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ZPT
ZPT
Zaptronix Limited - Transfer to the Alternative Exchange
ZAPTRONIX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/014928/06)
Share code: ZPT ISIN: ZAE000070934
("Zaptronix" or "the Company")
Transfer to the Alternative Exchange
1. Introduction
The board is pleased to announce that the JSE Limited ("JSE") has formally
approved the transfer of the company"s listing to the Alternative Exchange
("AltX") of the JSE. The JSE has approved the listing of 379 318 930 ordinary
shares in Zaptronix, which securities will commence trading on AltX from the
opening of business on Tuesday, 27 June 2006.
The directors believe that the company, and its shareholders, will be better
suited to AltX based on the market"s differentiated investor profile, greater
accommodation of smaller growth-oriented companies and potential cost savings.
2. Profit forecast
The table below contains the updated forecast income statements of Zaptronix for
the financial years ending 31 August 2006 and 31 August 2007. The material
assumptions forming the basis of the forecast are summarised underneath.
The group expects to realise net income of R1.4 million and R2.7 million during
the two forecast periods, respectively. This equates to projected growth in
earnings and headline earnings per share of around 84% in 2007 over the 2006
financial year.
The forecast earnings to August 2006 should be viewed in relation to the group
interim results to February 2006, when earnings of R181K were reported. The
expected increase in earnings from February 2006 to August 2006 is attributable
to the inclusion in the second half of the year of seasonally strong months for
the Energy Management division"s hardware sales as well as the Mobile Logistics
division"s hardware platform roll-out to new customers and current customer
upgrades. Roll-out of the latter started in December 2005 and installations and
upgrades are planned over the next 12 months.
Projected August 2006 Projected August 2007
(R"000) (R"000)
Operation Tenders Total Operation Tenders Total
s s
Turnover 24 324 2 823 27 147 36 000 3 369 39 369
Direct and (9 057) (1 856) (10 913) (12 907) (2 215) (15 122)
cost of sales
Gross profit 15 267 967 16 234 23 093 1 154 24 247
Other income 84 - 84 - - -
Operating (13 904) (162) (14 066) (20 044) (194) (20 238)
costs
Earnings 1 447 805 2 252 3 049 960 4 009
before
interest and
taxation
Net finance (238) - (238) (249) - (249)
charges
Earnings 1 209 805 2 014 2 800 960 3 760
before
taxation
Taxation (351) (234) (584) (812) (279) (1 091)
Earnings 858 571 1 429 1 988 681 2 669
after
taxation
Earnings per 0.38 0.70
share (cents)
Headline 0.38 0.70
earnings per
share (cents)
Weighted 379 319 379 319
average
number of
shares in
issue (`000)
Notes:
The material assumptions forming the basis of the forecast are summarised
below:
The BEE agreement will positively influence Zaptronix" ability to obtain a
share of the various Energy Management tenders available from utilities.
All tender business shown incorporate a probability weighting allocated
according to management"s assessment of the likelihood of being awarded the
tender.
Business derived from tenders in 2006 is based on the known tender pipeline,
whereas 2007 projections are based on industry trends.
The revenue contribution from the Energy Management division, inclusive of
tenders, amounts to 25% and 22% over the two periods, respectively.
The system hardware pricing has a 45% exposure to foreign exchange variance
and the rates assumption was US$1=R6.70 and EURO1=R8.60.
The negative goodwill for the acquisition of DuO SP Ltd, as reported in the
Zaptronix circular to shareholders on 8 August 2005 was, in terms of GAAP,
accounted for in full during the 2005 financial period.
All costs of funding have been calculated between 10.5% and 16% per annum.
3. In accordance with the JSE Listings Requirements the following wording is
included in this announcement:
Warning - The listing of the ordinary shares in the Company is on the AltX.
Investors are advised of the risks of investing in a Company listed on AltX and
that the JSE Limited does not guarantee the viability or success of a Company
listed on AltX. In terms of the JSE Listings Requirements ("LR"), the Company
is obliged to appoint and retain a Designated Advisor ("DA"). The DA is
required to, inter alia, attend all board meetings held by the company, ensure
that all the LR and applicable regulations are complied with, approve the
financial director of the Company and guide the Company in a competent,
professional and impartial manner. If the Company fails to retain a DA, it must
make arrangements to appoint a new DA within ten business days, failing which
the Company faces suspension of trading in its securities. If a DA is not
appointed within 30 days of its suspension, the Company faces the termination of
its listing without the prospect of an appropriate offer to minority
shareholders.
Midrand
23 June 2006
Sasfin Capital
(A division of Sasfin Bank Ltd)
SPONSOR AND DESIGNATED ADVISOR
Date: 23/06/2006 04:03:10 PM Produced by the JSE SENS Department
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