| Fri 16 Nov 2007, 7:00 | | JCM - Johnnic Communications Limited - Trading sta |
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JCM
JCM
JCM - Johnnic Communications Limited - Trading statement
Johnnic Communications Limited
(Incorporated in the Republic of South Africa)
(Registration number 1889/000352/06)
Share Code: JCM & ISIN: ZAE000024584
("Johncom" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, shareholders are
advised that, for the six months ended 30 September 2007, the company`s
attributable and headline earnings per share are expected to be between 455%
and 465% higher than the comparative six month period.
If Caxton is excluded from earnings, in view of the changed accounting
treatment as detailed below, the company`s attributable and headline earnings
per share are expected to be between 30% and 40% higher than the comparative
six month period.
Johncom`s investment in Caxton and CTP Publishers and Printers Limited
(Caxton), which remains unchanged from year-end, carries less than 20% of the
voting power in Caxton, and has previously been accounted for as an
associate, and equity accounted, on the presumption of significant influence.
Following the resignation of Johncom`s group chief executive officer from the
Caxton board on his appointment as group chief executive officer, and
Johncom`s announcement of its intended unbundling of OpCo, the Johncom board
of directors no longer considers that Johncom has significant influence over
Caxton.
The use of the equity method of accounting has therefore been discontinued,
with the investment now being accounted for as a financial asset at fair
value through profit or loss. An exceptional profit of R1,590 billion and a
capital gains tax charge of R144 million have been recognised in profit and
loss.
The financial information on which this trading statement is based has not
been reviewed or reported on by the company`s auditors.
Johncom`s financial results for the six months ended 30 September 2007 are
scheduled to be announced on Thursday 22 November 2007.
Johannesburg
16 November 2007
Sponsor
Nedbank Capital
Date: 16/11/2007 07:00:02 Produced by the JSE SENS Department.
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