| Wed 4 Nov 2009, 9:00 | | ADW - Afdawn - Announcement Regarding: Further Feedback On The Financial Results |
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ADW
ADW
ADW - Afdawn - Announcement Regarding: Further Feedback On The Financial Results
For The Years Ended 28 February 2009 And 2008; Withdrawal Of Cautionary
Announcement Dated 14 October 2009; And Cautionary Announcement Relating To The
Current Financial Affairs Of The Company.
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE code: ADW
ISIN: ZAE000060703
("Afdawn" or "the company")
ANNOUNCEMENT REGARDING:
- FURTHER FEEDBACK ON THE FINANCIAL RESULTS FOR THE YEARS ENDED 28 FEBRUARY
2009 AND 2008;
- WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT DATED 14 OCTOBER 2009; AND
- CAUTIONARY ANNOUNCEMENT RELATING TO THE CURRENT FINANCIAL AFFAIRS OF THE
COMPANY.
FURTHER FEEDBACK ON THE FINANCIAL RESULTS FOR THE YEARS ENDED 28 FEBRUARY 2009
and 2008:
Further to the announcement, dated 1 October 2009, the reconstituted board of
the company has conducted a preliminary review of the company`s financial
affairs. The board wishes to advise shareholders that this review has resulted
in preliminary adjustments to the Annual Financial Statements for prior periods
amounting to approximately R450 million, comprising R420 million in respect of
the 2009 financial year, and R30 million in respect of the 2008 financial year.
Shareholders are further advised that the adjustments relate to the carrying
value of goodwill, the effect of the subsidiary company Allegro, additional
impairments of receivables and fundamental accounting errors in the results
previously reported for the years to 28 February 2009 and 2008.
Taking the board`s preliminary findings into account, it is expected that the
results for the year ended 28 February 2009 will be restated as follows:
Preliminary Previously
Re-stated Reported
(Loss)/earnings per share (cents) (108.8) 87.9
Headline (loss)/earnings per share (34.8) 87.9
(cents)
Net asset value per share (cents) 46.7 248.0
Tangible net asset value per share 46.7 164.5
(cents)
In addition, the opening retained income relating to the 2008 financial year
will be restated by approximately R30 million.
The financial information set out above has not been reviewed or reported on by
the company`s auditors.
INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 AUGUST 2009:
A trading update for the six months ended 31 August 2009 will be released as
soon as possible.
The interim results for the six months ended 31 August 2009 will be audited and
will be released on SENS by the end of November 2009.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT DATED 14 OCTOBER 2009:
Shareholders are referred to the announcement, dated 14 October 2009, and are
advised that this cautionary announcement is hereby withdrawn.
CAUTIONARY ANNOUNCEMENT RELATING TO THE FINANCIAL AFFAIRS OF THE COMPANY:
Having regard to the financial information provided above, shareholders are
advised to exercise caution when dealing in the company`s securities until such
time as a further announcement is made.
Shareholders are further advised that the board has initiated a forensic
investigation into certain of the circumstances that have resulted in the
adjustments set out in this announcement.
DUNKELD
4 November 2009
Designated Adviser
Vunani Corporate Finance
Date: 04/11/2009 09:00:01 Produced by the JSE SENS Department.
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