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PPE
PPE
PPE - Purple Capital - Trading Update
Purple Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE & ISIN: ZAE000071411
("Purple Capital" or "the company")
TRADING UPDATE
The financial year ended 31 August 2008 was difficult and disappointing for
shareholders:
- it was announced on 3 April 2008 that the loss attributable to the closure
of Global Trader Europe would amount to approximately R63m;
- in line with general market declines our listed investments have been
marked down significantly; and
- funding and amortisation costs were extraordinarily high over the year.
In these circumstances the board of Purple Capital regard it as appropriate to
adopt a conservative approach to valuations in order to deal fully with the past
and provide certainty of the base for the future.
Shareholders are accordingly advised that Purple Capital is expecting to declare
a basic loss, headline loss and net asset value per share within a 10% range of
the unaudited disclosures detailed in the table below:
Cents per
share
Fair value adjustments on investments (9.8)
Interest expense (7.8)
Amortisation of intangible assets (4.4)
Global Trader South Africa 4.1
Other (net of total expenses) 0.5
Headline loss per share (2007 : earnings of 24.11cps) (17.4)
Global Trader Europe attributable loss (19.8)
Basic loss per share (2007 : earnings of 24.15cps) (37.2)
Net asset value per share (2007 : 92.3cps) 81.0
Note: The weighted average number of shares in issue at 31 August 2008 is
295,2 million (2007 : 188,9 million)
The future outlook presents a different picture entirely:
- cash of R119,6m from the rights offer will be injected into Purple Capital
on 24 October 2008, replacing debt with equity and reducing interest
funding costs;
- the large negative fair value adjustments are not expected to be repeated
in the 2009 financial year;
- our continuing operations are trading profitably, well ahead of last year;
and
- investments are performing ahead of expectations.
Purple Capital, with the support of certain key shareholders and our bankers,
has survived the financial disaster of last year. The rights issue positions
Purple Capital to generate strong profits and cash flows in 2009, from a secure
capital base.
The financial information on which this trading statement is based has not been
reviewed or reported on by Purple Capital`s auditors.
The audited results for the year ended 31 August 2008 are expected to be
published on or about 6 November 2008.
Johannesburg
30 September 2008
Sponsor: KPMG Services (Pty) Ltd
Date: 30/09/2008 15:29:49 Produced by the JSE SENS Department.
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