An application for the liquidation of Intella Limited has caused Cape Empowerment Trust (CET) to miss the deadline for the submission of its financial statements.
According to JSE regulations, listed companies must publish their financial results within three months of the end of a financial period.
CET announced recently that a creditor of Intella Limited, a subsidiary of Paradigm Capital Holdings, had applied to have Intella liquidated.
The Intella businesses were sold by Intella to a wholly owned subsidiary of CET, H Investments 194, and there are no legal proceedings against either this company or CET.
However, CET says that should Intella be liquidated, the sale of the Intella businesses will be void and the company will be obliged to return them.
"This pending legislation could have a significant impact on the audited financial statements," it says.
"The issue of the financial statements have therefore been delayed but will be issued by no later than 30 September 2000."
This is not the first time CET has had trouble with the Intella acquisition. A recently settled dispute between CET, Bohumi Capital and Paradigm arose in August last year over the sale of Intella.
In terms of that settlement Bohumi waived its right to 72 million CET shares. Paradigm was to return 15 million CET shares to a CET nominee.
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