10 Nov 2005
Shareholders were informed on 11 October 2005 that KPMG had been appointed to complete the audit of the accounts for the financial year ended 31 March 2005, including the work already done by the previous auditors, Charles Orbach & Company. Publication of the Annual Report was targeted for end-November 2005. Furthermore, the Board had appointed a forensic auditor to assess various transactions, and any other issues identified during the audit and/or by the directors.
It is currently anticipated the forensic audit will hopefully be completed by the end of 2005, after which KPMG will recommence the audit of the financial statements, which will be published as soon as possible thereafter.
There can be no assurance that the results of the forensic audit and internal investigation will not impact the Company’s previously issued financial statements and earnings releases, or what any impact will be, until the forensic audit and internal investigation are completed. As a result, investors are cautioned not to rely on prior year financial statements and earnings releases until the forensic audit and internal investigation are completed and the Company has published its audited financial statements for the year ended March 31, 2004.
10 November 2005
Sasfin Corporate Finance
(A division of Sasfin Bank Limited)