| Wed 28 May 2008, 16:48 | | AEC - Anbeeco - Audited Interim Report For The Twelve Months Ended 29 February |
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AEC
AEC
AEC - Anbeeco - Audited Interim Report For The Twelve Months Ended 29 February
2008 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")
AUDITED INTERIM REPORT FOR THE TWELVE MONTHS ENDED 29 FEBRUARY 2008 AND FURTHER
CAUTIONARY ANNOUNCEMENT
SUMMARISED GROUP BALANCE SHEETS
Audited Audited
29 February 28 February
2008 2007
(R`000) (R`000)
ASSETS
Current assets 877 298
Accounts receivable 92 161
Taxation - 41
Bank balances 785 96
Total assets 877 298
EQUITY AND LIABILITIES
Capital and reserves (4 094) (1 484)
Issued capital 1 831 2 651
General reserve 5 028 5 028
Accumulated loss (10 953) (9 163)
Non-current liabilities 3 944 1 370
Loans from related parties 3 944 1 370
Current liabilities 1 027 412
Loans from related parties 913 169
Accounts payable 114 243
Total equity and liabilities 877 298
Number and weighted average number of 14 978 039 14 978 039
shares in issue
Net asset value and net tangible asset (27,3) (9,9)
value per share (cents)
SUMMARISED GROUP INCOME STATEMENTS
Audited Audited
12 months 13 months
ended ended
29 February 28 February
2008 2007
(R`000) (R`000)
Gross revenue - 155
Other income - 11
Operating costs (2 317) (1 752)
Operating loss (2 317) (1 586)
Fair value adjustment 527 352
Interest received 1 -
Finance costs (1) -
Net loss for period (1 790) (1 234)
Loss per share (cents) (12,0) (8,2)
Headline loss per share (cents) (12,0) (8,2)
SUMMARISED GROUP CASH FLOW STATEMENTS
Audited Audited
12 months 13 months
ended ended
29 February 28 February
2008 2007
(R`000) (R`000)
Cash flows from operating activities (1 810) (1 355)
Cash flows from investing activities - -
Cash flows from financing activities 2 499 1 443
Increase in cash 689 88
Cash at beginning of period 96 8
Cash at end of period 785 96
SUMMARISED STATEMENT OF CHANGES IN EQUITY
2007/8 2006/7
(R`000) (R`000)
Balance 1 March (2006/7: 1 February) (1 484) (250)
Net loss for period to 29 February (1 790) (1 234)
(2006/7: 28 February)
Listing costs written off against
share premium (820) -
Balance 29 February (2006/7: 28 (4 094) (1 484)
February)
NOTES TO THE FINANCIAL INFORMATION
The audited interim results of the group for the 12 months ended 29 February
2008 have been prepared in accordance with International Financial Reporting
Standards, IAS 34 and in the manner required by the Companies Act, 1973, and are
consistent with those of previous periods, except for the adoption of IFRS 7
that came into effect in the current year.
At 29 February 2008, the group had accumulated losses of R10 952 596 and the
group`s total liabilities exceeded its assets by R4 093 869. For the 12 months
ended 29 February 2008, the group incurred a loss of R1 789 864.
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 that 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) Limited
("AMU") in return for the issue of Anbeeco shares.
AMU 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 AMU.
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 made a recommendation to the JSE that 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 AMU 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) Limited.
Related parties are companies controlled by directors of Anbeeco. Loans from
related parties are unsecured, interest free and, in the case of non-current
loans, are repayable by 31 August 2009 and, in the case of current loans, have
no fixed date of repayment.
The unqualified audit report is available for inspection. However, without
qualifying their opinion, the auditors drew attention to the fact that at 29
February 2008 the group had accumulated losses and that the group`s total
liabilities exceeded its assets. Furthermore the group incurred a net loss
during the period ended 29 February 2008. These conditions indicate the
existence of a material uncertainty, which may cast significant doubt about the
group`s ability to continue as a going concern. This has been expanded upon in
the commentary above.
FURTHER CAUTIONARY ANNOUNCEMENT
Further to the announcement dated 11 April 2008, shareholders are advised 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
28 May 2008
Directors
C Cohen (Chairman), G Itzikowitz (Chief executive officer),
MR Taitz (Financial director), IS Schmidt, BH Sneech (non-executive),
I Levitt (non-executive)
Registered office
Nineteenth floor, Sandton City Office Tower
Corner 5th Street and Rivonia Road, Sandton, 2196
Company secretary
Corporate and Merchant Administrators (Proprietary) Limited
Transfer secretaries
Computershare Investor Services (Pty) Limited
70 Marshall Street, Johannesburg, 2001
(PO Box 61051, Marshalltown, 2107)
Sponsor
Merchant Sponsors
Auditors
Grant Thornton
Legal advisors
Werksmans
Date: 28/05/2008 16:48:18 Produced by the JSE SENS Department.
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