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CASEY - REVIEWED INTERIM RESULTS FOR THE PERIOD ENDED 31 AUGUST 2003,
ANTICIPATED CHANGE OF CONTROL AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
CASEY INVESTMENT HOLDINGS LIMITED
(Registration No: 1998/016433/06)
("Casey")
JSE CODE: CSY
ISIN CODE: ZAE000042537
REVIEWED INTERIM RESULTS FOR THE PERIOD ENDED 31 AUGUST 2003, ANTICIPATED CHANGE
OF CONTROL AND RENEWAL OF CAUTIONARY ANNOUNCEMENT
Company
INCOME Six months Six months Year Six months
STATEMENT ended ended ended ended
31-Aug-03 31-Aug-02 28-Feb-03 31-Aug-03
Revenue 32,925 13,686 27,078 0
EBITDA (1,002) (2,162) (3,717) (978)
Write off of (316)
investment
Write off of 3,708
Goodwill
Depreciation 137 599 11
Operating (1,139) (2,162) (8,024) (1 305)
Income
Finance Costs 342 349 767
Net Income / (1,481) (2,511) (8,791) (1 305)
Loss
Number of 74,980 8,313 74 980 74,980
shares in issue
(fully diluted)
Weighted
average number
of shares
in issue 74,980 8,313 22,376 74 980
Loss per share (2.0) (30.2) (39.3) (1.70)
(cents)
Headline Loss
computed as
follows:
Loss for the (1,481) (2,511) (8,791) (1,305)
year
Goodwill 0 118 3,708 -
written
off/amortised
Headline Loss (1,481) (2,393) (5,083) (1,305)
Headline Loss (2.0) (28,8) (22,8) (1.7)
per share
(cents)
Net asset value (7.3) 27.51 (5.3) 17.9
per share
(cents)
Net tangible (7.3) (18.51) (5.3) 17.9
asset value per
share (cents)
BALANCE SHEET
ASSETS
Non-current 2,050 5,895 1,675 1,200
assets
CURRENT ASSETS
Inventories 431 525 898 0
Inter-group 943 817 909 14,438
debtors
Accounts 1,150 5,710 6,113 3
Receivable
Cash & Cash 0 64 24 0
Equivalents
2,524 7 116 7,944 14,441
TOTAL ASSETS 4,574 13 011 9,619 15,641
EQUITY &
LIABILITIES
EQUITY
Share Capital 23,573 23 573 23,573 23,573
and Premium
Retained (29,047) (21 285) (27,566) (10,118)
Earnings
(5,474) 2 287 (3,993) 13,455
Company
Six months Six months Year Six months
ended ended ended ended
31-Aug-03 31-Aug-02 28-Feb-03 31-Aug-03
Borrowings 2 271 757 2,248 2,187
2,271 757 2,248 2,187
CURRENT
LIABILITIES
Accounts 3,406 5 196 6,859 0
payable
Bank overdraft 4,371 4 771 4,505 0
7,777 9 967 11,364 0
TOTAL EQUITY & 4,574 13 011 9,619 15,642
LIABILITIES
CASHFLOW
STATEMENT
Cashflow from 599 (1 088) (2,238) (25)
operating
activities
Cashflow from (511) (188) (239) (34)
investment
activities
Cashflow from 23 3 009 4,434 60
financing
activities
Movement in 111 1 732 1,957 1
cash and cash
equivalents
Cash and cash
equivalents
at (4,482) (6 439) (6,439) (1)
beginning of
year
at end (4,371) (4 707) (4,482) 0
of year
Company
Six months Six months Year Six months
ended ended ended ended
31-Aug-03 31-Aug-02 28-Feb-03 31-Aug-03
STATEMENT OF
CHANGES IN
EQUITY
Share Capital
Balance at the 75 831 831 831
Beginning of
Period
Issue of Share (756) (756)
Capital
Balance at the 75 831 75 75
End of Period
Share Premium 23,498 2 741 2,741 2,741
Balance at the 20,757 20,757
beginning of
period
Balance at the 23,498 2 741 23,498 23,498
end of period
Shareholders 20 000
loan converted
to capital
Distributable
Reserves
Balance at the (18 775) (18,775) (8,813)
beginning of (27,566)
period
Net profit (1,481) (2 511) (8,791) (1 305)
(loss) for the
period
Balance at the (29,047) (21 286) (27,566) (10,118)
end of period
TOTAL EQUITY (5,474) 2 288 (3,993) 13,455
Comments
1. The accounting policies used in the preparation of the financial statements
for the six months ended 31 August 2003 are consistent with those applied
in the prior period and comply with South African Statements of Generally
Accepted Accounting Practice. The unqualified interim financial statements
for the six months ended 31 August 2003 have been reviewed by Casey"s
auditors, SAB&T Incorporated. A copy of their review report is available
for inspection at the company"s registered office.
2. The board of directors of Casey in conjunction with its major shareholder,
Black Information Technology Empowerment Company Limited ("Blitec"), have
decided to close down all divisions with effect from 31 August 2003. Over
the past twelve months, the directors had examined various initiatives to
revitalise Casey"s business operations and return the Group to
profitability. All staff members have been retrenched. Under the direction
of Blitec, all of the assets are in the process of being realised. Blitec
is in the process of concluding an offer of compromise with the creditors
of all of Casey"s subsidiaries.
3. The directors wish to thank all the stakeholders for the trust and
commitment they demonstrated over the last few years.
ANTICIPATED CHANGE OF CONTROL, RESIGNATION OF DIRECTORS AND RENEWAL OF
CAUTIONARY ANNOUNCEMENT
The directors wish to inform shareholders that they have entered into
negotiations, which if concluded on or before Thursday, 15 January 2004 will
result in the sale of Blitec"s 87,27% equity interest in the Casey shell to a
third party. Simultaneous with this transaction, Blitec will acquire all of
Casey"s remaining assets and liabilities, inclusive of the interest in and loans
to Casey"s subsidiaries. The Company"s reviewed interim financial statements are
included herewith.
It is the intention of the buyer of the shares to completely refocus the
business with the objective of retaining Casey"s listing on the JSE Securities
Exchange South Africa.
Shareholders are referred to previous cautionary announcements published on
10 September 2003 and 25 July 2003 and are accordingly advised to continue to
exercise caution in dealing in their shares until a further announcement is
made.
RESIGNATION OF DIRECTORS
Messrs D Khumalo and S Singh have resigned from the board of Casey with effect
from 17 December 2003.
For and on behalf of the board
Ms YT Moerane
Acting Chief Executive Officer
Midrand
17 December 2003
Directors:
D Khumalo, S Singh, YT Moerane
Registered Address:
Greenoaks Office Park,
Cnr Bekker & Gregory Avenue,
Vorna Valley, Midrand,
Gauteng, 1685, South Africa
Transfer Secretaries:
Computershare Limited
P O Box 61051
Marshalltown
2107
Auditors:
SAB&T Incorporated
Corporate advisor and sponsor:
Imara Corporate Finance South Africa (Pty) Limited
Date: 18/12/2003 07:05:08 AM Produced by the JSE SENS Department
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