Johannesburg - The annual financial statements of Mine Restoration Investments [JSE:MRI] have been selected for review by the JSE.
Several queries from the JSE have arisen from this process, which the company has investigated in full.
The directors wish to inform shareholders that the provisional result of this investigation is that the 2013 AFS and the interim results for the period ended August 31 2013 are misstated.
This may be material in amount and nature.
The subject of the error is the accounting and disclosures for the reverse acquisition of MRI by Western Utilities Corporation.
The line items of the 2013 AFS and the August 2013 interims that are expected to be restated, which is subject to change, is as follows: Other Income; - Goodwill; - Stated Capital; - Reverse Acquisition Reserve; and - Retained Earnings.
Consequently, further to the detailed cautionary announcement dated February 21 2014, regarding the conversion of debt, the company wishes to advise shareholders to also exercise caution when dealing in MRI's securities until further details regarding the restatement is made.
Several queries from the JSE have arisen from this process, which the company has investigated in full.
The directors wish to inform shareholders that the provisional result of this investigation is that the 2013 AFS and the interim results for the period ended August 31 2013 are misstated.
This may be material in amount and nature.
The subject of the error is the accounting and disclosures for the reverse acquisition of MRI by Western Utilities Corporation.
The line items of the 2013 AFS and the August 2013 interims that are expected to be restated, which is subject to change, is as follows: Other Income; - Goodwill; - Stated Capital; - Reverse Acquisition Reserve; and - Retained Earnings.
Consequently, further to the detailed cautionary announcement dated February 21 2014, regarding the conversion of debt, the company wishes to advise shareholders to also exercise caution when dealing in MRI's securities until further details regarding the restatement is made.