Viking Investments & Asset Management Limited - Company Announcement And Updated
Release Date: 31/07/2003 17:00:02 Code(s): VKG
VIKING INVESTMENTS & ASSET MANAGEMENT LIMITED - COMPANY ANNOUNCEMENT AND UPDATED
CAUTIONARY
VIKING INVESTMENTS & ASSET MANAGEMENT LIMITED
(Registration No. 1998/04440/06)
Share code: VKG ISIN Code: ZAE000015871
("Viking", "the company", or "the group")
Company announcement and updated cautionary
Shareholders are referred to the announcements dated 16 April 2003 ("first
announcement") and 2 May 2003 ("second announcement"), in which the provisional
un-reviewed results and the disclaimed review opinion were published. In the
first announcement, shareholders were advised, inter alia, that the results had
not been audited or reviewed and the reason for the delay was the non-completion
of the due diligence of the new inventory and accounting system of Metech
International LLC. In the second announcement, shareholders were advised that
because of the significance of these issues the auditors had issued a disclaimer
of review opinion.
The problems in arriving at final results for the year to December 2002 have
taken longer to resolve than anticipated and it is now expected that the audited
financial results will be published on or before 11 August 2003. The printed
annual report will be distributed to shareholders within 7 days of the
publication of the results.
In the process, the audit committee has undertaken a review of certain unlisted
investments held in South Africa by the group and have deemed it prudent in the
light of current market forces to make a further provision of approximately R 4
million at 31 December 2002. The profit attributable to the overseas
subsidiaries remains in line with that previously reported.
Our auditors have advised us that, in view of the problems relating to the
opening inventory stock and accounting system, their opinion on the income
statement to December 2002 will be disclaimed.
Shareholders are advised to continue to exercise caution in dealing in the
company"s shares until such time as the audited results are published.
31 July 2003
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 31/07/2003 05:00:08 PM Supplied by www.sharenet.co.za
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