BRT BRN
BRT
BRT/BRN - Brimstone Investment Corporation Limited - Trading statement
Brimstone Investment Corporation Limited
(Registration number 1995/010442/06)
(Incorporated in the Republic of South Africa)
ISIN Number: ZAE000015277 Share Code: BRT
ISIN Number: ZAE000015285 Share Code: BRN
("Brimstone" or the "Company")
Trading Statement
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will be more than 20%
different than that of the prior comparative period.
Further to the above, Brimstone expects a loss per share and headline loss per
share for the six months ended 30 June 2008 of between 46.3 cents and 37.9
cents, which is down from the earnings per share and headline earnings per share
of 101.1 cents reported for the six months ended 30 June 2007. This decrease is
largely attributable to the downward revaluation of Brimstone`s rights to shares
in Old Mutual plc and Nedbank Group Limited which are accounted for as options.
At an operating level Brimstone`s underlying investments performed well. Life
Healthcare produced excellent results and generated robust cash flows. Sea
Harvest, Lion of Africa, Oceana, Scientific and Aon also performed well. Costs
relating to the integration of Fifth Element and Canterbury have been expensed
during this period at House of Monatic.
A positive aspect is that the Brimstone intrinsic NAV has shown a minimal
reduction of 6% to R9.72 per share (excluding the 32 cents dividend paid to
shareholders on 31 March 2008) during this period and the balance sheet is cash
positive after strong cash flows from Life Healthcare.
Shareholders are advised that the above information has not been reviewed or
reported on by the Company`s auditors and that the Company`s results for the six
months ended 30 June 2008 are expected to be published on or about 19 August
2008.
15 August 2008
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 15/08/2008 16:09:01 Produced by the JSE SENS Department.
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