Bryant - Abridged Report And Notice Of Annual General Meeting
BRYANT TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07)
CODE BRY ISIN ZAE000015475
(`Bryant` OR `the company`)
Abridged annual report
The annual report for Bryant for the year ended 30 June 2004 has been published
and was mailed to shareholders on 17 November 2004.
The audited results reflect no changes from the reviewed results published on
SENS on 2 November 2004. The attention of shareholders is however drawn to an
emphasis of matter paragraph included by KPMG Inc. in the report of the
independent auditors, as follows:
`Going concern
Without qualifying our opinion, we draw attention to the directors` report which
indicates that the company incurred a net loss for the year ended 30 June 2004
of R2 328 014 (2003 - R618 945) and as of that date the company`s total
liabilities exceeded its total assets by R1 715 211. The directors` report
indicates why, in these circumstances, the financial statements are prepared on
the basis of accounting policies applicable to a going concern.`
The directors` report contains the following paragraph:
`Going concern
The company incurred a net loss for the year ended 30 June 2004 of R2 328 014
(2003 - R618 945) and as of that date its total liabilities exceeded its total
assets by R1 715 211. As indicated in the directors` report, the directors are
restructuring the company. The major cause of the loss in 2004 was a write down
of the remaining terminal inventory of R2 000 000. The inventory is now carried
at zero value even though it does generate revenue. As indicated in note 10, the
repayment of R2 000 000 unsecured loans from related parties has been deferred
until the company has annual post tax profits of R15 000 000 or the directors
resolve to pay the loan earlier. The company expects to be able to settle its
liabilities in the normal course of its business. Accordingly, the financial
statements are prepared on the basis of accounting policies applicable to a
going concern.`
Resignation and appointment of directors
The resignations of Mr WJT Marchant and Mrs GC Marchant as directors were
tendered with effective from 12 November 2004. On 9 November 2004, Messrs DJA
White and JE van der Burgh, were appointed as directors.
The notice of annual general meeting is included with the annual report. The
meeting will be held on Friday, 10 December 2004 at 09h00 at the offices of
Imara Corporate Finance South Africa (Pty) Ltd, Ground Floor, West Wing, 25
Wellington Road, Parktown, Johannesburg.
DJA WHITE
Director
18 November 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
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