Cyberhost awoke from a two-year dormancy today with the publication of full-year and interim results that should lift the suspension of its shares on the JSE.
According to the results statement released today, the periods covered are the years ended 31 December 2001 and 2002, and the six months to 31 December 2003. The year-end has changed to 30 June.
"The release of the results closes the door on our past," says Cyberhost CEO Mark Weetman. "This is the last requirement of the JSE before lifting our suspension."
Weetman says Cyberhost will start trading under a cautionary as negotiations are under way for another company to use it for a reverse listing.
Cyberhost`s interim results show earnings of R2.6 million, which is attributed to the effect of Section 311 of the Companies Act compromise offer with its creditors.
During February 2002, a secured creditor attached Cyberhost`s Web hosting client base, and the directors requested the immediate suspension of trade in Cyberhost`s securities and commenced with the investigation of various restructuring initiatives.
The Web hosting client base still trades under the Cyberhost name, but is owned by Cape Town-based Cybersmart.
Cyberhost was not actively trading during the period as it was insolvent and entering into a compromise offer with its creditors, which was initially opposed by a former director and shareholder of the company.
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