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ElementOne to delist from JSE

Johannesburg - ElementOne (ELE), formerly Avusa and before that Johnnic Communications, said it was likely to delist from the JSE by the end of September.

Releasing its annual results on Monday, the group said that its continuing failure to comply with JSE listings requirements meant that it was likely that its listing on the JSE would terminate in due course.

The group said while this was regrettable, it was inevitable and only served to underscore the need to resolve the issues that prevented the distribution of its assets at full or even reasonable value to shareholders as soon as possible.

ElementOne reported that basic and diluted loss per share for the year to end March 2009 was at 226 cents from earnings per share of 4 796 cents the previous year.

Profit from operations was at R104m, down from the R156m reported the previous year.

The company said its revenue, comprising income from investments, was R110m and compared with R167m in the previous year.

It said there was no change during 2009 in its direct or indirect stake in Caxton and that at year end the funds on hand were R127m compared to R166m.

ElementOne noted that since reporting last year, neither its structure nor its business had changed.

Its major investment remained its 33.6% direct and indirect interest in the listed Caxton and CTP Publishers and Printers Group.

On Monday, shares in ElementOne closed at 10.70 rand.

- I-Net Bridge

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