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JOHNNIC COMMUNICATIONS LIMITED - TRADING STATEMENT, CAUTIONARY ANNOUNCEMENT AND
DISPOSAL OF SHARES IN MTN GROUP LIMITED
Johnnic Communications Limited
Registered in the Republic of South Africa
(Registration number 1889/000352/06)
Share code: JCM ISIN: ZAE000024584
("Johncom")
Trading statement, cautionary announcement and disposal of shares in MTN Group
Limited
Trading statement
In terms of the new JSE Listings Requirements ("Listings Requirements"), a
company must publish a trading statement as soon as it becomes aware that the
financial results for the period to be reported upon next will be materially
different from the financial results for the previous corresponding period.
Shareowners are advised that earnings and headline earnings for Johncom for the
six months ending 30 September 2003 may be materially lower ("materially being a
decrease of between 10% to 30% as defined in the Listings Requirements") than
last year"s corresponding results.
The primary reason for the anticipated decrease in earnings arises from the
reduction in the equity accounted contribution from Johncom"s associate
companies, Electronic Media Network Limited and SuperSport International
Holdings Limited. The aforementioned companies jointly published a trading
update and cautionary announcement on 27 August 2003 in which they attributed
the decrease in their earnings to the volatility and strength of the Rand and
the adoption of accounting standard AC133.
The adoption of accounting standard AC133 by Johncom for the above period does
not have an effect on Johncom"s earnings from its own wholly-owned operations
or the cash flows from those operations.
As the forecast financial information has not been reviewed or reported on by
Johncom"s auditors, shareowners are advised to exercise caution when dealing in
Johncom"s shares until the publication of the interim results on or about 25
November 2003.
Disposal of shares in MTN Group Limited
Johncom has furthermore disposed of 7 million shares held in MTN Group Limited
("MTN"), for an aggregate consideration of R119 million ("the disposal"). The
disposal was effected on the open market and the proceeds will be utilised to
reduce debt and fund Johncom"s future obligations. The disposal will not have a
material effect on Johncom"s results.
Johannesburg
25 September 2003
Sponsor
Nedbank Corporate
Johncom
Categorisation
workings
NUMBER OF SHARES
No of shares in
issue
Less treasury -
shares
Less shares held by 5,577,650
share trust ito
share options
(5,577,650)
SHARE PRICE
Price as at 25 Sept
2003
Market cap 1751422368
Consideration - R 119,000,000
Ratio 14.72
Date: 25/09/2003 05:49:16 PM Produced by the JSE SENS Department
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