Brainware, which posted a loss for its interim six months to 31 December, has issued another profit warning.
The company has also announced the resignation of two directors - non-executive director Piet den Boer, founder and formerly executive chairman, and executive director Koot du Plessis.
The board says it is also considering proposals which may have a material effect on the price of its shares, and adds that a detailed announcement will be made within seven working days.
"Contrary to the directors` expectations published in the interim results, Brainware is expected to post a substantial loss for the financial year ending 30 June 2000," it says.
The interim loss was blamed on the costs associated with Brainware`s restructuring process as well as business conditions in the months preceding Y2K.
An attributable loss of R3.98 million compared with an earnings figure of R16.7 million for the year-earlier period.
Brainware began its restructuring process in the 1998/99 financial year, after realising that its acquisition strategy was not paying off.
It restructured into four divisions - consulting, health, technology and applications.
The Brainware share was trading at 6c late on Thursday morning, 2c down from Wednesday`s 8c close.
Share