 months
30 June 30 June
2007 2006
(R"000) (R"000)
Gross revenue - -
Operating (loss)/profit before taxation (3,070) 3,639
Taxation - (265)
Net (loss)/profit for the year (3,070) 3,374
Share in issue (millions) 34 34
(Loss)/earnings per share (cents) (9.0) 9.9
Capital items eliminated (cents) - (15.2)
Headline loss per share (cents) (9.0) (5.3)
Dividends per share (cents)
- declared after period - 6.3
CASH FLOW STATEMENT
Cash flows from:
Operating activities (2,905) (12,889)
Investing activities - 9,128
Financing activities 1,058 -
Change in cash and equivalents (1,847) (3,461)
Opening cash and equivalents 1,951 5,410
Closing cash and equivalents 104 1,951
STATEMENT OF CHANGES IN EQUITY
Opening balances 1,757 9,207
Net (loss)/profit for the year (3,070) 3,374
Capital Reduction - (8,699)
Dividends - (2,125)
Closing balances (1,313) 1,757
BALANCE SHEET
Assets
Non-current assets
Property, plant and equipment 9 14
Current assets
Cash resources 104 1,951
Total assets 113 1,965
Equity and liabilities
Capital and reserves (1,313) 1,757
Share capital 340 340
Share premium 1 1
(Accumulated loss)/retained income (1,654) 1,416
Non-current liabilities
Loan from directors 1,058 -
Current liabilities 368 208
Payables 349 189
Taxation 19 19
Total equity and liabilities 113 1,965
Net asset value per share (cents) (3,9) 5.2
Net tangible asset value per share (cents) (3,9) 5.2
Accounting policies
The company has adopted International Financial Reporting Standards (IFRS) for
the year ended 30 June 2007. These financial results have been prepared in
accordance with the requirements of the JSE Listings Requirements with regard to
provisional and abridged results reports, including those relating to IAS34:
Interim Financial Reporting.
The company`s auditors, PKF(JHB) INC, have audited the annual financial results
from which these results have been extracted and their unqualified audit report
is available for inspection at the company`s registered office.
Nature of business
The company is presently a listed cash shell.
Going concern
The financial statements have been prepared on the going concern basis, since
certain directors representing the controlling shareholders have agreed to
personally fund, on non-interest bearing loan account, all usual expenses
incurred in the day to day running of the group pending the completion of the
issue for cash referred to below.
Directorate
The following changes have taken place:
Appointments
J H Goldberg Non Executive Director (Appointed 18/06/07)
V D Rubin Independent Non Executive Director (Appointed 12/09/07)
Resignations
D Castle Non Executive Director (Resigned 18/06/07)
I Dlamini Non Executive Director (Resigned 18/06/07)
S Zungu Non Executive Director (Resigned 18/06/07)
Comments
The year ended 30 June 2007, whilst frustrating, was one of great progress that
culminated in commitments from financial institutions and high net worth
individuals to invest approximately R100 million in the future of your company.
Your directors successfully negotiated the introduction of fixed capital to the
company in due course by way of a specific issue of shares for cash at an issue
price of 100 cents per share. This premium will ultimately result in net
tangible asset value per share being approximately 75 cents. At 30 June 2007
the company had no net tangible asset value per share. Minority shareholders
representing approximately 6,5 million shares are expected to be rewarded for
their loyalty and patience with a tradable share with an issue price of 100
cents.
Post Balance Sheet Events
In July 2007, trading in the shares of the company was suspended pending the
company qualifying for continued listing and the company was under threat of
delisting. Your directors are satisfied that meetings held with the JSE have
culminated in an agreement for the listing of the company to be transferred to
the "Equity Investment Instruments" sector of the Main Board of the JSE,
subject to approval by shareholders at a general meeting on the implementation
of corporate actions which will be incorporated in a circular to shareholders
and revised listing particulars. Such documents are being prepared and will be
posted to shareholders in the near future. The lifting of the suspension of the
shares is expected to occur simultaneously with the issue of the new shares
referred to above. Furthermore, the company is currently in the process of
finalising the appointment of a suitably qualified chief financial
officer.
Your directors are currently in negotiation to acquire meaningful equity
holdings in unlisted entities in a diverse range of industries. The new capital
raised will be utilised to fund such investment activity.
Appreciation
The board of directors wishes to thank Sandile Zungu, Darryll Castle and
Itumeleng Dlamini for their contributions and guidance during their tenure as
directors.
For and on behalf of the board.
P Vallet Des Rosen
Non-executive Chairman Chief Executive Officer
Rosebank
28 September 2007
Directors
J H Goldberg*, S Medalie*, V D Rubin**, D N Rosen, P Vallet*
* Non-executive
** Independent Non-executive
Registered Office
1 Glenhove Square, 71 4th Street, Houghton Estate, 2198
Company Secretary
J R Jones (Mrs)
Transfer Secretaries
Link Market Services South Africa (Proprietary) Ltd
Sponsor
PSG Capital (Proprietary) Limited
Date: 28/09/2007 07:00:02 Produced by the JSE SENS Department.
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