| Thu 27 Mar 2008, 16:58 | | PGR - Peregrine Holdings Limited - Trading Statement |
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PGR
PGR
PGR - Peregrine Holdings Limited - Trading Statement
Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE code: PGR & ISIN code: ZAE000078127
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, shareholders are
advised that, in respect of the year ending 31 March 2008, headline earnings per
share are expected to be between 25% and 35% higher than for the year ended 31
March 2007 (published headline earnings per share for such year were 166.3
cents).
This trading update is based on the results for the eleven months of the current
financial year and an estimate for the month of March. It assumes no significant
market setbacks or advances during the remainder of March 2008.
The results are especially pleasing in the context of the challenging investment
environment experienced during the year and demonstrate the group`s ability to
produce positive returns in the face of extreme volatility and adverse market
conditions, particularly during the second half of the year.
As a result of its strong focus on alternative asset management, the group`s
linkage to market directionality is substantially less direct than one would
expect of a traditional asset manager. Consequently, the group`s expected 25% to
35% increase in headline earnings compares very favourably with the subdued
results currently being reported by both local and international entities in the
more traditional asset management arena.
The expansion of the group`s range of alternative asset management offerings
will be further augmented by the acquisition of a controlling interest in the
Stenham group. The transaction is now unconditional except for requisite
shareholder approval, which shareholders meeting is scheduled for 09h00 on 4
April 2008.
Although Stenham`s results will only be consolidated into Peregrine`s results if
and when all conditions precedent are met, shareholders should note that,
notwithstanding the turmoil in international capital markets, Stenham`s results
are ahead of budget for the period 1 October 2007 to 31 January 2008 and reflect
a higher level of profitably than the comparable period last year.
In light of the substantial weakness of the rand over the past several months,
it is also worth highlighting that the group has been able to secure a position
whereby almost 90% of the purchase price for the Stenham acquisition is not
currently subject to currency fluctuations. As a result, the rand consideration
of the acquisition will differ by no more than 2% of the amount originally
envisaged despite the local currency depreciating by almost 20% since
negotiations commenced.
The information on which the above trading statement has been based has not been
reviewed or reported on by the company`s auditors.
Peregrine`s audited results for the year ending 31 March 2008 are expected to be
released during the last week of May 2008.
Sandton
27 March 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 27/03/2008 16:58:21 Produced by the JSE SENS Department.
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