FVT
FVT
FVT - Fairvest - Trading Statement
FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1998/005011/06)
("Fairvest" or "the company")
Share code: FVT & ISIN: ZAE000034658
TRADING STATEMENT
Fairvest linked unitholders are advised that it is expected that the unaudited
results of Fairvest for the 18-month financial period ended 31 March 2007 will
reflect the following deviations from the results for the previous financial
year-end:
- a decrease in respect of headline earnings per linked unit to a loss of
between 12 cents and 15 cents per linked unit;
- an increase in net asset value and net tangible asset value per linked unit
of approximately 15% to 25%.
Earnings per linked unit will remain zero in accordance with the accounting
policy of fair valueing the debentures.
Note:
Fairvest linked unitholders are advised that headline earnings are presented in
accordance with IAS 33. The management of Fairvest do not believe that the
disclosure presents a meaningful indicator of sustainable financial performance
to the users of these financial statements due to the capital structure of
Fairvest. In terms of the debenture trust deed, 99,9% of profits are
attributable to linked unitholders, resulting in effectively no profit
attributable to ordinary shareholders. When the resultant zero basic earnings is
adjusted for items specified in circular 07/02, such adjustments give rise to a
headline earnings loss per linked unit.
The financial information on which this trading statement is based, has not yet
been audited or reviewed by Fairvest`s auditors. It is expected that the
provisional results will be announced on or about 6 July 2007.
02 July 2007
Sponsor
Merchant Sponsors (Pty) Limited
Date: 02/07/2007 10:04:04 Produced by the JSE SENS Department.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
