| Fri 25 Jun 2004, 12:34 | | NOTICE OF ANNUAL GENERAL MEETING |
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Jse: Idi
Release Date: 25/06/2004 12:00:07 Code(s): IDI
IDION TECHNOLOGY HOLDINGS LIMITED - NOTICE OF ANNUAL GENERAL MEETING AND CHANGE
STATEMENT TO ABRIDGED RESULTS
Idion Technology Holdings Limited
1998/ 013846/ 06
(`IDION` or `the Group` or `the Company`)
ISIN Code: ZAE000022513
JSE Share code: IDI
NOTICE OF ANNUAL GENERAL MEETING AND CHANGE STATEMENT TO ABRIDGED RESULTS
1. NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of IDION will be held at
10:00 on 12 August 2004 at IDION House, 11 Naivasha Road, Sunninghill. The
notice of the meeting is contained in the annual report for the year ended 31
December 2003 (`2003 Annual Report`).
2. CHANGE STATEMENT TO ABRIDGED RESULTS PUBLISHED ON 16 MARCH 2004
Shareholders of IDION are advised that the 2003 Annual Report will be dispatched
to shareholders on 25 June 2004. The 2003 Annual Report is also available
online on the IDION website (www.idion.com). Other than certain balance sheet
adjustments listed below, the audited annual financial statements contained in
the 2003 Annual Report contain no other changes to the audited abridged results
which were published on 16 March 2004.
The directors considered the adjustments necessary after it was ascertained
that, in the 2001 financial year, the Group`s goodwill amortisation charge was
overstated by R4.158 million. As this overcharge related to the 2001 financial
year, this adjustment was passed against the opening balance of accumulated
losses previously reported. These adjustments affected deferred tax assets,
sundry creditors, foreign currency translation reserve and the opening balance
of current year accumulated losses.
These adjustments had no impact on IDION`s reported earnings and headline
earnings for the years ended 31 December 2003 and 31 December 2002.
The effect of the adjustments is as follows:
Abridged 2003
Adjustments - Year ended 31 December results Adjustment Annual
2003 (R`000) (extract) Report
(extract)
Non-current assets:
Deferred tax assets 31,681 1,122 32,803
Current liabilities:
Sundry creditors (23,804) 1,372 (22,432)
Equity:
Foreign currency translation (92,746) 1,664 (91,082)
reserve
Accumulated losses 416,897 (4,158) 412,739
Net balance sheet effect: -
IDION also published a supplementary US Dollar denominated balance sheet with
the audited abridged results. The above Rand denominated adjustments were
translated into US Dollars as follows:
Abridged 2003
Adjustments - Year ended results Adjustment Annual
31 December 2003 (US$`000) (extract) Report
(extract)
Non-current assets:
Deferred tax assets 4,750 168 4,918
Current liabilities:
Sundry creditors (3,569) 206 (3,363)
Equity:
Foreign currency translation (13,850) 249 (13,601)
reserve
Accumulated losses 62,448 (623) 61,825
Net balance sheet effect: -
25 June 2004
Sunninghill
Sponsor:
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
