Go Life International, the Mauritius and JSE AltX-listed investment holding company, said yesterday that its headline loss per share for the nine months to end-November 2021 came to 0.005 US$ cents (0.078 SA cents) per share, but that it is restructuring and working on recapitalisation plans.
The loss per share came to 0.006 US$ cents at the same time a year before.
No revenue was disclosed. The company fully impaired its subsidiaries during the year ended February 29, 2020.
“The company has been through some tough times over the last two years. The board has dealt with many challenges and the asset base has been completely eroded,” the company said.
New management had been secured as well as some interim funding.
“However, as communicated in August 2021, the company requires fresh capital to revive its financial viability. The company is now actively taking steps to ensure that the recapitalisation occurs and that the business can operate in a solvent state,” the board said.
The recapitalisation was expected to be positive for all investors and “the springboard to future profitability”.
However, a letter from “certain parties” was received ahead of the annual general meeting, that caused the postponement of the annual general meetings until the shareholder register concerns could be resolved.
“The company is considering the appointment of forensic experts in this regard. Management still anticipates this recapitalisation process will be completed in the first half of 2022. The plan has the full support of the board but will be subject to regulatory and shareholder approval, where necessary,” the company said yesterday.
The company was also still investigating the possibility of recovering the financial impairments and assets that had previously been eroded.
“The board is also moving ahead on a new strategy and is currently identifying new investment opportunities as well as exploring other sectors. There were no acquisitions or disposals during the period under review. Cash balances did not change during the periods presented as the company was inactive during this period.”
Payments to creditors were funded by way of loans. The company was being restructured and the management team is working on a new business plan which would “establish the pathway for future sustainable operations.”
The new management team was also working on securing the financing “from new shareholders” and they claim to be confident of the viability of the company.
“Based on this plan, the negative equity will be reversed,” the company said in a statement.
BUSINESS REPORT ONLINE