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HUG
HUG
HUG - Huge - Trading Statement
HUGE GROUP LIMITED
(formerly Vanquish Fund Managers Limited)
(Registration number 200/023587/06)
Share code: HUG & ISIN: ZAE000102042
("Huge" or "the Group" or "the company")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a
listed company is required to publish a
trading statement as soon as it is satisfied that a reasonable degree of
certainty exists that the financial results for the period to be reported
upon next will differ, by at least 20%, from a profit forecast previously
provided to the market in relation to such period.
Shareholders are referred to the SENS announcement published on 4 October
2007 in which the directors of Huge revised the profit forecast that was
included in the prospectus published on 1 August 2007 (in which the earnings
per share for the twelve month period ended 29 February 2008 was forecast at
16.42 cents) reflecting an increased expectation of earnings and headline
earnings per share of 34.77 cents in order to include the effects of the
shorter reporting period of Huge for the year ended 29 February 2008 (being
a seven month period and not a twelve month period to 29 February 2008) as
well as the potential effects of the acquisition of CentraCell (Proprietary)
Limited ("CentraCell").
Huge`s financial results for the year ended 29 February 2008 (reflecting a
seven month trading period) are expected to be announced on or about 26 May
2008.
Shareholders are advised that a reasonable degree of certainty exists that
the company`s earnings per share and headline earnings per share are
expected to be 10% to 20% higher than the 34.77 cents more recently forecast
in the revised profit forecast published on SENS on 4 October 2007.
Although the acquisition of CentraCell only became effective on 15 February
2008 (resulting in a contribution of one month of trading results), the
improved performance is primarily due to the increase in contracted annuity
income from organic growth of the Company`s principal subsidiary Huge
Telecom (Proprietary) Limited (previously TelePassport (Proprietary)
Limited), the generation of additional operating efficiencies as well as
certain taxable benefits derived from the utilisation by the Group of
certain assessed losses available in CentraCell.
This trading statement has not been reviewed or reported on by the Company`s
external auditors.
Johannesburg
24 April 2008
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Corporate advisor
Manhattan Equity Corporate Finance (Pty) Limited
Date: 24/04/2008 08:53:00 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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