TIW
TIW
TIW - Tiwheel - Trading update
Tiger Wheels Limited
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1970/011662/06)
("TIWHEEL" OR "THE COMPANY")
SHARE CODE: TIW ISIN NUMBER: ZAE000007407
TRADING UPDATE
Further to the cautionary announcement issued on 30 May 2007 ("the cautionary
announcement"), the following trading update is issued by the board of Tiwheel
which owns 74% of the ATS group, its global alloy wheel manufacturing business.
The directors are acting in compliance with the JSE Ltd`s Listings Requirements.
Shareholders are reminded that the South African trading businesses were
unbundled from Tiwheel and listed separately as Tiger Automotive Limited
("TiAuto") on December 11 2006. Accordingly, the financial information in this
update bears no relevance or connection to TiAuto.
The expected loss of Tiwheel for the year to 30 June 2007 is anticipated to be
in the region of 205 cents per share and headline loss of 235 cents per share.
The earnings for the comparative period to 30 June 2006, is restated as earnings
of 26.4 cents per share and headline earnings of 33.2 cents per share (restated
from 125.3 cents earnings per share and 136.1 cents headline earnings per share
prior to the unbundling of TiAuto). The losses referred to above could be
further impacted by the accounting treatment of restructuring alternatives which
are being considered.
Regarding the breach of waiver conditions referred to in the cautionary
announcement, a new waiver agreement has been signed, valid until 31 July 2007.
The directors are presently considering various refinancing alternatives.
The information in this trading statement has not been reviewed or reported on
by Tiwheel`s auditors.
Johannesburg
8 June 2007
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 08/06/2007 08:55:11 Produced by the JSE SENS Department.
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