| Tue 14 Nov 2006, 12:05 | | Beige Holdings Limited - Results of General Meetin |
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BEG
BEG
Beige Holdings Limited - Results of General Meeting and Profit forecast
BEIGE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/006871/06)
("Beige" or "the company")
ISIN Code: ZAE000034161 & Share code: BEG
RESULTS OF GENERAL MEETING AND PROFIT FORECAST
Shareholders are advised that, at the general meeting of Beige held at 10:00 on
Monday, 13 November 2006, at the registered office of the company, Arcay House
II, Number 3 Anerley Road, Parktown, all the resolutions required to implement
the empowerment transaction with Thebe Medicare (Pty) Ltd, incorporating the
acquisition of the remaining 50% plus one share shareholding in Quality Products
(Pty) Ltd ("Quality Products") from Thebe Healthcare (Pty) Ltd, as presented in
the notice of general meeting, were approved by the requisite number of
shareholders.
The board is accordingly pleased to announce that Quality Products is now a 100%
held subsidiary of Beige and that following the issue of the shares to Thebe
Medicare (Pty) Ltd ("Thebe"), Beige"s empowerment partners, Thebe and Mothebe
Investments (Pty) Ltd will jointly hold 26.71% of the issued share capital,
thereby constituting Beige as a black-empowered company in accordance with the
Broad-Based Black Economic Empowerment Act No. 53 of 2000 and the accompanying
Codes of Good Practice.
In anticipation of the approval of the transaction, the company prepared a
profit forecast for the year ending 31 March 2007, which forecast was included
in the circular to shareholders dated 27 October 2006. The forecast, a copy of
which is set out below, was reported on by the auditors to the company, Nexia
Levitt Kirson and a copy of their report is available for inspection at the
registered office of the company. The profit forecast has been prepared for
illustrative purposes only, to provide information about the net income that
will be earned as a result of the consolidation of Quality Products.
31 March 2007
Notes
R
Turnover 2 239 200 130
Cost of materials -- (141 676 732)
Gross profit 3 97 523 398
Operating and other income 1 649 997
Operating and labour expenses 4 80 337 424
Depreciation -- 3 417 534
Operating profit 15 418 437
Finance Charges 5 656 563
Net Profit before taxation -- 14 761 874
Taxation 6 4 280 943
Net Profit after taxation -- 10 480 930
Notes:
1. The profit forecast has been compiled on the basis that Quality Products is
a subsidiary of Beige for the full year commencing 01 April 2006.
2. Turnover is based on actual orders plus projections based on historical
customer orders. .
3. Gross profit is reflected as turnover less cost of materials only.
4. Operating expenses includes labour and overheads and is based on what is
currently being incurred and no major changes are expected.
5. Finance charges have been projected on the basis of projected borrowing
levels on a month to month basis on both short- and long-term borrowings.
6. Taxation has been calculated at a notional rate of 29% per annum.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on AltX and are advised that the JSE does
not guarantee the viability or the success of a company listed on AltX. In
terms of JSE Listings Requirements a Designated Adviser has to be retained by
the company. The Designated Adviser is required to, inter alia, attend all
board meetings held by the company to ensure that all JSE Listings Requirements
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 Designated Adviser it must make
arrangements to appoint a new Designated Adviser within 10 business days,
failing which the company faces suspension of trading of its securities. If a
Designated Adviser is not appointed within 30 days of its suspension the company
faces the termination of its listing without an offer to minorities.
Johannesburg
13 November 2006
Designated Advisor Company Secretary
Arcay Moela Sponsors (Pty) Ltd Arcay Client Support (Pty) Ltd
Date: 14/11/2006 12:05:06 PM Produced by the JSE SENS Department
