Bytes Technology Group Limited - Withdrawal of cau
Bytes Technology Group Limited - Withdrawal of cautionary announcement
BYTES TECHNOLOGY GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1911/003874/06)
Share code: BTG ISIN: ZAE000029526
("BTG" or "the company")
Withdrawal of cautionary announcement
Further to the cautionary announcement published on Monday, 12 May 2003,
shareholders are informed that BTG has updated its forecasts in light of changed
macroeconomic circumstances, including:
* Lower than anticipated borrowings required to fund the acquisition of the 50%
plus 1 share in Xerox South Africa (Pty) Limited;
* A review of forecast capital expenditure;
* Updated forecasts for all operations taking account of current market
conditions, particularly in the United Kingdom; and
* Reductions in interest rates.
The auditors have reviewed the updated forecasts prepared by BTG and have issued
their report in relation to such forecasts. Their report is available for
inspection at the company"s registered address during normal business hours.
In line with the information disclosed on 12 May 2003, the following updated
financial numbers are disclosed:
2005 2004 2003 2002
Cash generated from Rm 224 163 210 125
operations
Gross debt Rm 320 410 310 91
Net cash balances Rm 236 200 260 222
Net (debt)/ cash Rm -84 -210 -50 131
Gearing (on net debt) % 19.9 46.4 9.5 -
Interest cover x 6.8 4.6 N/a N/a
As a result, shareholders are no longer required to exercise caution when
dealing in BTG"s shares.
Johannesburg
25 June 2003
Joint sponsor
Nedbank Corporate
Joint sponsor
Cazenove
Auditors
KPMG
Date: 25/06/2003 10:30:04 AM Supplied by www.sharenet.co.za
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