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ZELTIS HOLDINGS LIMITED - ABRIDGED REPORT AND NOTICE OF ANNUAL GENERAL MEETING
ZELTIS HOLDINGS LIMITED
(Registration No:1905/0021141/06)
("Zeltis" or "the company")
JSE CODE: ZLT
ISIN CODE: ZAE000037297
ABRIDGED REPORT AND NOTICE OF ANNUAL GENERAL MEETING
1. Zeltis published its audited financial statements for the year ended
30 June 2003 on SENS on 21 October 2003 and in the press on 22 October
2003. The annual report was mailed to shareholders on 17 October 2003.
The directors wish to report that there is no change to the publication on
SENS and in the press. There were however a number of errors and omissions
in the annual report that was mailed to shareholders. Set out below is the
text of an Errata sheet that is being mailed to shareholders.
2. ZELTIS HOLDINGS LIMITED ANNUAL REPORT 2003 - ERRATA
The following errors have been detected in the annual report mailed to
Zeltis shareholders on 17 October 2003. These errors may have mislead
certain readers of the financial statements. The directors wish to correct
these errors and clarify any misunderstanding. These corrections are:
* the correct income statement is set out below, and may be compared
with that in the annual report. It should be noted that one of the
errors was the omission of brackets around the figures for "Loss per
share" and "Headline loss per share". This may have lead to the
interpretation that the group showed a profit per share, which is not
correct. The schedule below is correct.
* also corrected is the figure representing "Net loss per income
statement" in note 17 to the financial statements, entitled "Loss per
share". The entire note is repeated below for clarity.
* the cash flow statement referred to notes that do not exist. The
correct note references are 20.1 and 20.2.
* the directors" statement of responsibilities, a recommendation of the
King Code on Corporate Governance, which includes a comment on the
going concern status of the group, was not included in the annual
report. It is included in the directors" report below.
3. DIRECTORS" REPORT - STATEMENT OF RESPONSIBILITY
The directors are responsible for the maintenance of adequate accounting
records and the preparation and integrity of the financial statements and
related information. The auditors are responsible to report on the fair
presentation of the financial statements. The financial statements have
been prepared in accordance with generally accepted accounting practice and
in the manner required by the Companies Act, 1973.
The directors are also responsible for the company"s system of internal
financial control. These are designed to provide reasonable, but not
absolute, assurance as to the reliability of the financial statements, and
to adequately safeguard, verify and maintain accountability of assets, and
to prevent and detect misstatement and loss. Nothing has come to the
attention of the directors to indicate that any material breakdown in the
functioning of these controls, procedures and systems has occurred during
the 12 months under review.
The financial statements have been prepared on the going concern basis,
since the directors have every reason to believe that the company has
adequate resources in place to continue in operation for the foreseeable
future.
INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
Notes Group Company
2003 2002 2003 2002
R"000 R"000 R"000 R"000
Revenue 11 148 505 141 489 - -
Operating profit/
(loss) on ordinary
activities before
investment income 12 3 277 (2 492) - -
Impairment of
investments - (5 161) - (12 941)
Investment income 14 237 358 - -
Profit/(loss)
Before finance costs 3 514 (7 296) - (12 941)
Finance costs (4 259) (5 646) - -
Net loss for the year (745) (12 941) - (12 941)
Loss per share
(cents per share) 17 (0.91) (21.65)
Headline loss per share
(cents per share) 17 (3.98) (12.82)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2003
Group
2003 2002
R"000 R"000
Loss Per Share
The calculation of the loss
per ordinary share is based
on a loss of R744 787 (2002:
loss of R12 941 171), divided
by the weighted average number
of ordinary shares in issue
being 82 044 120 (2002:
59 783 462) (0.91) (21.65)
The calculation of the
headline loss per ordinary
share is based on a loss of
R3 198 820 (2002: headline
loss R7184 493) divided by
the weighted average number
of ordinary shares in issue
being 82 044 120 (2002:
59 783 462) (3.98) (12.02)
Reconciliation Between Loss And Headline Earnings
Net loss per income
statement (745) (12 941)
Adjusted for:
Profit on sale of
investments (3 115) (66)
Investments and
loans written off - 5 161
Goodwill amortised 661 661
Headline losses (3 199) (7 185)
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of members of Zeltis in
respect of the year ended 30 June 2003 will be held at Zeltis House, 50 Sixth
Road, Hyde Park on Tuesday, 11 November 2003 at 09:00.
The forms of proxy included in the annual report for those members who are
unable to attend the general meeting must be received by the transfer
secretaries, Computershare Limited, 70 Marshall Street, Johannesburg 2001 by no
later than 09:00 on Monday 10 November 2003.
The fifth ordinary resolution incorrectly refers to paragraph 5.69 of the
listings requirements of the JSE Securities Exchange South Africa, whereas the
correct reference should be paragraph 5.52, which sets out the "Requirements for
general issues (of share) for cash".
By order of the board
31 October 2003
Directors:
DX Hellmann (Chairman)
RN McLeod (Managing)
CHD Field (Financial)
CD Payne
Sponsor:
Imara Corporate Finance South Africa (Pty) Ltd
Date: 31/10/2003 01:17:06 PM Produced by the JSE SENS Department
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