| Thu 21 Aug 2008, 17:48 | | DTH - DVT - Change Statement Notice Of Annual Gen |
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DTH
DTH
DTH - DVT - Change Statement, Notice Of Annual General Meeting And Proposed
Change Of Name
DYNAMIC VISUAL TECHNOLOGIES HOLDINGS LIMITED
(Registration number 2004/016984/06)
Share Code: DTH
ISIN:ZAE000109070
("DVT" or "the Company")
CHANGE STATEMENT, NOTICE OF ANNUAL GENERAL MEETING AND PROPOSED CHANGE OF NAME
CHANGE STATEMENT
Shareholders are advised that the Company`s Annual Report was posted to
shareholders on 20 August 2008. This report contains the audited annual
financial statements for the 12 months ended 29 February 2008 ("the audited
annual financial statements") and contains certain changes, as detailed below,
to the preliminary report announced on SENS on 17 April 2008 ("the 2008 reviewed
results").
Explanation of change to consolidated cash flow statement
The fair value of assets acquired for all business combinations was recalculated
to include the effects of a minority purchase previously excluded, as well as
remove the effects of net assets acquired with shares and not cash. The
resultant change values are set out below:
AMENDED CONSOLIDATED CASH FLOW STATEMENTS
for the year ended 29 FEBRUARY
ORIGINAL(1) AMENDED(2)
VARIANCE
2008 2008 2008
Cash receipts from customers 53 738 740 53 738 740
Cash paid to suppliers and
employees (46 658 437) (46 831 686) (173 249)
Cash generated from operations 7 080 303 6 907 054 (173 249)
Interest income 455 332 455 332
Finance costs (1 571) (1 571)
Tax paid (1 863 677) (1 863 677)
Net cash from operating activities 5 670 387 5 497 138 (173 249)
Cash utilised in investing activities (5 013 699) (2 367 581) 2 646 118
Additions to property, plant
and equipment (438 494) (438 494)
Proceeds from disposal 16 287 16 287
Purchase of intangible (295 606) (295 605)
Acquisition of business (4 295 886) (1 649 769) 2 646 118
Proceeds from sale of part of subsidiary
Cash generated/(utilised) from financing
Activities 9 402 338 6 929 469 2 472 869
Proceeds on share issue 235 503 235 503
Repayment of other financial liabilities (337 134) (253 535) 83 599
Repayment of shareholders loan
Dividends paid
Proceeds from share premium 9 503 969 6 947 501 (2 556 468)
Cash surplus for the year 10 059 026 10 059 026
Cash and cash equivalents at the
Beginning of the year 1 758 658 1 758 658
Cash and cash equivalents at end
of the year 11 817 684 11 817 684
Note
As per the 2008 reviewed results
As per the audited annual financial statements.
Shareholders are reminded of the change statement announced on SENS on 4 July
2008 wherein it was stated that, as a consequence of the interpretation of
IAS 33 (earnings per share), the weighted average number of shares for the
company has been recalculated as to 41 946 841 shares in issue in respect of the
financial year ended 29 February 2008 (compared to 33 027 568 shares in issue as
per the 2008 reviewed results). The resultant change values are set out below:
For the year ended 29 February 2008
Weighted number of shares in issue 41 946 841
Diluted weighted number of shares in issue 42 330 957
Earnings per share (cents)
- Basic 14,4
- Diluted 14,2
- Headline 14,1
- Diluted headline 14,0
Other than the changes stated above, no other changes have been made to the 2008
reviewed results.
The audited annual financial statements were audited by Greenwoods whose
unqualified report is available for inspection at the company`s registered
office.
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the first annual general meeting of shareholders of
DVT will be held in the boardroom of the company at Victoria Gate, Hyde Lane,
Hyde Park on Wednesday, 10 September 2008 at 14:00 for the purpose of
transacting the business as stated in the notice of the annual general meeting
which is included as part of the Annual Report posted to shareholders.
PROPOSED CHANGE OF NAME
The notice of the annual general meeting contains a proposed special resolution
to change the name of the Company from "Dynamic Visual Technologies Holdings
Limited" to "DTH Dynamic Technology Holdings Limited" ("the proposed change of
name").
The proposed change to "DTH Dynamic Technology Holdings Limited" better
describes the business of the group and will allow the company to develop its
operating brands without creating confusion with the holdings company`s brand.
The name "Dynamic Visual Technologies" or "DVT" will continue to be used for
certain existing operating subsidiaries of the Company.
Shareholders are referred to page 53 of the Annual Report posted to
shareholders, which sets out further information regarding the proposed change
of name. Further details and salient dates regarding the proposed change of
name will be released on SENS following the annual general meeting.
Johannesburg
21 August 2008
Designated adviser:
PSG Capital (Pty) Limited
Date: 21/08/2008 17:48:16 Produced by the JSE SENS Department.
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