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ESSENTIAL BEVERAGE HOLDINGS LIMITED
(Registration number : 98/12633/06}
"ESSENT"
REVISED AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED
31 OCTOBER 2000
POST YEAR-END EVENTS
PROPOSED CONSOLIDATION OF EXISTING ISSUED SHARE CAPITAL
VARIATION TO THE TERMS AND CONDITIONS OF THE PURCHASE OF INTERNET
GAMING (PROPRIETARY) LIMITED
ANNUAL GENERAL MEETING
Shareholders are advised that the Audited Consolidated Annual
Financial Statements for the year ended 31 October 2000 as
published on 7 March 2001 were not correct and are now restated
herein.
CONSOLIDATED INCOME STATEMENT
AUDITED AUDITED
12 MONTHS 12 MONTHS
31 0CTOBER 31 0CT0BER
1999 2000
TURNOVER 496 250 0
COST OF SALES (1 436 170) (630 822)
(939 920) (630 822)
OPERATING PROFIT (DEFICIT) (6 891 275) (2 011 822)
NETT PROFIT (LOSS) BEFORE
TAXATION (7 831 195) (2 642 644)
TAXATION 0 0
ACCUMULATED PROFIT
(LOSS) FOR THE YEAR (7 831 195) (2 642 644)
ACCUMULATED PROFIT (LOSS) AT
BEGINNING OF THE YEAR (3 433 914) (11 265 109)
STAFF SHARE OPTIONS
WRITTEN OFF 0 (16 660 000)
ACCUMULATED PROFIT (LOSS)
AT YEAR END (11 265 109) (30 567 753)
EARNINGS PER SHARE
NETT LOSS PER SHARE - cps (4.56) (11.13)
STAFF SHARE OPTIONS
WRITTEN OFF 0 9.60
LOSS ON DISPOSAL -
DISCONTINUED OPERATIONS 0 0.40
HEADLINE LOSS PER SHARE -
Cps (4.56) (1.13)
CONSOLIDATED BALANCE SHEET
CAPITAL EMPLOYED
SHARE CAPITAL 29 357 706 29 567 706
DISTRIBUTABLE RESERVES (11 265 109) (30 567 753)
FOREIGN CURRENCY TRANSLATION 0 (1 299 602)
RESERVE
LOANS PAYABLE 0 1 597 440
18 092 597 (702 209)
EMPLOYMENT OF CAPITAL
FIXED ASSETS 130 069 125 132
TRADEMARKS 10 11
COST OF CONTROL 1 370 720 690 700
LOANS RECEIVABLE 18 637 051 2 022 344
CURRENT ASSETS 855 983 1 004 356
CASH AT BANK & ON DEPOSIT 25 539 35 834
ACCOUNTS RECEIVABLE 830 444 968 522
CURRENT LIABILITIES 2 901 236 4 544 752
18 092 597 (702 209)
NETT ASET VALUE PER SHARE
- cps 10.5 (0.4)
CONSOLIDATED CASH FLOW STATEMENT
CASH GENERATED BY OPERATING
ACTIVITES (6 527 662) (199 705)
CASH PAID TO SUPPLIERS
AND EMPLOYEES (6 685 072) (63 224)
CASH RECEIVED FROM CLIENTS (23 111) (138 078)
CASH GENERATED FROM OPERATIONS (6 708 183) (201 302)
INVESTMENT INCOME 180 521 1 597
CASH GENERATED BY INVESTING
ACTIVITIES (132 299) (16 660 000)
INVESTMENT TO EXPAND OPERATIONS 0 0
ADDITIONS TO FIXED ASSETS (132 299) 0
ACQUISITION OF SUBSIDIARY 0 0
STAFF SHARE OPTIONS WRITTEN OFF 0 (16 660 000)
CASH GENERATED BY FINANCING
ACTIVITIES 1 997 577 16 870 000
(INCREASE) DECREASE IN
LOANS RECEIVABLE (18 368 481) 16 660 000
PROCEEDS OF SHARE ISSUE 20 366 058 210 000
NETT CASH RAISED (4 662 933) 10 295
CASH AND CASH EQUIVALENT AT THE
BEGINNING OF THE YEAR 4 687 933 25 539
CASH AND CASH EQUIVALENT AT THE
END OF THE YEAR 25 539 35 834
NOTES TO THE FINANCIAL STATEMENTS
1. The turnover for the past financial year is shown as nil since
all of the product invoiced in that year was destroyed due to
defective bottling by the contract bottlers in the United Kingdom.
The cost of sales in that financial year reflects the actual
manufacturing costs of the products that were destroyed.
2. The write off to the Staff Share Trust reflects the difference
between the original loan from the Company to the Share Incentive
Trust and the market value of the Company's shares held by the
Trust at 31 October 2000.
POST YEAR-END EVENTS
Shareholders are referred to the announcement dated 13th February
2001 wherein it was announced that Essent had entered into the
following agreements:
1. The sale of subsidiary companies Essential Waters Limited and
Essential Waters (BVI) Limited to Palladio Inc for the sum of
R100.00 (one hundred rand.) Essent is not liable for the
liabilities of these subsidiary companies; and
2. The purchase of Internet Gaming (Pty) Limited ("IG") from The
Internet Gaming Corporation Limited ("Igaming") which holds 80% of
IG and from Vegas International SA which holds 20% of IG. The
purchase price of IG is the sum of R92 500 000 (ninety two million
five hundred thousand rand) payable by the issue of 925 000 000
Essent shares of no par value at 10 cents per share.
3. To issue 20 000 000 (twenty million) additional Essent shares
of no par value to investors introduced by Igaming at a price of 3
(three) cents per share in order to settle Essent's current
liabilities to creditors; and
4. To re-name Essent to "Internet Casinos Limited" ("Icasinos")
These transactions as aforesaid are however subject to the
approval of Essent shareholders in General Meeting, the JSE
Securities Exchange South Africa and the South African Reserve
Bank. A circular to shareholders detailing these transactions and
calling an Extraordinary General Meeting to ratify the same, will
be posted to Essent shareholders within a reasonable period of
time.
PROPOSED CONSOLIDATION OF ESSENT'S EXISTING ISSUED SHARE CAPITAL
It is proposed that the entire existing issued share capital of
Essent be consolidated on a 10:1 (ten for one) basis.
PROPOSED VARIATIONS TO THE TERMS AND CONDITIONS OF THE PURCHASE OF
INTERNET GAMING (PROPRIETARY) LIMITED. ISSUE OF NEW SHARES.
1. The price to be paid for the entire issued share capital and
loan accounts in Internet Gaming (Pty) Limited to the vendors
Igaming and Vegas International will remain R92 500 000 but the
purchase price will be paid by the issue of 185 000 000 new Essent
shares at 50 (fifty) cents per share; and
2. The issue of 10 000 000 (ten million) shares of no par value
for cash at a price of 10 (ten) cents per share to investors to
settle the current liabilities of Essent.
ANNUAL GENERAL MEETING
Notice is hereby given that the Annual General Meeting of
Shareholders will be held on Tuesday 11th July 2001 in the
Boardroom at Incentive Holdings Limited, 170 Oxford Rd., Melrose,
Johannesburg at 11h30.
BY ORDER OF THE BOARD
JOHANNESBURG
14 June 2001
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