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BRY
BRY
Bryant - Reviewed results for the year ended 30 June 2005 and request for
suspension of trading in Bryant shares
BRYANT TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07
CODE: BRY ISIN: ZAE000015475
REVIEWED RESULTS FOR THE YEAR ENDED 30 JUNE 2005 AND REQUEST FOR SUSPENSION OF
TRADING IN BRYANT SHARES
CONDENSED INCOME STATEMENT
R"000 Year Year
ended ended
30 June 30 June
2005 2004
(Reviewed) (Audited)
Revenue - 3,601
Operating (loss) (346) (2,311)
Interest (paid) (21) (17)
Net (loss) before tax (367) (2,328)
Tax - -
Net (loss) after tax (367) (2,328)
Dividends paid - -
(Loss) for the period (367) (2,328)
Shares in issue ("000) 196,000 196,000
Loss per share (cents) (0.19) (1.19)
Headline loss per share (cents) (0.19) (1.19)
Net asset value per share (cents) (1.06) (0.88)
CONDENSED BALANCE SHEET
R"000 30 June 30 June
2005 2004
(Reviewed) (Audited)
Assets
Plant and equipment - 86
Current assets 2 1,167
Inventories - 40
Accounts receivable - 287
Cash and cash equivalents 2 840
Total assets 2 1,253
Equity and liabilities
Shareholders" interest (2,082) (1,715)
Share capital 2 2
Share premium 11,803 11,803
Accumulated loss (13,887) (13,520)
Long-term loans 2,000 2,000
Current liabilities 84 968
Accounts payable 84 968
Total equity and liabilities 2 1,253
CONDENSED CASH FLOW STATEMENT
R"000 Year ended Year ended
30 June 30 June
2005 2004
(Reviewed) (Audited)
Cash flows from operating activities
Cash absorbed by operations (903) (392)
Net interest (paid) (21) (17)
Taxation paid - -
Net cash outflow from operating (924) (409)
activities
Net cash inflow/(outflow) from 86 (10)
investing activities
Net cash inflow from financing - -
activities
Net decrease in cash and cash (838) (419)
equivalents
Net cash and cash equivalents at 840 1,259
beginning of year
Cash and cash equivalents at end of 2 840
year
CONDENSED STATEMENT OF CHANGES IN EQUITY
R"000 Share capital and Accumulated Total
Premium (loss)
Balance at beginning of 11,805 (13,520) (1,715)
year
Loss for year (367) (367)
Balance at end of year 11,805 (13,887) (2,082)
Commentary
Basis of preparation
The financial results of the
company have been prepared on the historical cost basis in accordance with South
African Statements of Generally Accepted Accounting Practice and in the manner
required by the Companies Act in South Africa, which policies have been
consistently applied from prior years.
Audit opinion
The financial results have been reviewed by KPMG Inc. whose qualified review
opinion is available for inspection at the company"s registered address. The
qualification relates to doubts about the company"s ability to continue as a
going concern based on its current balance sheet.
General review
Disposal of assets
As announced in November 2004, Bryant concluded an agreement to dispose of its
entire information technology business.
This disposal is subject to the approval of the JSE Limited ("JSE"), the
Securities Regulation Panel ("SRP") and shareholders of Bryant in general
meeting. A circular containing the necessary resolution to approve the disposal
of the major asset of the company, as described above, will be forwarded to
shareholders in due course.
Other than the disposal of assets, the board of directors in office during the
financial year under review conducted no business other than that pertaining to
the regulatory functions of a listed company.
The current directors were not involved in the management of the company during
the financial year under review.
Specific issue of shares for cash
An agreement was reached in November 2004 whereby Bevdev CC would subscribe for
34,000,000 Bryant shares at 0,1 cents per share in a specific issue of shares
for cash thereby increasing the number of shares in issue from 196,000,000 to
230,000,000 shares.
The proposal to implement this specific issue of shares for cash will be
implemented once the shareholders of Bryant have passed a resolution to this
effect.
Loan from shareholders
The balance sheet reflects an amount of R2 million owing to two shareholders of
the company. The previous directors of the company are in discussion with the
vendors of the company to facilitate the cancellation of these loans. The
successful cancellation is a condition that needs to be fulfilled before the
acquisition, referred to below, can proceed.
Prospects
It was announced on 29 September 2005 that Bryant signed an agreement for the
acquisition of a majority interest in an open choice capitation based medical
scheme business called Capmed Holdings Limited ("Capmed"). The concept of
capitation is based on a service provider being paid a fixed monthly amount for
every patient with whom he has made such an arrangement, irrespective of the
number of visits by such a patient over a period of a year.
Further announcements will be made once the due diligence investigation has been
completed. Shareholders will thereafter be kept informed of the progress being
made with the implementation of the acquisition.
The current directors are of the opinion that the Capmed acquisition will
reinstate shareholder value and assist Bryant in returning to profitability.
Dividend
No dividend has been declared.
Annual report
The annual report will be mailed to shareholders by mid November 2005.
Request for suspension of trading in Bryant shares.
The board of directors has requested the JSE to suspend trade in Bryant"s shares
until further notice.
The decision to suspend trading in the shares is based on the following factors:
- The implementation of the Capmed acquisition agreements, referred to above,
will be subject to the approval of the shareholders of Bryant in general
meeting, the JSE, the SRP and such other regulatory bodies as may be
required.
- In terms of the Listings Requirements of the JSE, Bryant is preparing the
necessary documentation that will be required to make an application for a
listing on AltX; and
- Bryant at present has virtually no assets and according does not qualify
for a listing as a cash shell.
Once the necessary approvals have been obtained, an application will be made to
once again permit trading of the shares on the JSE.
JD Abrahams
Director
Registered address:
107 Haymeadow Street
Boardwalk Unit 1 Block 1
Faerie Glen
0043
24 October 2005
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 24/10/2005 11:50:12 AM Produced by the JSE SENS Department
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