Decillion to become a cash shell
December 7, 2006
Johannesburg - Diversified financial services group Decillion on Thursday reported a R3 million attributable profit for the six months ended August compared to a R1 million rand loss for the previous comparable period.
Diluted earnings for the period of 1.8 cents per share as compared to a diluted loss of 0.6 cents per share for the previous comparative period.
However, it recorded a headline loss per share of 13 cents compared to headline earnings per share of 0.8 cents last time around.
The group is converting its assets into cash, with the objective of delisting the company. All operating divisions have been disposed of, other than its London operations, which have been wound down in an orderly manner, according to Decillion.
Irrevocable undertakings for the approval of the disposals have been obtained from a majority of Decillion's shareholders and all the transactions have been implemented.
Decillion will become a cash shell with approximately R25 million cash.
"The directors of Decillion are in the process of aggressively pursuing various opportunities, including reverse listing opportunities, with the intention of maximising shareholder value," the group said. - I-Net Bridge
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