Jocelyn Newmarch
30 June 2009
Johannesburg — MEDIA holding company ElementOne released its annual results yesterday and said it would delist by the end of September.
ElementOne's shareholding in Caxton , inherited when it was spun off from Johnnic Communications, is the company's major investment.
Since ElementOne has continually failed to comply with JSE listing requirements, it said it would delist . It has a 33,6% direct and indirect stake in Caxton.
Revenue comprising income from investments was R110m for the year to March, compared with R167m in the previous year.
A R302m legacy tax bill fell due during the year, which led to interest income decreasing.
ElementOne said operating expenses were well contained and posted an operating profit of R104m . It declared an attributable and headline loss for this year of R235m, from R479m previously.
There was no change during the year in ElementOne's direct or indirect stake in Caxton.
The company sold its MTN stake in May last year, which realised a profit of R30m and generated R165m in cash which went towards settling its tax obligations.
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