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AGI
AGI
AGI - AG Industries Limited - Reviewed results for the year ended 30 June 2009 -
Auditor`s opinion
AG INDUSTRIES LIMITED ("AGI" or "the Group")
Registration number: 1980/004051/06
Share code: AGI ISIN: ZAE000039467
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2009 - AUDITOR`S OPINION
Shareholders are referred to the interim results announcement released on SENS
on 14 October and published in the press on 15 October 2009 respectively.
In the above announcement under the heading "Review Report" the nature of the
auditors conclusion to their opinion and the paragraph containing the
qualification in the auditor`s report was not included and is included below for
clarity:
REVIEW REPORT
The results for the year ended 30 June 2009 have been reviewed by the Company`s
auditors, Deloitte & Touche. An adverse opinion has been expressed on the
accompanying financial information as follows:
"Basis for Adverse Conclusion
Based on the information provided to us by management, the Group is in the
process of obtaining new funding and renegotiating current bank facilities,
which the Group is dependent on to continue as a going concern. The Group has
the conditional continued financial support of the banks subject to certain
suspensive conditions with regards to the sale of non-core assets and
recapitalisation of the Group being finalised and the shareholder`s approval
being obtained. These events indicate a material uncertainty which may cast
significant doubt on the Group`s ability to continue as a going concern and
therefore may be unable to realise its assets and discharge its liabilities in
the normal course of business. Our review indicates that the financial
statements are prepared on the going concern basis which, in our judgement, may
be inappropriate in the circumstances.
Conclusion
Based on our review, because of the pervasive effect on the condensed financial
information of the matter discussed in the preceding paragraph, the accompanying
condensed financial information does not present fairly in all material
respects, the financial position of the Group as at 30 June 2009 and of its
financial performance and its cash flows for the year then ended in accordance
with the International Accounting Standard applicable to interim financial
reporting
and in the manner required by the Companies Act of South Africa."
A copy of the review report is available for inspection at AGI`s registered
office.
Johannesburg
18 November 2009
Sponsor
Sasfin Capital (A division of Sasfin Bank Limited)
Date: 18/11/2009 17:10:01 Produced by the JSE SENS Department.
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