Insure - Preliminary Results For The Year Ended 28
INSURE - PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
("Insure" or "the company")
Share code INS ISIN ZAE00000000
PRELIMINARY RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2002
On 31 May 2002 Insure published its preliminary results for the year ended 28
February 2002.
Included in the operating profit for the period was an amount of R1 056 000
which accrued from the realisation of security held by the company in terms of
funding arrangements.
After discussion with the JSE Securities Exchange South Africa ("the JSE")
Insure has been advised that it is obliged to deal with this accrual in terms of
the provisions of the Listings Requirements concerning transactions. These
requirements compel the company to issue a circular to shareholders containing
details of the realisations. The cost of complying with the requirements is
approximately R240 000. Insure has requested that its auditors agree to a
provision being made in its published preliminary results against the security
realised. The auditors and the JSE have consented to this course of action.
The effect of this provision will be to increase the losses as published by the
amount of R240 000, which will increase the headline losses by 9,8% from 1,5 to
1,7 cents per share and the total losses by 1,7% from 8,7 to 8,8 cents per
share.
The annual report of Insure will contain the financial statements as restated.
Randburg
2 August 2002
Date: 02/08/2002 10:36:59 AM Produced by the JSE SENS Department
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