|
Post Balance Sheet
DECTRONIC LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
("Dectronic" or "the company")
ISIN Code : ZAE000016754
Share Code : DTR
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2001 AND POST BALANCE SHEET
RESTRUCTURING
AUDITED RESULTS FOR THE YEAR ENDED 31 AUGUST 2001
Group income statement Group balance sheet
Audited Interim Audited
results for results results
the year for the for the
ended six year
31 Aug 2001 months ended 31 Aug 28 Feb 31 Aug
R'000 ended 31 Aug 2001 2001 2000
28 Feb 2000 R'000 R'000 R'000
2001 R'000
R'000
ASSE
TS
Other 72 -- 351 Non- 205 2 408 2 482
income curr
ent
asse
ts
Prop 78 132 114
Operating (4 678) (1 021) (13 202) erty
loss ,
before plan
interest t
and
equi
pmen
t
Loss on -- -- (1 357) Inve -- 862 951
sale of stme
subsidiar nts
ies
Net (134) (10) 247 Loan 127 1 114 1 417
interest s
(paid)/re rece
ceived ivab
le
Net loss (4 812) (1 031) (14 313) Curr 237 7 8
before ent
taxation asse
ts
Taxation -- -- -- Acco 145 4 --
provision unts
rece
ivab
le
Net loss (4 812) (1 031) (14 313) Cash 91 3 8
after reso
taxation urce
s
Loss from -- (25) (363) Tota 442 2 115 2 490
associate l
d asse
companies ts
Attributa (4 812) (1 056) (14 676)
ble loss
EQUIT
Y AND
LIABI
LITIE
S
Fully Capi (2 686) 1 071 (1 190)
diluted tal
informati and
on rese
rves
Loss per (6.17) (1.35) (18.81) Issu 78 78 78
share ed
(cents) capi
tal
Headline (3.56) (1.35) (4.88) Shar 13 578 13 578 13 578
loss per e
share prem
(cents) ium
Shares in 78 020 78 020 78 020 Dist (16 342) (12 585) (11 530)
issue ribu
(`000) tabl
e
rese
rves
Shar -- -- (936)
es
held
by
subs
idia
ry
Headline Non- 155 -- --
Earnings curr
ent
liab
ilit
ies
Headline Shar 155 -- --
earnings ehol
is ders
calculate loan
d s
as Curr 2 973 1 044 1 300
follows: ent
liab
ilit
ies
Attributa (4 812) (14 676) Acco 2 466 551 726
ble loss unts
paya
ble
- 266 1 236 Taxa 214 214 214
Impairmen tion
t of
assets
- 1 486 -- Bank 293 279 360
Write off over
of loan draf
accounts t
- Loss 286 -- Tota 442 2 115 442
on sale -- 7 791 l
of shares equi
- ty
Intellect and
ual liab
property ilit
write ies
down
- Loss -- 1 357
on sale
of
subsidiar
ies
- -- 482 Net (3.4) 1.4 1.7
Restructu asse
re costs t
valu
e
per
shar
e
(cen
ts)
Headline (2 774) (3 810) Net (3.4) 1.4 1.7
loss tang
ible
asse
t
valu
e
per
shar
e
(cen
ts)
Numb
er 78 020 78 020 78 020
of
shar
es
in
issu
e
(`00
0)
Abridged group cash flow statement Statement of changes in equity
Audit Audited Retained
ed results income/
resul for the Shar Share Accumula Total
ts year e Premium ted
for ended capi R'000 deficit R'000
the 31 Aug tal R'000
year 2000 R'00
ended R'000 0
31
Aug
2001
R'000
Cash flows (776) (3 756) Balance at 01 90 15 303 397 15 791
from September
operating 1999
activities
Cash flows 771 5 369 Cancellation (12) (1 725) -- (1 737)
from of shares
investing
activities
Cash flows 155 (2 422) Net loss for -- -- (11 927) (11 927)
from the period
financing
activities
Net 150 (809) Balance at 78 13 578 (11 530) 2 126
(decrease)/i 1 September
ncrease in 2000
cash and
cash
equivalents
Opening bank (352) 457 Net loss for -- -- (4 812) (4 812)
balance the year
Closing bank (202) (352) Balance at 78 13 578 (16 342) (2 686)
balance 31 August
2001
Commentary and change in control
The results of Dectronic reflect the results of operations for the year
ended 31 August 2001. The severe financial distress of the company lead to
restructuring of the company, a change in control in September 2000 and a
rescue operation was undertaken in relation to the company. Trading was
curtailed by the directors and head office costs were eliminated.
Shareholders are referred to the paragraph on post balance sheet events
below for further information in this regard.
Abnormal items
Following the change in control and restructuring operations, the new
directors consider that there is little inherent value in the intellectual
property and investments held by the company and have decided to write down
the carrying value to R Nil.
POST BALANCE SHEET RESTRUCTURING AND REGISTRATION OF SECTION 311 COMPROMISE
OFFER WITH CREDITORS
Following the announcement published on 12 September 2001, where
shareholders were advised, inter alia, of the change in control and rescue
operation to ensure the survival of Dectronic, the directors are pleased to
announce that a formal compromise offer was accepted by the company's
creditors at a meeting held on 8 October 2001 and the compromise offer was
registered with the Registrar of Companies on 30 October 2001. The effect
of the compromise offer is that it places the company in a solvent position
for future trading as at the date of lodgement of the compromise offer.
A summarised pro forma balance sheet of the group, as though the Section 311
compromise offer had been in effect as at 31 August 2001 is presented below:
Pro forma
31 Aug
2001
R
ASSETS
Non-current assets 127
Loans receivable 127
Current assets 145
Accounts receivable 145
Total assets 272
EQUITY AND LIABILITIES
Capital and reserves 272
Issued capital 78
Share premium 13 578
Distributable reserves (13 384)
Total equity and liabilities 272
The company's directors are in the process of evaluating the company's
prospects and details will be forwarded to shareholders in due course.
Transaction Corporate Restructurers
sponsor
Gandalf Trust
Arcay Group
Limited
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
