Property company Gold Edge Holdings' preoccupation with its proposed "Daisy" portfolio acquisition detracted from the company's financial performance for the six months to December.
"We are a small company with limited resources and had to focus much attention on the Daisy deal," said CEO Selwyn Smith. He added, however, said that the effort was worthwhile, as a new Gold Edge with critical mass would emerge following the acquisition, which was expected to be completed this month.
Gold Edge reported an expansion in headline losses a share to 8,10c from 0,74c in the year to June last year. 2002. Gross revenue was at R4.4-million compared with R11.1-million, while the group reported an operating profit of R2.3-million for the reporting period compared with R5.7-million in the year to June.
Smith said details of the due diligence on Daisy were still being finalised, but that the group would bed down the acquisition as soon as possible. The Daisy deal would see Gold Edge growing its portfolio by R480-million to become a R600-million property fund in a transaction with property investor Niki Vontas.
Business Day
Publisher: Business Day
Source: Business Day
