Synergy to report a loss

By Iain Scott for Synergy Holdings
Johannesburg, 01 Jun 2006

Synergy Holdings, into which SDT Financial Software Solutions is planning to reverse list, is to report a headline loss of between 3.9c and 4.1c a share for the year to February.

Synergy, formerly a software development house, became a cash shell after being acquired by a consortium and disposing of its last operating subsidiary, Prime Support.

The company points out in a trading statement that the disposal and reverse takeover means shareholders should be "circumspect when making direct comparisons with historical financial results".

Synergy expects an attributable loss of 1.3c to 1.4c a share.

SDT announced at the beginning of last month that it had acquired the Synergy cash shell in a reverse takeover deal worth R50 million.

Synergy's shares are to be consolidated on a one-for-10 basis, resulting in about 5.25 million shares in issue. Synergy will then issue 25 million shares to SDT's vendors at an issue price of R2 each, resulting in a reverse acquisition.

The company is then to be renamed SilverBridge Holdings.

SDT, founded in 1995, is a provider of specialised administration systems for the financial services industry.