MCU - m Cubed Holdings - Update Regarding Tax Assesments Against M Cubed
MCU
MCU
MCU - m Cubed Holdings - Update Regarding Tax Assesments Against M Cubed
Subsidiaries
m Cubed Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014568/06)
Share code: MCU ISIN: ZAE000033353
("m Cubed" or "the company")
UPDATE REGARDING TAX ASSESMENTS AGAINST M CUBED SUBSIDIARIES
Shareholders are referred to various cautionary announcements since March 2007,
the last of which was published on SENS on Thursday, 13 December 2007, in which
shareholders were advised that the company still had matters outstanding with
the South African Revenue Service ("SARS") to resolve the tax assessments raised
against subsidiary companies of m Cubed.
Further information has come to light regarding the tax assessments referred to
above:
With respect to the tax assessment raised against m Cubed Life Limited ("mCL"),
the objection lodged with SARS against the assessment on behalf of mCL was
successful and allowed in full by SARS. SARS has accordingly revised the
assessment against mCL and mCL thus has no further obligation to SARS regarding
the abovementioned assessment.
With respect to the tax assessment lodged against m Cubed Specialised Lending
(Pty) Limited ("MCSL"), a wholly owned subsidiary of m Cubed, it has been agreed
between MCSL and SARS that an advance payment of R132 million will be made by
MCSL to SARS as a deposit pending the final outcome of the tax appeal lodged
against the assessments. The R132 million plus interest or part thereof will be
repayable to MCSL should the amount on finalisation of the tax appeal be less
than R132 million. If same is more than R132 million then MCSL will be liable to
SARS for the difference.
MCSL has, as stated above, lodged an appeal against the tax assessment in MCSL
and once finality regarding same has been obtained the directors of m Cubed will
immediately inform shareholders of the outcome and the related financial impact
on m Cubed and will further assess the company`s position regarding the
voluntary suspension in the trading of m Cubed shares on the JSE. The tax
specialists appointed to represent and advise m Cubed on this matter are still
of the opinion that the company has a strong case against SARS.
Stellenbosch
29 January 2008
PSG Capital (Pty) Ltd - Sponsor
Date: 29/01/2008 13:23:34 Produced by the JSE SENS Department.
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