| Thu 5 Feb 2009, 11:54 | | MCU - m Cubed - Update To Mcubed Shareholders |
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MCU
MCU
MCU - m Cubed - Update To Mcubed Shareholders
UPDATE TO MCUBED SHAREHOLDERS
Incorporated in the Republic of South Africa
Registration number: 1998/014568/06
Share code: MCU & ISIN: ZAE000033353
("m Cubed" or "the company")
UPDATE TO MCUBED SHAREHOLDERS
1. As disclosed in prior SENS announcements, the last of which was published
on SENS on 18 November 2008, and as detailed in the circular to
shareholders dated 3 May 2008, there remained an unresolved tax assessment
against m Cubed Specialised Lending Services (Pty) Limited ("MCSL"),
emanating from intellectual property sale and leaseback transactions. MCSL
had filed an objection against the assessment, which was disallowed by the
South African Revenue Services ("SARS"), and had then subsequently lodged a
formal tax appeal against such assessment. Furthermore MCSL made an
advance payment of R132 million to SARS, pending the final outcome of the
tax appeal lodged against the assessments. The board of m Cubed ("the
board") now wishes to advise shareholders that MCSL has finally reached a
settlement with SARS regarding this matter. By agreement with SARS, the
details of the settlement are to be treated as confidential.
2. Shareholders are reminded that there still remain outstanding matters with
another regulator, the essence of which has been disclosed in prior SENS
announcements, the last of which was disclosed on SENS on 18 November 2008,
and as further detailed in the circular to m Cubed shareholders dated 3 May
2008. The board of m Cubed is glad to report that much progress had been
made with regard to these matters. However, the board is unable to
provide, with reasonable certainty, an estimate as to when such matters
with the regulator in question will be finalised.
3. The preparation of audited financial statements of m Cubed for the year
ended 29 February 2008 has similarly progressed well and the board and
audit committee of m Cubed are due to meet later in February 2009 to assess
the situation. As it is the stated intention of the board to dispose of
its assets, after settling all of its liabilities, and return all available
cash to its shareholders, the financial statements in question have to be
prepared with great attention to detail given the circumstances. This, in
itself, is proving time consuming. Shareholders will accordingly be advised
on or about the end of February 2009 of the outcome of such meeting and any
further progress.
4. Shareholders are further advised that the trading in m Cubed shares on the
JSE Limited ("JSE") will remain suspended until further notice.
5 February 2009
Stellenbosch
PSG Capital (Pty) Limited - Sponsor
Date: 05/02/2009 11:54:01 Produced by the JSE SENS Department.
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