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2 August 2001
Brainware eyes JSE return
BY
BRONWEN KAUSCH
[
2 August 2001
] -
Following the disposal of all of its interests, Brainware aims to lift its suspension on the JSE to join the cash companies sector.
Brainware will dispose of its remaining 50% holding inQuality Engineering Services to fellow listed IT company Sempres Technology for a purchase consideration price of R2.9 million.
The deal will be settled in cash, effective 1 July 2000, and will go through “voetstoots”.
Brainware's last remaining asset, Brainware Property Investments, is to be sold to a subsidiary ofMurray and Roberts for a purchase consideration of R3.6 million.
Pending the finalisation of its disposal of its property interests, Brainware will have no further material interests in its subsidiaries, investments or operations, and will have received payment for all of its disposals barAquero , for which it is pursuing legal action for the purchase consideration.
If the payment for Aquero should not be recouped, the net asset value per share of Brainware will be affected, but the board says that neither the solvency nor the liquidity of the company is in danger.
This situation has left Brainware in a position to apply to the JSE to lift its suspension, which it intends to do after the finalisation of its June 2001 year-ends.
Thereafter, the company intends to transfer to the cash companies sector of the JSE where it has six months to acquire assets or be acquired itself. Should either of these not happen, the JSE will suspend the share and de-list the counter.
As part of the announcement made to the investment community yesterday, Brainware also reported abridged interim result for the 10 months to April.
The income statement shows R18.9 million profit on its sale of investments and a net profit of R10.5 million for the period. This was achieved on zero revenue, as the company hasn't been trading within that period. The figures for the interim period translate into a 2.7c earnings per share.
Brainware's shares were suspended at 2c in August last year and should the JSE give the nod, investors can expect the company to resume trading as soon as the June results have been finalised and reported.
Related stories:
Brainware to maintain share suspension
Brainware will dispose of its remaining 50% holding in
The deal will be settled in cash, effective 1 July 2000, and will go through “voetstoots”.
Brainware's last remaining asset, Brainware Property Investments, is to be sold to a subsidiary of
Pending the finalisation of its disposal of its property interests, Brainware will have no further material interests in its subsidiaries, investments or operations, and will have received payment for all of its disposals bar
If the payment for Aquero should not be recouped, the net asset value per share of Brainware will be affected, but the board says that neither the solvency nor the liquidity of the company is in danger.
This situation has left Brainware in a position to apply to the JSE to lift its suspension, which it intends to do after the finalisation of its June 2001 year-ends.
Thereafter, the company intends to transfer to the cash companies sector of the JSE where it has six months to acquire assets or be acquired itself. Should either of these not happen, the JSE will suspend the share and de-list the counter.
As part of the announcement made to the investment community yesterday, Brainware also reported abridged interim result for the 10 months to April.
The income statement shows R18.9 million profit on its sale of investments and a net profit of R10.5 million for the period. This was achieved on zero revenue, as the company hasn't been trading within that period. The figures for the interim period translate into a 2.7c earnings per share.
Brainware's shares were suspended at 2c in August last year and should the JSE give the nod, investors can expect the company to resume trading as soon as the June results have been finalised and reported.
Related stories:
Brainware to maintain share suspension
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