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AXIAM HOLDINGS LIMITED
(formerly TBB Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1997/020853/06)
("Axiam" or "the Company")
PRELIMINARY UNAUDITED RESULTS
FOR THE PERIOD ENDED 28 FEBRUARY 2001
Group income statements
11 months 12 months
ended ended
28 February 31 March
2001 2000
R'000 R'000
Loss before taxation (196 759) (288 856)
Taxation - (2 648)
Net loss after taxation (196 759) (291 504)
Earnings attributable to
minority shareholders - 524
Loss attributable to
ordinary shareholders (196 759) (290 980)
Transfer from/(to)
non-distributable reserves - 5 578
Net loss (196 759) (285 402)
Headline earnings
Net loss to ordinary
shareholders (196 759) (290 980)
Net loss attributable to
discontinuing operations - 306 789
Headline (loss)/earnings (196 759) 15 809
Financial statistics '000 '000
Total shares in issue 16 599 37 274
Weighted average number
of shares in issue 601 37 274
Treasury shares - 8 033
601 29 241
Headline (loss)/earnings
per share (cents) (32 739) 54
Group balance sheets
At At
28 February 31 March
2001 2000
R'000 R'000
Assets
Fixed assets 991 26 644
Trading assets 8 844 190 249
Term assets and investments 33 208 92 862
Cash and short-term funds 7 909 88 749
Accounts receivable 7 453 152 655
Other current assets 926 24 860
Total assets 59 331 576 019
Liabilities
Short-term finance sources
and other creditors 11 820 142 534
Other liabilities and provisions 42 492 262 996
Total liabilities 54 312 405 530
Shareholders' funds
Ordinary shareholders' funds 5 019 150 090
Outside shareholders' funds - 20 399
Total liabilities and
shareholders' funds 59 331 576 019
Net asset value per share (cents) 30 583
(calculated using number of
shares in issue at year end)
Comments
Background
Control of Axiam changed as a result of proposals in terms of a rescue
operation implemented by PSG Investment Bank Holdings Limited ("PSGBH") on
23 October 2000. Following thereon, the board of directors was reconstituted
and PricewaterhouseCoopers Inc were appointed as auditors. The financial
year end of the company was changed to 28 February to coincide with that of
PSGBH. Comparative results as presented above for the year ended 31 March
2000 were presented by the previous board of directors.
Axiam was recapitalised on 28 February 2001 by the amount of R78 million in
order to repay secured claims of PSGBH.
At the general meeting of the Company held on 23 March 2001, shareholders
passed the special resolution necessary for the affairs of the Company to be
investigated in terms of section 258(1) of the Companies Act, 1973 (Act 61
of 1973), as amended, by one or more inspectors appointed by the Minister of
Trade and Industry. Pursuant to such resolution, meetings have been held
with the Minister's office and the matter is progressing.
This investigation, together with the sequestration of The Business Bank
Share Incentive Trust, should provide important evidence aimed at the
recovery of the erosion in shareholder value since the Company's listing on
the JSE Securities Exchange South Africa in March 1998.
As a result, inter alia, of the above, your directors are not in a position
at this stage to present audited financial statements. Every effort is being
made to achieve the aforementioned by the time of publication of detailed
financial statements by 31 August 2001.
Commentary on results
The uncertainty leading up to the rescue operation of Axiam and related
matters adversely affected the business and results of Axiam during the
period under review and subsequently. PSGBH continues in its endeavour to
stabilise the company and its subsidiaries.
Shareholders are referred to the interim results announcement which detailed
the major items comprising the loss before taxation.
Efforts remain focused on reducing losses, extracting maximum value for
shareholders through a combination of asset realisation, repositioning of
remaining businesses and action aimed at recovery of losses from responsible
parties.
The board of directors
The board of Axiam has been reconstituted and now comprises: D P Kennealy,
Dr M D C Motlatla, C F Myburgh, C A Otto, C F Turner and B van der
Westhuizen.
For and on behalf of the board
Rondebosch
4 June 2001
Nathiera Abdullah
Secretary
Registered address Transfer secretaries
PSG Investment Computershare
Bank Building Services Limited
Albion Spring 2nd Floor, Edura House
183 Main Road 41 Fox Street
Rondebosch 7700 Johannesburg 2001
(PO Box 24024 (PO Box 61051
Claremont 7735) Marshalltown 2107)
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