JSE LMID
LMID
LMID - Lereko Mobility - Trading Statement
Lereko Mobility (Proprietary) Limited
Incorporated in the Republic of South Africa)
Registration number: 2004/034154/07
("Lereko Mobility" or "the company")
Share code: LMID
ISIN: ZAE000067229
Trading Statement issued in terms of section 3.4 of the JSE Listings
Requirements.
Debenture holders are advised that Lereko Mobility is expected to post a net
loss after tax for the six months ended 31 December 2007 of approximately R421
million compared to a net profit before tax of R237 million for the six months
ended 25 December 2006.
The accounting loss resulted from a decrease in the value of the Imperial
Holdings Limited ("Imperial") investment during the year. The company`s only
income is derived from fair value adjustments to the Imperial investment, which
fluctuates according to movements in the Imperial share price. Imperial`s claim
against the company for vendor financing provided to the company is subordinated
in favour of debenture holders and preference shareholders.
For the information of debenture holders it is noted that the current default
trigger level in terms of the debenture trust deed is R47.94 per Imperial share.
The Imperial closing share price on 21 February 2008 was R78.51 per share.
The company has changed it financial year end to 30 June from 25 June. The
financial information in this trading statement has not been reviewed or
reported on by Imperial`s auditors. Lereko Mobility`s interim results for the
six months ended 31 December 2007 are expected to be published on or about 27
February 2008.
Company Secretary
RA Venter
By order of the Board
22 February 2008
BEDFORDVIEW
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 22/02/2008 15:32:01 Produced by the JSE SENS Department.
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