Zambia Copper Investments Limited - Suspension Of Listing
Zambia Copper Investments Limited
(Registered in Bermuda)
JSE code: ZCI
ISIN: BMG988431240
(`ZCI` or `the Company`)
SUSPENSION OF LISTING
The Directors of ZCI wish to inform shareholders that the suspension of its
listing on the Johannesburg and Paris stock exchanges has arisen solely due to
the delay in producing the Company`s provisional accounts for the period ended
31 December 2004. Application will be made for the lifting of the suspension as
soon as the accounts are published.
The delay in production of the accounts has largely been as a result of
difficulties experienced in receiving accurate information from Konkola Copper
Mines plc (`KCM`), which have arisen from inter alia changes in the accounting
policies and the financial year-end of KCM, which were required to align KCM
with the group accounting and reporting requirements of Vedanta Resources plc
(`Vedanta`). Shareholders will be aware that Vedanta, the controlling
shareholder of KCM, recently published its consolidated results, which
incorporated the results of KCM.
ZCI has in the past, included substantial impairments on the fixed asset values
and the deferred tax asset appearing in KCM`s accounts. ZCI has attempted to
maintain these impairments in its 31 December 2004 accounts in order to remain
consistent with previous years. The present delays are largely related to ZCI`s
attempts to obtain specific information on KCM`s Fixed Asset Register values.
Vedanta has not to the knowledge of the ZCI Board recorded any impairment to the
KCM results.
The change in circumstances at KCM and ZCI`s new role as minority shareholder of
KCM, has motivated the Board to conclude that the previous impairments to KCM`s
results are no longer appropriate.
Accordingly, and in view of the current unacceptable delays, the production of
the Company`s provisional results will be expedited in conjunction with the
Company`s auditors.
Bermuda
8 June 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 08/06/2005 04:06:21 PM
Produced by the JSE SENS Department
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