All the conditions precedent to this acquisition have been fulfilled. There have also been promising developments on the syndication front following the appointment by the Western Cape and KZN broadcasting partners of a new sales house. Although the birth pains have been intense, the introduction of the new Customer Relationship Management system is expected to make a significant contribution in the current year. Apart from facilitating more efficient interaction with the Moneyweb Community, it will also enable the company to launch a marketing campaign for of its much-improved financial newsletters. It remains the desired objective of the team, however, to accelerate the company's growth by securing assets at the right price.
Opportunities are likely to flow from the current consolidation of South Africa's media industry.
It was with great regret that we bade farewell to Moneyweb's non-executive chairman Andrew Smith who resigned after accepting a position with Arthur Andersen, which does not permit its partners to be directors of other companies. Independent lawyer Edwin Jay, senior partner of Johannesburg-based legal firm Jay Incorporated, has been appointed to the Moneyweb board of directors. The accounting policies used in the preparation of the financial statements are consistent with those used in the annual financial statements for the year ended 31 March 2000 save for the write-off of goodwill. In line with the company's rapid growth strategy, no dividend has been declared and it is unlikely that one will be forthcoming in the current financial year to end March 2002. In spite of healthy cash flows, Moneyweb Holdings is still at the early stage of its development.