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IPL
IPL
IPL - Imperial Holdings - Update On Restructuring, Asset Disposals, Trading
Statement And Cautionary Announcement
Imperial Holdings Limited
Registration number: 1946/021048/06
Share code: IPL
ISIN: ZAE000067211
("Imperial" or "the group")
UPDATE ON RESTRUCTURING, ASSET DISPOSALS, TRADING STATEMENT AND CAUTIONARY
ANNOUNCEMENT
1. Restructuring and asset disposals
The last cautionary announcement regarding these initiatives was published
on 13 December 2007. While good progress has been made over the festive
season as described below, the status of the projects has not materially
changed.
1.1 Leasing and Capital Equipment division
The investigation into various alternatives regarding the Leasing and
Capital Equipment division, primarily focusing on the potential unbundling
of the division, is continuing.
1.2 Disposal of Aviation Division and Tourvest
We are in exclusive discussions with prospective acquirers of the group`s
remaining aviation assets (excluding NAC). A non-binding Memorandum of
Understanding for the sale of Safair and Safair Lease Finance has been
signed on 22 December 2007. Payment for the sale of the Air Contractors
group in Ireland has been received and is held in escrow pending the
fulfillment of certain conditions precedent.
Good progress has been made in the process of the disposal of the group`s
66% interest in Tourvest.
Shareholders will be advised when finality has been reached on these two
matters.
2. Trading statement
Since the date of the previous announcement, the indicated range for the
expected earnings per share has been narrowed.
Primarily as a result of the combined effect of once-off costs relating to
the discontinuation of the operations of CVH and the aviation division, the
company expects to make an earnings per share loss of between 200 and 300
cents per share for the half year.
Headline earnings per share for the half year are still expected to be
between 15% and 25% down on earnings for the prior period of 712 cents per
share as restated in terms of The South African Institute of Chartered
Accounts` Circular 8/2007 - Headline Earnings.
The financial information in this trading statement has not been reviewed
or reported on by Imperial`s auditors. This update is based on the
available information at the time of publication.
3. Cautionary Announcement
The outcome of the initiatives detailed above may have a material effect on
the price of the group`s securities.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a further announcement is made.
Bedfordview
24 January 2008
Sponsor to Imperial
MERRILL LYNCH SOUTH AFRICA (PTY) LIMITED
Merchant bank and transaction sponsor to Imperial
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Corporate law advisers to Imperial
TUGENDHAFT WAPNICK BANCHETTI AND PARTNERS
Date: 24/01/2008 17:15:01 Produced by the JSE SENS Department.
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