| Wed 31 Oct 2007, 14:34 | | ACC - Acc-Ross Holdings Limited - Trading Statemen |
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ACC
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ACC - Acc-Ross Holdings Limited - Trading Statement
ACC-ROSS HOLDINGS LIMITED
(Registration Number: 2000/000059/06)
Share code: ACC & ISIN code: ZAE000077335
("Acc-Ross Holdings" or "the company")
TRADING STATEMENT
Shareholders are advised that, for the interim results for the six months
ended 31 August 2007, the company expects to report a loss per share of
between 2 170% and 2 190% and a headline loss per share of between 310% and
330% respectively compared to the prior year interim results. The interim
results exclude the revenue and profit from the sale of The Bay as detailed
in paragraph 2 below.
It should be noted that at 28 February 2007, the last financial year end of
Acc-Ross, there had been a change in accounting policy, various changes in
accounting estimates and certain reclassifications, none of which were
reflected in the 31 August 2006 interim results which form comparatives in
the above paragraph.
The financial information, on which this trading statement is based, has not
been reviewed or reported on by the company`s auditors.
Final update on the disposal of The Bay
Shareholders are advised that the final guarantees in relation to the
disposal of The Bay have been provided to Acc-Ross. The guarantees are for
the remaining cash and first debenture portion payable on The Bay and are for
an amount of R97 550 000. The transfer process on The Bay will now be taking
place as the final condition precedent, being the provision of guarantees,
has been met. Transfer is expected during November 2007, at which point
revenue and related costs are recognised.
The financial effects of the above sale are not reflected in the interim
results as mentioned in paragraph 1 above. The pro forma effects of the sale
will be reflected in the interim results for the period ended 31 August 2007,
which will be published in due course.
Johannesburg
31 October 2007
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 31/10/2007 14:34:21 Produced by the JSE SENS Department.
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