The JSE has suspended trading of shares in the Bryant Technology cash shell at the request of the company`s directors.
The company announced yesterday, with the released of its results for the fiscal year to 30 June, that the directors had asked for the suspension as Bryant has virtually no assets and thus does not qualify for a listing as a cash shell.
However, Bryant`s balance sheet does reflect liabilities of R2 million relating to loans owing to two shareholders. Talks are under way relating to the possibility of cancelling these loans, which the company says is a condition that needs to be met before it is able to carry out a planned acquisition.
Bryant announced last year that it was disposing of its IT interests for R243 090 and planning to acquire a majority shareholding in Capmed Holdings, an open choice capitation-based medical scheme business.
The deal is subject to the approval of Bryant shareholders and regulatory approval. A due diligence investigation is under way.
The company is also preparing the documents for a listing on the JSE`s alternative exchange, AltX.
Given that no business was conducted during the fiscal year, the income statement shows zero revenue and an operating loss of R346 000. The net loss for the period amounted to R367 000, and with 196 million shares in issue, the company incurred a headline loss of 0.19c a share.
The share was suspended at 9c.
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Bryant exits IT
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