CPI has released its 2003-2004 Annual Report on the back of a tumultuous year for the company. The Group posted an earnings loss before interest and tax of $2.5m, interest expense of $3.8m, a write down of $5m in imaging assets following its sale, a $4.1m write down in carrying value of intangible tax assets, a $2m write down of goodwill, and $2.5m in additional writedowns and provisions. This made for an overall net loss of $19.9m.
However, the company has remained positive about a return to profitability in the near future, and reiterated this goal in the report.
The company also announced that its CPS holders who did not seek early conversion have had their holdings automatically converted to ordinary shares. This was on the basis of one and half ordinary shares for every one CPS. Accordingly, the CPIPA has ceased trading and has been delisted from the ASX.
To allow the share registers to be updated for trades that have occurred in the period up to September 30 2004, CPIPA holders are expected to be able to trade in CPI ordinary shares from October 7 2004 onwards. In order to minimise administrative delays in processing settlements, CPI asks that current CPS holders refrain from attempting to trade in ordinary shares until after October 7. All current CPIPA holders will receive statements to this effect from CPI’s share register service provider. Trading in the CPI ordinary shares is otherwise unaffected.
