Online investment and information services provider E-Data Holdings` latest financial results cast doubt about its ability to continue as a going concern.
<B>Salient figures</B>
E-Data Holdings results for the 12 months to 30 September 2001
Results for 15 months to 30 September 2000 in parentheses:
Revenue: nil (R9.19m)
Attributable profit: -R6.6m (-R4.2m)
HEPS: -19.76c (-15.41c)
Fully diluted EPS: -19.76 (-12.03)
Non-current assets: nil (R5.95m)
Current assets: nil (R2.3 million)
Non-current liabilities: R1.06m (R5.79m)
Current liabilities: R152 121 (R2.57m)
Tangible NAV per share: nil (-12.86c)
E-Data has been in talks since the middle of last year with the aim of refinancing the group and acquiring new assets after its two main operating subsidiaries, E-Data (Pty) Ltd and E-Data Communication Solutions, were liquidated as a result of not being able to meet liabilities.
The results for the 12 months to 30 September 2001 show the effects of the liquidations.
CEO James Stride says E-Data expected that trade could continue from other subsidiaries, but this did not happen.
The company`s liabilities have exceeded its assets, which, added to losses incurred, "indicate the existence of a material uncertainty that may cast significant doubt about the group`s ability to continue as a going concern".
Stride says the results have been reviewed but not audited by the group`s auditor, Fisher Hoffman PKF, which expects that the annual statements will be qualified on an ongoing concern basis.
He adds that the group expects to make an announcement about the future of the listed vehicle within the next three months.
The group has renewed its cautionary notice saying it is still in talks related to refinancing and asset acquisition.
E-Data reported an attributable loss of more than R4 million in its 2000 financial year (compared with a previous profit of R1.35 million) after putting a large deal of time and energy into a venture with E-Trade and Brait that eventually failed to materialise.
The E-Data share was unchanged at 3c on the JSE this morning.
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