According to a source close to the company there are "some interesting options" being considered.

"Either you can delist and unwind or you can try to use the listing and give shareholders some additional wealth," said the source.
Bonatla is expected to make a decision on its future by April 25, when its audited financial results for the year ended September 30 2003 are scheduled to be published.

Bonatla reported a net loss after taxation of R40,9m, according to its reviewed provisional results for the year ended September 30.
However, nonexecutive director Niki Vontas explained that the financial statements were prepared as if the company was going to cease trading and delist after distributing all the proceeds to its shareholders.

This included taking into account costs the company would not have incurred immediately if it was to continue trading, said Vontas.

For instance, Bonatla had to show the effects of the costs of unwinding, which included deferred taxation of R11,9m.

Bonatla said that an impairment of R12,7m arose from the downward revaluation of the properties from book value to the values achieved through their sale.

Bonatla said a return of capital of R95,2m, or 50c a share, was made to shareholders on February 16 this year.