Annual Report Waiver Granted
01 July 2003
1 July 03
Annual Report Waiver Granted
IT Capital Limited has applied for and been granted a waiver from the NZX with regard to the requirement that its annual report be provided to the NZX and its shareholders by 30 June 2003. The annual report must now be provided to the NZX and IT Capital’s shareholders by 21 July 2003. As a condition of this waiver a copy of IT Capital’s audited financial statements for the year to 31 March 2003 have been provided to the NZX today.
The board applied for the waiver on two grounds:
a. to enable the inclusion of a comprehensive report from the board and management in the annual report. This would enable the reports to cover with greater certainty the position of IT Capital by including:
- i. an up to date account of the position of the current litigation involving the company, its wholly owned subsidiary DVI Investment Company Limited, Deep Video Imaging Limited and others (including the status of the proposed restructuring of Deep Video Imaging Limited and the effect of this restructuring on IT Capital); and
- ii. the future strategy of IT Capital and putting forward any resolutions that shareholders may need to approve as a result of that strategy; and
b. saving costs with regard to printing, postage and associated costs by putting to shareholders at the annual general meeting any resolutions required as a result of IT Capital’s future strategy (rather than holding a subsequent extraordinary general meeting).
Notwithstanding the waiver granted by NZX, IT Capital will continue to disclose any relevant matters affecting the company to the market as they arise.
