| Mon 25 Aug 2008, 10:45 | | JSC - Jasco - Trading update |
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JSC
JSC
JSC - Jasco - Trading update
JASCO ELECTRONICS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1987/003293/06)
Share code: JSC
ISIN: ZAE000003794
("Jasco" or "the company")
Trading UPDATE
Jasco hereby advises that for the six months ending 31 August 2008, the company
expects both earnings per share ("EPS") and headline earnings per share ("HEPS")
to be between 30% and 45% higher than the corresponding period. This implies EPS
and HEPS of between 22,0 cents and 24,5 cents per share respectively.
With respect to the diluted EPS and the diluted HEPS, shareholders are reminded
of the BEE transaction concluded with Community Investment Holdings (Pty) Ltd
("CIH") in March 2003. As per IFRS requirements, diluted EPS and HEPS for the
period ended 31 August 2007 were calculated using 100% of the possible shares
that could have been issued in terms of this transaction. Subsequently, as
announced in the circular to shareholders dated 30 April 2008, the issue of
Jasco ordinary shares to CIH in accordance with the provisions of that agreement
took place in May 2008. The actual issue of the new ordinary shares was at a
conversion ratio of 57%. The weighted average number of ordinary shares used in
calculating diluted EPS and HEPS is therefore substantially lower than that of
the corresponding period ended 31 August 2007. Accordingly, the diluted EPS and
diluted HEPS are expected to be between 70% and 90% above the comparative
figures reported for the corresponding period. This implies diluted EPS and
HEPS of between 19,4 cents and 21,6 cents per share respectively.
Shareholders are further reminded of the recent acquisition of 51% of the
ordinary and 51% of the preference shares in the cable manufacturing company,
Malesela Taihan Electric Cable (Pty) Ltd ("M-TEC"), on 1 June 2008. Jasco`s
share of M-TEC is included in the above results with effect from 1 June 2008.
We are pleased to announce that this has enhanced Jasco`s expected EPS and HEPS
by approximately 8% for the six months ending 31 August 2008.
The information in this trading update has not been reviewed or reported on by
the company`s auditors.
Johannesburg
25 August 2008
SponsorPSG Capital (Pty) Ltd
Date: 25/08/2008 10:45:15 Produced by the JSE SENS Department.
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