Investment company Trematon`s will in future have as its only investment a direct stake in UK-listed Intec Telecoms Systems.
<B>Salient figures</B>
Trematon Capital Investments results for the year to 31 August 2003.
Previous year`s figures in parentheses.
Profit from operations: -R2.39m (-R1.21m)
Investment valuation adjustments: R13.98m (-R59.6m)
Profit before tax: R11.59m (-R60.81m)
Profit for the year: R8.58m (-R62.06m)
HEPS: 6.4c (-52c)
EPS: 8.2c (-56.8c)
Current assets: R0.14m (R1.16m)
Cash and short-term loans: R0.07m (R0.36m)
Current liabilities: R5.51m (R4.04m)
NAV per share: R30c (22c)
By the end of the year to 31 August the company`s only significant investment was an 11.47% shareholding in Mican, whose most significant asset in turn is its stake in Intec.
Because of a restructuring arrangement, Trematon will now own the Intec stake directly. Its assets will then consist of 8.6 million Intec shares, a R9.1 million interest-bearing claim on loan account against Mican and 11.47% of the proceeds of Mican`s remaining investments when they are disposed of.
"The future value of Trematon is dependent mainly on the price of Intec shares which since 31 August 2003 has increased from 40p to 70p, increasing Trematon`s net asset value per share to 64c," the company says.
"The directors of Intec are cautiously optimistic of the group`s prospects for 2004."
During the year Trematon`s net asset value per share rose from 22c to 30c mainly as a result of the increase in Intec`s share price from 22p to 40p between 31 August last year and 31 August this year.
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