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AEC
AEC
AEC - Anbeeco Investment Holdings - Unaudited Interim Report For The Six Months
Ended 31 August 2007 And Further Cautionary Announcement
ANBEECO INVESTMENT HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1984/002788/06)
Share code: AEC & ISIN: ZAE000000162
("Anbeeco")
UNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 31 AUGUST 2007 AND FURTHER
CAUTIONARY ANNOUNCEMENT
SUMMARISED GROUP BALANCE SHEET
Unaudited Unaudited Audited
31 August 2007 31 August 2006 28 February 2007
(R`000) (R`000) (R`000)
ASSETS
Current assets 739 111 298
Accounts receivable 9 - 161
Taxation - 41 41
Other current assets 555 - -
Bank balances 175 70 96
Total assets 739 111 298
EQUITY AND LIABILITIES
Capital and reserves (2 461) (1 174) (1 484)
Issued capital 2 651 2 651 2 651
General reserve 5 028 5 028 5 028
Accumulated loss (10 140) (8 853) (9 163)
Non current liabilities 2 513 - 1 370
Loans from related parties 2 513 - 1 370
Current liabilities 687 1 285 412
Loans from related parties 555 404 169
Accounts payable 132 881 243
Total equity and liabilities 739 111 298
Number and weighted average 14 978 039 14 978 039 14 978 039
number of shares in issue
Net asset value and net (16,4) (7,8) (9,9)
tangible asset value per
share (cents)
SUMMARISED GROUP INCOME STATEMENT
Unaudited Unaudited Unaudited Audited
6 months 6 months 7 months 13 months
ended ended ended ended
31 August2 31 August2 31 August2 28 February
007 006 006 2007
(R`000) (R`000) (R`000) (R`000)
Gross revenue - - - 155
Other income - 11 11 11
Operating costs (1 095) (829) (935) (1 752)
Operating loss (1 095) (818) (924) (1 586)
Fair value adjustment 118 - - 352
Interest received 1 - - -
Finance costs (1) - - -
Net loss for period (977) (818) (924) (1 234)
Loss per share (cents) (6,5) (5,5) (6,2) (8,2)
Headline loss per share (6,5) (5,5) (6,2) (8,2)
(cents)
SUMMARISED GROUP CASH FLOW STATEMENT
Unaudited Unaudited Audited
6 months 7 months 13 months
ended ended ended
31 August2 31 August2 28 February
007 006 2007
(R`000) (R`000) (R`000)
Cash flows from (1 450) (246) (1 355)
operating activities
Cash flows from - - -
investing activities
Cash flows from 1 529 308 1 443
financing activities
Increase in cash 79 62 88
Cash at beginning of 96 8 8
period
Cash at end of period 175 70 96
SUMMARISED STATEMENT OF CHANGES IN EQUITY
2007/8 2006/7
(R`000) (R`000)
Balance 1 March (2006/7: 1 (1 484) (250)
February)
Net loss for period to 31 August (977) (924)
Balance 31 August (2 461) (1 174)
NOTES TO THE FINANCIAL INFORMATION
The unaudited interim results of the group for the 6 months ended 31 August 2007
have been prepared in accordance with International Financing Reporting
Standards and in the manner required by the Companies Act, 1973, and are
consistent with those of previous periods.
At 31 August 2007, the group had accumulated losses of R10,139,976 and the
group`s total liabilities exceeded its assets by R2,461,526. For the 6 months
ended 31 August 2007, the group incurred a loss of R977,244.
The financial statements have been prepared on the basis of accounting policies
applicable to a going concern. This basis presumes that funds will be available
to finance future operations and the realisations of assets and settlement of
liabilities, contingent obligations and commitments will occur in the ordinary
course of business.
The ability of the company to continue as a going concern is predicated on the
acquisition of all the shares in A Million Up Investments 105 (Pty) Ltd in
return for the issue of Anbeeco shares.
A Million Up Investments 105 (Pty) Ltd is in the process of developing its
investment property into a 5-star hotel, retail centre and parking garage, which
is forecast to generate significant returns for the company. Once the
development is complete, Anbeeco will derive income by way of dividends earned
on its investment in A Million Up Investments 105 (Pty) Ltd.
The acquisition is subject to the approval by the Securities Regulation Panel,
the approval by the JSE Limited ("the JSE") of the relevant circular to
shareholders, as well as by Anbeeco shareholders in general meeting.
The AltX Advisory Committee has imposed certain conditions that must be met by
Anbeeco before it will make a recommendation to the JSE whether or not Anbeeco
may proceed with its proposed reverse take-over listing under the name Quantum
Property Group Limited.
Anbeeco`s company and group cashflow requirements will be met by A Million Up
Investments 105 (Pty) Ltd whose facility with Absa for the development of its
property includes a facility for Anbeeco`s working capital. Any shortfall will
be made up by Anbeeco`s management company Bonheur 92 General Trading (Pty) Ltd.
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the announcement dated 3 October 2007, shareholders are advised that
Anbeeco is still awaiting approval of the reverse take-over listing by the JSE
and that negotiations are still in progress, which if successfully concluded,
may have a material effect on the price of Anbeeco`s securities, and,
accordingly, shareholders are advised to continue exercising caution in their
dealings in Anbeeco shares pending a further announcement.
BY ORDER OF THE BOARD
29 November 2007
Directors Registered office
C Cohen (Chairman), G Itzikowitz Nineteenth floor,
(Chief executive officer), MR Taitz, Sandton City Office
IS Schmidt, Dr LR Phathela (non- Tower, corner 5th Street
executive), Dr LM Mogudi (non- and Rivonia Road,
executive) Sandton, 2196
Company secretary Transfer secretaries
Corporate and Merchant Administrators Computershare Investor
(Proprietary) Limited Services 2004 (Pty)
Limited
70 Marshall Street,
Johannesburg, 2001
(PO Box 61051,
Marshalltown, 2107)
Sponsor
Merchant Sponsors (Proprietary)
Limited
Legal advisors
Werksmans
Date: 29/11/2007 11:28:01 Produced by the JSE SENS Department.
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