| Fri 23 Jun 2006, 10:41 | | Bryant - Abridged Annual Report |
|
BRY
BRY
Bryant - Abridged Annual Report, Notice of Annual General Meeting; Update to
Shareholders and Further Cautionary Announcement
Bryant Technology Limited
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07)
JSE CODE: BRY & ISIN: ZAE000015475
ABRIDGED ANNUAL REPORT, NOTICE OF ANNUAL GENERAL MEETING AND UPDATE TO
SHAREHOLDERS AND FURTHER CAUTIONARY ANNOUNCEMENT
Bryant published its reviewed financial statements for the year ended 30 June
2005 on SENS on 24 October 2005, and in the press on 25 October 2005. The
financial statements have been audited and the annual report is to be mailed to
shareholders today, 23 June 2006.
The directors wish to report the following changes to those published on SENS
and in the press:
Income Statement
(R000"s)
Audited Reviewed
financial financial
results statements
Loss before tax (346) (346)
Net finance cost (142) (21)
Loss after tax (488) (367)
Earnings per share (cents) (0.3) (0.19)
Headline earnings per share (cents) (0.3) (0.19)
Balance sheet
Total shareholders" interest (2,204) (2,082)
Loans from related parties 2,027 2,000
Accounts payable 179 84
Net asset value per share (cents) (1.12) (1.06)
The attention of shareholders is drawn to the following paragraph included in
the report of the independent auditors, KPMG Inc:
"Without qualifying our opinion, we draw attention to the directors" report
which indicates that the company incurred a net loss of R488,483 for the year
ended 30 June 2005 and, as of that date, the company"s total liabilities
exceeded its total assets by R2,203,694. These conditions, along with other
matters as set forth in the directors" report to the financial statements,
indicate the existence of material uncertainty which may cast significant doubt
on the company"s ability to continue as a going concern."
ANNUAL GENERAL MEETING
The annual general meeting of shareholders of the company will be held at Office
1, Ground Floor, Edward III Building, Edward Street, Bellville on 21 July 2006
at 15h00.
It is Bryant"s plan to appoint four new directors at the annual general meeting,
as follows:
- Ms Dianne Case, a labour relations counsellor and director of Sekunjalo
Investments Ltd;
- Ms Zoliswa Kota, a member of parliament and director of Sekunjalo
Investments Ltd;
- Lesedi I Baisitse, a qualified geologist who owns a mining equipment supply
company; and
- Steve de Jongh, a well known miner at the Longlands diggings at Barkly
West.
CHANGES TO THE BOARD OF DIRECTORS
Shareholders are hereby notified that Dr Namane Magau has resigned as an
executive director of Bryant with effect from 23 November 2005.
TRANSACTION UPDATE
Shareholders are advised that the negotiations with Capmed, as announced on 29
September 2005, have lapsed due to the non-fulfilment of the suspensive
conditions relating to the agreement signed on 31 August 2005.
On 24 October 2005, the company requested that trading in Bryant shares be
suspended as the company had virtually no assets at that date.
New negotiations are, however, underway to acquire certain mining related and
mining technology assets and to re-capitalise the company. Should these
negotiations prove successful, it is anticipated that Bryant will change its
name and increase its authorised share capital. Full details will be announced
and included in a circular in due course.
FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcement released on SENS on 29
September 2005.
Although the negotiations with Capmed have lapsed, the board of Bryant is still
continuing to pursue acquisition opportunities for the company and shareholders
are advised to continue to exercise caution when dealing in the company"s
securities until a further announcement is made in this regard.
JD Abrahams
Director
23 June 2006
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
Date: 23/06/2006 10:41:44 AM Produced by the JSE SENS Department
