Prism - Trading Update and Cautionary Announcement
PRISM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/018949/06)
Share code PIM ISN: ZAE000022257
("Prism" or "the Company")
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Trading update
As at the date of publication of the Company`s interim results, which were
published on 13 February 2002, the Management of the Company indicated that
certain South East Asian debtors which arose prior to 30 June 2001 would be
collected during the Company`s current financial year ending on 30 June
2002. Although progress has been made in this regard, it has become evident
that an amount of R43 million will not be collected as at 30 June 2002.
After consultation with the auditors, the Board of Directors of the Company
("the Board") has resolved that it will be prudent to make provision in full
for this amount in the Company`s current financial year results.
At the same time, trading conditions (in line with global information
technology trends) have remained difficult in the markets in which the
Company operates. Certain customers have recently deferred the placing of
new orders and the delivery on current orders that had been anticipated in
the second half of the financial year. In line, however, with the continued
positive interest being shown in certain of the Company`s products by
international customers, there are clear indications that these orders will
be fulfilled during the Company`s next financial year. In addition,
progress continues to be made with regard to the international licensing of
certain of the Company`s software.
Given the above, and following a detailed financial and operating review
which has been undertaken on the instructions of the newly-constituted
Board, Management believes that the Company`s results for the year ending 30
June 2002 will be adversely affected and it is therefore possible that a
headline loss per share could be incurred.
Cautionary announcement
Shareholders are simultaneously advised that the Company has entered into
negotiations which, if successfully concluded, may have a material effect on
the price of the Company`s securities. Accordingly, shareholders are
advised to exercise caution when dealing in the Company`s securities until a
further announcement is made.
Johannesburg
28 May 2002
Sponsor
Gensec Bank Limited
(Registration number 1996/004744/06)
Date: 28/05/2002 05:52:00 PM Produced by the SENS Department
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