|
EMG
EMG
EMG - Emergent Properties Limited - Abridged reviewed interim results for the
six months ended 31 March 2008
Emergent Properties Limited
(Formerly Sizafika Property Investments Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1969/002908/06)
Share code: EMG ISIN: ZAE000097754
("Emergent or "the company")
ABRIDGED REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2008
INCOME STATEMENT Reviewed Unaudited Audited
Six Six Year
months months ended
ended ended
31 March 31 March 30
2008 2007 September
2007
R`000 R`000 R`000
Turnover - - -
Other income - - 25
Operating expenses (372) (3 582) (3 007)
Operating loss (372) (3 582) (2 982)
Fair value adjustments - - 7 596
Finance costs (1) - (1 072)
Investment revenue 18 257 1 420
(Loss)/profit before (355) (3 325) 4 962
taxation
Taxation - - 109
(Loss)/profit for year (355) (3 325) 5 071
(Loss)/earnings per linked (4.08) (38.0) 58.03
unit (cents)
Headline (loss)/earnings per (4.08) (38.0) 58.03
linked unit (cents)
Weighted average number of 8 739 790 8 739 790 8 739 790
linked units
BALANCE SHEET Reviewed Unaudited Audited
Six Six Year
months months ended
ended ended
31 March 31 March 30
2008 2007 September
2007
R` 000 R` 000 R` 000
ASSETS
Non-current assets 1 1 1
Investments 1 1 1
Current assets 15 488 7 727 16 051
Other financial assets 14 033 - 14 883
Trade and other receivables 1 166 1 924 767
Cash and cash equivalents 289 5 803 401
Total assets 15 489 7 728 16 052
EQUITY AND LIABILITIES
Equity 5 540 (3 173) 5 895
Shareholders` equity 5 540 (3 173) 5 895
Non-current liabilities 9 717 9 777 9 777
Debentures 9 717 9 777 9 777
Current liabilities 232 1 125 380
Trade and other payables 172 1 125 380
Debentures 60 - -
Total equity and liabilities 15 489 7 729 16 052
Net asset value per linked 176 74.90 178.62
unit at year-end (cents)
Number of linked units at 8 739 790 8 739 790 8 739 790
year-end
CASH FLOW STATEMENT Reviewed Unaudited Audited
Six Six Year
months months ended
ended ended
31 March 31 March 30
2008 2007 September
2007
R` 000 R` 000 R` 000
Net cash flow utilised in (962) (3 994) (2 891)
operating activities
Net cash inflow/(outflow) 850 - (6 505)
from investing activities
Net decrease in cash and cash (112) (3 994) (9 396)
equivalents
Cash and cash equivalents at 401 9 797 9 797
beginning of year
Cash and cash equivalents at 289 5 803 401
end of period
STATEMENT OF CHANGES IN EQUITY
Sha Shar Fair Non Accumul Tota
re e value distrb ated l
cap prem adjustm utable profits
ita ium ent reserv
l assets es
availab
le for
sale
reserve
Balance at 30 9 2 169 (2 146) 152
September 2006 120
Attributable loss (2 634) (2
for year 634)
Balance at 30
September 2007 as 9 2 169 (4 780) (2
previously 120 482)
published
Profit for the 5 072 5
year 072
Available for sale 671 671
financial asset
fair value
adjustment (net of
tax)
Balance at 30 9 2 671 169 2 926 5
September 2007 120 895
Loss for the (355) (355
period )
Balance at 31 9 2 671 169 2 571 5
March 2008 120 540
Commentary
The abridged results have been prepared in accordance with IAS 34 - Interim
Financial Reporting. The accounting policies adopted for purposes of this
report comply, and have been consistently applied in all material respects, with
International Financial Reporting Standards ("IFRS"). The same accounting
policies and methods of computation have been followed as compared to the prior
period ended 31 September 2006.
The results have been reviewed by Horwath Leveton Boner, whose unmodified review
report is available for inspection at the company`s registered office.
The company had limited trading during the period under review, which has
resulted in the significant decline in operating costs compared to the prior
comparable period. The company continues to hold an investment of 1.7% in
Emergent Investments (Proprietary) Limited, which investment is fair valued at
each year end.
No segmental information has been presented as the company does not have any
distinct operating segments.
Change in control, proposed acquisition of Queensgate Business Development
(Proprietary) Limited ("QBD") resulting in a potential further change in control
and suspension of Emergent
Linked unit holders are referred to the announcements released on SENS on 18
April 2008 and 30 April 2008 detailing, inter alia, the acquisition of control
of the company by Marcape (Proprietary) Limited as a nominee for Eagle Fund
Managers (Proprietary) Limited in terms of an agreement dated 15 February 2008,
the proposed acquisition from Queensgate Holdings (Proprietray) Limited of 80%
(eighty percent) of the entire issued ordinary share capital of QBD, the
redemption of debentures and the restructuring of the company`s share capital,
and are advised that a circular detailing all matters incidental hereto will be
posted in due course. The company is in the process of applying for a transfer
to the Alternative Exchange in this regard.
Linked unit holders are advised that linked units in Emergent will remain
suspended until successful implementation of the acquisition referred to above.
The continued listing of Emergent is subject to the JSE approving such
transaction in terms of its Listings Requirements.
Change to the board of directors
Pursuant to the change in control and intended acquisition of QBD, the following
directors were appointed to the board of directors with effect from 21 April
2008:
- JC Human (non-executive chairman);
- MD van Rooyen (executive); and
- S Swana (non-executive)
Dividends
No dividend has been declared for the period under review (31 March 2007: RNil).
Subsequent events
There were no significant events subsequent to the end of the period under
review.
By order of the Board
JC Human
Chairman
1 July 2008
Johannesburg
Directors
JC Human* (Chairman), MD van Rooyen, S Swana*, JE van der
Burgh*, DJA White*
(*Non-executive)
Registered Office
Arcay House II, Number 3 Anerley Road, Parktown, 2193
Transfer Office
Computershare Investor Services (Proprietary) Limited
Auditors
Horwath Leveton Boner
Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Date: 01/07/2008 14:51:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
