The Stock Exchange of Hong Kong Limited takes no responsibility for the
contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
LEAPTEK LIMITED
(Incorporated in Bermuda with limited liability)
Update in the delay in the publication of the final results for the year
ended 31 March 2002 and despatch of annual report
The Company has been unable to gain access to the books and records of
the Group's major operating subsidiaries and has instructed its lawyers
to assist it in gaining access to such records.
The directors estimate that the final results for the year ended 31
March 2002 and the corresponding annual report will be published on or
about the end of September 2002.
The directors understand that such delay will constitute a breach of
certain provisions of the Listing Rules in relation to the deadline for
the publication of final results. Such failure results from matters
beyond the control of the current directors of the Company. The Stock
Exchange reserves its right to take action against the Company and/or
its directors in this regard.
Trading in the shares of the Company has been suspended since 23 April
2002 and will continue to remain suspended until further clarification
has been made to the satisfaction of the Stock Exchange regarding
compliance with paragraph 38 of the Listing Agreement.
Reference is made to the announcements (the "Announcements") issued by
the Company on 7 May 2002 and 18 July 2002. Terms used herein have the
same meanings as those defined in the Announcements unless otherwise
stated. The directors wish to update the shareholders regarding the
latest situation of the Company.
The directors have repeatedly requested and demanded access to the books
and records of the Group's major operating subsidiaries in Shanghai.
However, the Company has not been able to access such records as of the
date of this announcement. The Company has instructed its lawyers to
assist it in gaining access to such records.
Based on the unaudited interim report for the six months ended 30
September 2001, the Group's operations in Shanghai contributed the
entire turnover (approximately HK$4,979,000) and all the loss from
operation (approximately HK$12,649,000) for the period. The unaudited
net tangible assets of the Group as at 30 September 2001 (as stated in
the Company's interim report) amounted to approximately HK$11.3 million.
Based on information currently available to the Company, the
contribution of the operation in Shanghai to the Group's net tangible
assets cannot be ascertained.
After discussion with the auditors, assuming that the books and records
in Shanghai are still not available and there is no significant
unforeseen accounting or auditing problem, the estimated time for
publishing the final results for the year ended 31 March 2002 and the
corresponding annual report will be on or about the end of September
2002. Given the inability to access all of the Group's books and
records, the Company's audited financial statements for the year ended
31 March 2002 may be qualified.
The directors understand that such delay will constitute a breach of
certain provisions of the Listing Rules in relation to the deadline for
the publication of final results. Such failure results from matters
beyond the control of the current directors of the Company. The Stock
Exchange reserves its right to take action against the Company and/or
its directors in this regard.
The Company has obtained the management accounts of each of its
subsidiaries for the financial year ended 31 March 2001 from its
auditors. However, since these management accounts were provided by the
former management, in the absence of books and records of the Group, the
current Directors cannot ascertain the reliability of such information.
The Directors consider that the publication of such information may be
misleading.
The directors confirm that they have not dealt in any securities of the
Company since their appointment as directors of the Company and have
undertaken to the Stock Exchange that they will not deal in any
securities of the Company until the announcement of the final results is
published.
Trading in the shares of the Company has been suspended since 23 April
2002 and will continue to remain suspended until further clarification
has been made to the satisfaction of the Stock Exchange regarding
compliance with paragraph 38 of the Listing Agreement.
By order of the Board
Leaptek Limited
Cecil Ho
Company Secretary
1 August 2002, Hong Kong
contents of this announcement, makes no representation as to its
accuracy or completeness and expressly disclaims any liability
whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
LEAPTEK LIMITED
(Incorporated in Bermuda with limited liability)
Update in the delay in the publication of the final results for the year
ended 31 March 2002 and despatch of annual report
The Company has been unable to gain access to the books and records of
the Group's major operating subsidiaries and has instructed its lawyers
to assist it in gaining access to such records.
The directors estimate that the final results for the year ended 31
March 2002 and the corresponding annual report will be published on or
about the end of September 2002.
The directors understand that such delay will constitute a breach of
certain provisions of the Listing Rules in relation to the deadline for
the publication of final results. Such failure results from matters
beyond the control of the current directors of the Company. The Stock
Exchange reserves its right to take action against the Company and/or
its directors in this regard.
Trading in the shares of the Company has been suspended since 23 April
2002 and will continue to remain suspended until further clarification
has been made to the satisfaction of the Stock Exchange regarding
compliance with paragraph 38 of the Listing Agreement.
Reference is made to the announcements (the "Announcements") issued by
the Company on 7 May 2002 and 18 July 2002. Terms used herein have the
same meanings as those defined in the Announcements unless otherwise
stated. The directors wish to update the shareholders regarding the
latest situation of the Company.
The directors have repeatedly requested and demanded access to the books
and records of the Group's major operating subsidiaries in Shanghai.
However, the Company has not been able to access such records as of the
date of this announcement. The Company has instructed its lawyers to
assist it in gaining access to such records.
Based on the unaudited interim report for the six months ended 30
September 2001, the Group's operations in Shanghai contributed the
entire turnover (approximately HK$4,979,000) and all the loss from
operation (approximately HK$12,649,000) for the period. The unaudited
net tangible assets of the Group as at 30 September 2001 (as stated in
the Company's interim report) amounted to approximately HK$11.3 million.
Based on information currently available to the Company, the
contribution of the operation in Shanghai to the Group's net tangible
assets cannot be ascertained.
After discussion with the auditors, assuming that the books and records
in Shanghai are still not available and there is no significant
unforeseen accounting or auditing problem, the estimated time for
publishing the final results for the year ended 31 March 2002 and the
corresponding annual report will be on or about the end of September
2002. Given the inability to access all of the Group's books and
records, the Company's audited financial statements for the year ended
31 March 2002 may be qualified.
The directors understand that such delay will constitute a breach of
certain provisions of the Listing Rules in relation to the deadline for
the publication of final results. Such failure results from matters
beyond the control of the current directors of the Company. The Stock
Exchange reserves its right to take action against the Company and/or
its directors in this regard.
The Company has obtained the management accounts of each of its
subsidiaries for the financial year ended 31 March 2001 from its
auditors. However, since these management accounts were provided by the
former management, in the absence of books and records of the Group, the
current Directors cannot ascertain the reliability of such information.
The Directors consider that the publication of such information may be
misleading.
The directors confirm that they have not dealt in any securities of the
Company since their appointment as directors of the Company and have
undertaken to the Stock Exchange that they will not deal in any
securities of the Company until the announcement of the final results is
published.
Trading in the shares of the Company has been suspended since 23 April
2002 and will continue to remain suspended until further clarification
has been made to the satisfaction of the Stock Exchange regarding
compliance with paragraph 38 of the Listing Agreement.
By order of the Board
Leaptek Limited
Cecil Ho
Company Secretary
1 August 2002, Hong Kong
