| Fri 4 May 2001, 0:00 | | Oxbridge - Unaudited Interim Financial Results |
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OXBRIDGE ONLINE LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER : 1969/001167/06)
("OXBRIDGE")
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31
DECEMBER 2000.
Consolidated Income Statements
Group Group Group
Interim Unaudited Interim Unaudited Final Audited
31 December 2000 31 December 1999 30 June 2000
R'000 R'000 R'000
Revenue 111 601 467
Operating Loss before Interest (1,803) (2,348) (6,004)
Interest Received 1 149 214
Interest Paid (66) (17) (23)
Net loss before exceptional items (1,868) (2,216) (5,813)
Exceptional item (9,613) 0 0
Net loss before taxation (11,481) (2,216) (5,813)
Taxation 0 0 45
Net Loss attributable to
shareholders (11481) (4,432) (11,581)
Weighted average number of
shares ('000's) 110224 110224 110224
Loss per share (cents) (10.42) (2.01) (5.23)
Headline loss per share (cents) (1.69) -2.01 (5.21)
Consolidated Balance Sheets
Interim Group Interim Group Final
Unaudited Unaudited Audited
31 December 2000 31 December 1999 30 June 2000
R'000 R'000 R'000
ASSETS
Non Current Assets
Tangible Assets 0 554 583
Intangible Assets 0 10306 9023
0 10860 9606
Current Assets
Accounts Receivable 177 532 241
Bank and cash balances 1 1330 43
Taxation prepaid 0 83 0
178 1945 284
Total Assets 178 12805 9890
EQUITY AND LIABILITIES
Capital and Reserves
Share Capital 11022 11022 11022
Share Premium 2656 2656 2656
Accumulated Loss (17,835) (2802) (6354)
(4,157) 10876 7324
Current Liabilities
Accounts Payable 3077 791 972
Shareholders for Dividends 138 138 138
Short Term liability 1000 1000 1000
Bank overdraft 120 0 451
Taxation payable 0 0 5
4335 1929 2566
Total Equity and Liabilities 178 12805 9890
Consolidated statement of
changes in equity
Share Share Accumulated
Capital premium loss Total
R'000 R'000 R'000 R'000
Balance - 30 June 1999 11022 2656 (586) 13092
Net loss for the year 0 0 (5,768) (5768)
Balance - 30 June 2000 11022 2656 (6,354) 7324
Net loss for the period 0 0 (11,481) (11,481)
Balance - 31 December 2000 11,022 2,656 (17,835) (4,157)
Summarised cash flow statements
Group
Unaudited Unaudited Audited
31 December 2000 31 December 1999 30 June 2000
R'000 R'000 R'000
Cash inflow (outflow)
from operating
activities 296 (2,025) (2,820)
Cash outflow from
investing activities (7) (40,771) (1,691)
Cash inflow from
financing activities 0 44126 0
Net increase (decrease)
in cash and cash
equivalents 289 1330 (4,511)
Cash and cash
equivalents at
beginning of the
period (408) 0 4,103
Cash and cash
equivalents
at end of period (119) 1330 (408)
COMMENTS ON THE INTERIM UNAUDITED FINANCIAL STATEMENTS
Oxbridge was a specialist in e-commerce for the motor industry and developed
various solutions for that industry. Oxbridge was in advanced stages of
negotiations with various large players in the motor vehicle industry which
included companies such as Ford, Delta, Bankfin, Saab and the Super Group.
Oxbridge successfully completed pilot projects for these companies but was
unable to conclude these contracts due to potential clients' concerns
surrounding the price of Oxbridge's shares due to global re-rating of
e-commerce companies at that time.
Oxbridge then decided merge with one of its competitors, a joint venture named
Autris headed by Anderson Consulting (now known as Accenture). The negotiations
with Autris were finalised and the International project was launched as
AutoAfrica. Shortly thereafter it became apparent to Oxbridge that the funding
required by Autris was not yet secured and the directors of Oxbridge at that
time were then forced to cease trading. The directors of Oxbridge at that time,
in order to rescue the company, negotiated a deal with The Internet Gaming
Corporation Limited, a company listed on the JSE Securities Exchange South
Africa as Igaming.
POST INTERIM DEVELOPMENTS
It was announced on 22 January 2001 that :-
- World Wide Patent & Design Consultants (Pty) Limited ("WWPDC") acquired the
voting rights from Oxbridge Development Limited in the amount of 43 842 645
Oxbridge shares as well as the option to purchase the amount of 38 842 645
Oxbridge shares from Oxbridge Development Limited.
- WWPDC acquired the voting rights from a third party in the amount of 22 778
244 Oxbridge shares as well as the right to purchase 50% of those shares at 2
cents per Oxbridge share.
- Oxbridge disposed of its entire shareholders interest and loan accounts in
and to Oxbridge Solutions Group Limited to Oxbridge Development Limited for the
amount of R100.00.
- Oxbridge proposes to acquire the entire issued share capital and loan
accounts in and to The Internet Lottery (Pty) Limited and Internet Bingo (Pty)
Limited from The Internet Gaming Corporation Limited (Igaming) (60%), Blue
Raven Investments Inc (20%) and Hanson Industries Corp (20%). The purchase
price in respect of these acquisitions is in the amount of R80 000 000.00
payable to these vendors by an issue of 80 000 000 Oxbridge shares at a price
of 10 cents per share.
- Oxbridge intends to change its name to that of Electronic Lottery Services
Limited and will become a controlled listed subsidiary company of The Internet
Gaming Corporation Limited, a company listed on the JSE Securities Exchange
South Africa as "Igaming".
- These proposals are however subject to the approval of the Listings Division
of the JSE Securities Exchange South Africa as well as Oxbridge Shareholders in
General Meeting.
- The Board of Oxbridge was reconstituted on 22 January 2001 as follows :-
Mr D W Cattell, Mr N M Ingledew, M S E Miller and Mr J W Simpson resigned with
immediate effect.
Mr P N Gama (Non Executive Chairman), Mr K G Metcalf (Managing Director), Mr A
Santini (Non Executive) and Mr S R Schonfeldt (Non Executive) were appointed
with immediate effect. All of these directors are directors of The Internet
Gaming Corporation Limited "Igaming".
BY ORDER OF THE BOARD OF DIRECTORS
JOHANNESBURG
4 MAY 2001
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