LGL
LIBU
LGL - Liberty Group Limited - Trading statement
Liberty Group Limited
(Liberty Life)
Registration number 1957/002788/06
Incorporated in the Republic of South Africa
Share code: LGL
ISIN code: ZAE000057360
Trading statement in terms of the JSE Listings Requirements
Liberty Life`s results for the six months ended 30 June 2008 will be published
on 6 August 2008. As stated in the group`s 2007 year end presentation, the
group`s earnings are strongly correlated to capital market performance. The
first half of 2008 saw investment markets significantly underperform when
compared to the strong investment market performance in the first half of 2007,
especially in the financial and industrial sectors. This has negatively impacted
the group`s earnings for the first half of 2008, particularly in relation to the
high base set in the comparative period.
In terms of 3.4(b)(i) of the JSE Listings Requirements, issuers must publish a
trading statement as soon as they are 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 the financial results for the previous
corresponding period.
Shareholders are therefore advised that the group`s headline earnings per share
and the BEE normalised (Note 1) headline earnings per share are expected to be
between 40% and 50% lower than that reported in the first half of 2007. However,
excluding investment gains and losses on shareholders portfolios, BEE normalised
headline earnings per share are expected to be between 5% and 15% lower than
that reported in respect of the corresponding 2007 period.
The information contained in this announcement has not been reviewed or audited
by the company`s external auditors.
Note 1
As defined in the 2007 annual report, Black Economic Empowerment (BEE)
normalised headline earnings per share include dividends received on the group`s
BEE preference shares and also include the reinstatement of the number of shares
in issue relating to the group`s BEE transaction. This measure reflects the
economic reality of the transaction as opposed to the required technical
accounting treatment that reflects the BEE transaction effectively as a share
buyback.
Johannesburg
29 July 2008
Sponsor
Merrill Lynch South Africa (Pty) Limited
Date: 29/07/2008 07:30:02 Produced by the JSE SENS Department.
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