SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
--------------
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 12, 2000
LEISUREPLANET HOLDINGS, LTD.
(formerly known as First South Africa Corp., Ltd.)
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Bermuda 0-27494 Not Applicable
------- -------- --------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File No.) Identification No.)
6100 Glades Road, Suite 305, Boca Raton, Florida 33434
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (561) 479-0040
Not Applicable
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
ITEM 5. OTHER EVENTS
On October 12, 2000 (the "Closing Date"), First South Africa Holdings
PTY Ltd. ("FSA"), a wholly owned subsidiary of Leisureplanet Holdings, Ltd. (the
"Company") disposed of all of the assets of its majority owned subsidiary First
Lifestyle Holdings, Ltd., a South Africa corporation ("First Lifestyle")
pursuant to an Asset Purchase Agreement dated September 26, 2000 (the
"Agreement") between FSA and minority shareholders of First Lifestyle (the
"Sellers") and Ethos Private Equity, a South Africa corporation, Cornelius
Roodt, a director of the Company, and certain other purchasers (the
"Purchasers). Pursuant to the Agreement, the Sellers sold, and the Purchasers
purchased, all of the assets of First Lifestyle for an aggregate purchase price
of approximately $67,000,000 in cash, of which a pro rata share of approximately
$34,000,000 is to be paid to FSA within fourteen (14) business days of the
Closing Date.
The Company today issued a press release regarding the closing of the
Agreement and has submitted to Nasdaq a pro forma consolidated balance sheet
assuming the sale of First Lifestyle and the liquidation of LPI, Ltd. effective
as of June 30, 2000.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Pro Forma Financial Information and Exhibits.
---------------------------------------------
1. Unaudited Pro Forma Condensed Combined Balance Sheet for
Leisureplanet Holdings, Ltd.
(b) Exhibits
--------
1. Press release dated October 12, 2000.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Dated: October 12, 2000
LEISUREPLANET HOLDINGS, LTD,
By: /s/ Clive Kabatznik
---------------------------------------------
Name: Clive Kabatznik
Title: President and Chief Executive Officer
3
EXIBIT INDEX
- --------------------------------------------------------------------------------
Exhibit No. Description
- ----------- -----------
- --------------------------------------------------------------------------------
99.1 Press Release dated October 12, 2000
- --------------------------------------------------------------------------------
4
LEISUREPLANET HOLDINGS, LTD.
PRO FORMA CONDENSED COMBINED BALANCE SHEET (UNAUDITED)
The Proforma information presented below is to give a better
understanding of the Balance Sheet position of the Company, assuming that
the disposal of Lifestyle and the liquidation of LPI effective June 30,
2000.
---------------------------------------------------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------------- ----------------------------------
JUNE 30, 2000
$
---------------------------------------------------------------------------------- ----------------------------------
CURRENT ASSETS
---------------------------------------------------------------------------------- ----------------------------------
Cash and cash equivalents 27,354,772
---------------------------------------------------------------------------------- ----------------------------------
Prepaid expenses and other current assets 2,102,681
---------------------------------------------------------------------------------- ----------------------------------
TOTAL CURRENT ASSETS 29,457,453
---------------------------------------------------------------------------------- ----------------------------------
Property, plant and equipment, net 20,270
---------------------------------------------------------------------------------- ----------------------------------
Other assets 7,602,339
---------------------------------------------------------------------------------- ----------------------------------
Investments in Affiliates 1,259,472
---------------------------------------------------------------------------------- ----------------------------------
Intangible assets, net 1,210,564
---------------------------------------------------------------------------------- ----------------------------------
Deferred charges 228,078
---------------------------------------------------------------------------------- ----------------------------------
39,778,176
---------------------------------------------------------------------------------------------------------------------
LIABILITIES AND STOCKHOLDERS' EQUITY
---------------------------------------------------------------------------------- ----------------------------------
CURRENT LIABILITIES
---------------------------------------------------------------------------------- ----------------------------------
Bank overdraft 327,952
---------------------------------------------------------------------------------- ----------------------------------
Current portion of long term debt 1,016,542
---------------------------------------------------------------------------------- ----------------------------------
Accounts payable 87,459
---------------------------------------------------------------------------------- ----------------------------------
Other provisions and accruals 1,523,313
---------------------------------------------------------------------------------- ----------------------------------
Dividends payable 179,753
---------------------------------------------------------------------------------- ----------------------------------
TOTAL CURRENT LIABILITIES 3,135,019
---------------------------------------------------------------------------------- ----------------------------------
Long term debt 14,025,000
---------------------------------------------------------------------------------- ----------------------------------
TOTAL LIABILITIES 17,160,019
---------------------------------------------------------------------------------- ----------------------------------
STOCKHOLDERS' EQUITY
---------------------------------------------------------------------------------- ----------------------------------
Capital stock: 93,753
---------------------------------------------------------------------------------- ----------------------------------
Additional paid-in capital 62,888,148
---------------------------------------------------------------------------------- ----------------------------------
Accumulated deficit (29,000,140)
---------------------------------------------------------------------------------- ----------------------------------
Accumulated Other Comprehensive Income (11,363,604)
---------------------------------------------------------------------------------- ----------------------------------
TOTAL STOCKHOLDERS' EQUITY 22,618,157
---------------------------------------------------------------------------------- ----------------------------------
39,778,176
---------------------------------------------------------------------------------- ----------------------------------
5