Prism Holdings Limited - Trading Update And Furthe
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 FURTHER CAUTIONARY ANNOUNCEMENT
Trading update
Following the trading update dated 28 May 2002, the Prism board of directors
("the Board") considers it appropriate to issue a further trading update in
anticipation of the announcement of the Company`s results for the financial
year ended 30 June 2002.
It is now anticipated that the Company will post a material loss both at a
headline and an attributable earnings level as a result of a number of
factors:
- continued adverse trading conditions, resulting in slower revenue growth
than anticipated and deferred purchase decisions by key customers;
- provision for the South East Asian debtor as referred to in the previous
trading update dated 28 May 2002; and
- a decision to provide further against certain investments and the
adoption of a more conservative amortisation treatment for intangible
assets. This is in line with the detailed financial and operating review
undertaken on the instructions of the newly-constituted Board.
Prospects
Management has taken a conservative view of prospects and the order pipeline
for the financial year ending 30 June 2003 and is satisfied that the
business model is well founded and sustainable.
Further cautionary announcement
Further to the cautionary announcement dated 28 May 2002, shareholders are
advised that the Company is still involved in negotiations, which, if
successfully concluded, may have a material effect on the price at which the
Company`s shares trade on the JSE Securities Exchange South Africa.
Furthermore, the Board is investigating the disposal of certain non-core
assets. Accordingly, Prism shareholders are advised to continue to exercise
caution in dealing in their shares until a further announcement is made.
Johannesburg
3 July 2002
Sponsor
Gensec Bank Limited
(Registration number 1996/004744/06)
Date: 03/07/2002 04:00:00 PM Produced by the SENS Department
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