EXL - Excellerate Holdings Limited - Trading State
EXL
EXL
EXL - Excellerate Holdings Limited - Trading Statement
Excellerate Holdings Limited
(Registration number 1997/009884/06)
Share code: EXL & ISIN: ZAE000026092
("Excellerate" or "the company")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different than that of the previous corresponding period.
In light of the above, Excellerate expects to announce earnings per share and
headline earnings per share for the twelve months ended 30 June 2007 that will
be approximately 49% to 69% and 53% to 73% higher respectively than that of the
prior comparative period.
As stated in the annual report at 30 June 2006, a contingent liability has been
noted for several years in respect of amounts claimed by SARS as owing by
Excellerate in respect of SARS disallowing the claiming of certain trademark
allowances against taxable income. Due to the continued likelihood of a
prolonged legal process and the expected high legal costs involved to resolve
this matter, Excellerate has made a proposal to SARS for reaching a financial
settlement. The company has provided for an amount which it believes appropriate
under the circumstances. The remainder of the disputed amount will continue to
be carried as a contingency. Were it not for this provision, earnings per share
would be 93% to 113% higher than the earnings per share of the prior comparative
period, and headline earnings per share would have been 98% to 118% higher than
the headline earnings per share of the prior comparative period.
The above information has not been reviewed or reported on by the company`s
auditors and the company`s results for the twelve months ended 30 June 2007 are
expected to be published on or about 17 September 2007.
Johannesburg
4 September 2007
Sponsor
Nedbank Capital
Date: 04/09/2007 14:21:02 Produced by the JSE SENS Department.
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