SER - Seardel Investment Corporation - Updated Trading Statement And Further
SER SRN
SER
SER - Seardel Investment Corporation - Updated Trading Statement And Further
Cautionary Announcement
SEARDEL INVESTMENT CORPORATION LIMITED
Registration Number 1968/011249/06
(Incorporated in the Republic of South Africa)
Share Code: SER & ISIN: ZAE000029815
Share Code: SRN & ISIN: ZAE000030144
("Seardel" or "the company")
UPDATED TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the trading statements and cautionary announcements
dated 27 June 2008 and 11 August 2008 in which shareholders were advised that
Seardel had incurred substantial trading losses of at least R100 million in the
12 month period ending 30 June 2008 after providing for retrenchment and
restructure costs of approximately R40 million.
Shareholders are advised that in addition to the trading losses stated above,
the company has decided to derecognise the deferred tax asset and impair
specific fixed assets, as a result of which a further loss of R120 million will
be incurred.
Shareholders are accordingly advised that the company`s financial results for
the 12 month period ending 30 June 2008 will reflect a loss of at least R220
million (244 cents per share).
The company is still not in a position to give the specific guidance required by
the JSE Listings Requirement for a trading statement as further impairments on
fixed assets may be required and a revaluation of assets of the group is still
being conducted. Accordingly shareholders are advised to continue to exercise
caution when trading in Seardel shares until a further announcement is made.
5 September 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 05/09/2008 16:32:33 Produced by the JSE SENS Department.
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