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BRY
BRY
Bryant - Abridged, reviewed financial results and further cautionary
BRYANT TECHNOLOGY LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 98/11846/07)
CODE: BRY & ISIN: ZAE000015475
Abridged, reviewed financial results for the year ended 30 June 2006 and
further cautionary
CONDENSED INCOME STATEMENT
R"000 Year Year
ended ended
30 June 30 June
2006 2005
(Reviewed) (Audited)
Revenue - -
Operating (loss) (254) (346)
Interest (paid) - (142)
Net (loss) before tax (254) (488)
Tax - -
Net (loss) after tax (254) (488)
Dividends paid - -
(Loss) for the period (254) (488)
Shares in issue ("000) 196,000 196,000
Loss per share (cents) (0.1) (0.3)
Headline loss per share (0.1) (0.3)
(cents)
Net asset value per share (1.25) (1.12)
(cents)
CONDENSED BALANCE SHEET
R"000 30 June 30 June
2006 2005
(Reviewed) (Audited)
Assets
Plant and equipment 15 -
Current assets 218 2
Inventories - -
Accounts receivable 94 -
Cash and cash equivalents 124 2
Total assets 233 2
Equity and liabilities
Shareholders" interest (2,458) (2,204)
Share capital 2 2
Share premium 11,803 11,803
Accumulated loss (14,263) (14,009)
Long-term loans 2,539 2,027
Current liabilities 152 179
Accounts payable 152 179
Total equity and 233 2
liabilities
CONDENSED CASH FLOW STATEMENT
R"000 Year ended Year ended
30 June 30 June
2006 2005
(Reviewed) (Audited)
Cash flows from operating
activities
Cash absorbed by (375) (284)
operations
Net interest (paid) - (142)
Taxation paid - -
Net cash outflow from (375) (426)
operating activities
Net cash outflow from (15) (439)
investing activities
Net cash inflow from 512 27
financing activities
Net increase / (decrease) 122 (838)
in cash and cash
equivalents
Net cash and cash 2 840
equivalents at beginning
of year
Cash and cash equivalents 124 2
at end of year
CONDENSED STATEMENT OF CHANGES IN EQUITY
R"000 Share Accumu-lated Total
capital and (loss)
Premium
Balance at beginning 11,805 (14,009) (2,204)
of year
Loss for year - (254) (254)
Balance at end of 11,805 (14,263) (2,458)
year
Commentary
Basis of preparation
The financial results of the company have been prepared on the historical
cost basis in accordance with International Financial Reporting Standards
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
Introduction
The board of directors of Bryant herewith present the abridged, reviewed
results for the twelve-month period ended on 30 June 2006.
Results
It was announced on SENS on 23 March 2006 that the acquisition of the
interest in Capmed Holdings Ltd lapsed, but that Bryant was pursuing the
purchase of substitute assets.
Bryant suffered a loss during the year due to the costs of the listing and
of the negotiations to acquire such assets.
Steps taken
To improve the liquidity of Bryant, the company, after the financial year-
end, entered into a written agreement with its main shareholders to provide
it with a short-term loan of not less than R10,000,000 to cover the cost of
restructuring, acquisitions and black economic empowerment ("BEE")
arrangements.
Negotiations are also continuing between such shareholders and the present
holders of the long-term loan accounts of R2,000,000 to acquire such loans
and cede them to Bryant at a nominal amount for cancellation.
Operations
At the annual general meeting held on 21 July 2006 it was resolved that the
company would continue doing business as a technology and technology
trading business, while proceeding with its restructuring, acquisition of
other assets and BEE arrangements.
Negotiations
Bryant is at an advanced stage of negotiations to acquire a number of
additional assets, and to make the arrangements to become a broad based BEE
controlled company. Subject to the approval of the JSE Ltd, this will form
the subject matter of an announcement and circular to shareholders at the
appropriate time. In the interim, shareholders" attention is drawn to the
further cautionary notice below.
Directors
At the annual general meeting four additional directors were appointed.
The board of directors therefore consists of JD Abrahams, LI Baisitse, D
Case, SJ de Jongh and ZA Kota.
It is the policy of the company at all times to have a BEE controlled board
of directors.
Further Cautionary
Shareholders are referred to the cautionary announcements released on SENS
on 23 June 2006, 10 August 2006 and 22 September 2006.
As the board of Bryant continues to pursue acquisition opportunities for
the company, shareholders are accordingly 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
Registered address:
Suite 16
Technostell Building
9 Quantum Road
Stellenbosch
7600
31 October 2006
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 31/10/2006 10:55:11 AM Produced by the JSE SENS Department
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