Ellies stays solvent despite TV migration delays and Megatron divorce
Electronics group Ellies managed to remain solvent despite delays in SA’s migration from analogue to digital television and its divorce from Megatron, its interim results released on Thursday showed.Ellies reported current assets of R641m as at October 31, higher than its current liabilities of R443m.By placing Megatron into business rescue in August, Ellies freed itself from the "emphasis of matter" included in its year to end-April results, which warned shareholders the group’s going concern status depended on Standard Bank’s willingness to roll over Megatron’s debt.Thursday’s results statement included a R20m provision for the expected residual amount still owed to Standard Bank after selling Megatron’s assets. Divesting itself of Megatron along with its infrastructure division contributed a R160.9m loss, taking Ellies net loss for the six months to end-October to R194m from R9m in the matching period."It should be noted that the deconsolidation of the remaining infrastructure se...
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