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XII Cautionary Withdrawal Neutral

NUMERAL LIMITED - Change Statement and Withdrawal of Cautionary Announcement

Numeral Limited
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What this filing means

Numeral is restating its FY2025 audited results following a JSE proactive monitoring review, correcting multiple IFRS violations — goodwill not calculated at acquisition, PPE carried at book value instead of fair value, misclassified revenue and finance costs — with the net effect of materially improving the balance sheet (total equity swung from negative USD 1.99m to positive USD 235.5k) while the income statement softened slightly. The cautionary announcement is withdrawn. The corrections are…

Bull case

  • Total equity swung from negative USD 1.99m to positive USD 235.5k — a USD 2.23m improvement that removes a solvency overhang.
  • Goodwill (USD 430.8k), PPE fair-value adjustments (USD 907.6k), ROU leased assets, and deferred tax corrections materially strengthen the asset base.

Bear case

  • JSE proactive monitoring review triggered the restatement — the original audited FY2025 accounts contained material IFRS violations, which raises questions about audit quality and internal controls.
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Category
Cautionary Withdrawal
Event posture
No Edge
Published
Jul 15, 2026

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