| Fri 21 Nov 2008, 17:23 | | PLC - Placecol Holdings Limited - The audited results for the year ended 29 |
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PLC
PLC
PLC - Placecol Holdings Limited - The audited results for the year ended 29
February 2008 and cautionary announcement; Trading update for the six months
ended 31 August 2008; and revised forecast for the year ending 28 February 2009
PLACECOL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/025374/06)
JSE code: PLC
ISIN: ZAE00010230
("the company")
ANNOUNCEMENT RELATING TO:
- THE AUDITED RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2008 AND CAUTIONARY
ANNOUNCEMENT;
- TRADING UPDATE FOR THE SIX MONTHS ENDED 31 AUGUST 2008; AND
- REVISED FORECAST FOR THE YEAR ENDING 28 FEBRUARY 2009
Audited results for the year ended 29 February 2008:
Shareholders are referred to the announcement, dated 10 September 2008, which
contained various re-allocations and adjustments to the audited annual financial
statements when compared to the reviewed results for the year ended 29 February
2008. The Board has been advised that further adjustments, which could result
in a decrease in profit after tax of R2,226 million, may be necessary in respect
of the audited results for that year, mainly as a result of an increase in
liabilities and a decrease in stock. The Board has initiated an urgent and
thorough audit into this matter.
The company`s Prospectus incorporated details of the restructuring of the
company and the requirement to repurchase shares from the original vendors
should the consolidated net profit after tax for the year ended 29 February 2008
be less than R9.2 million. Shareholders are referred to the announcement, dated
5 September 2008, which contained details of the repurchase and cancellation of
11 893 332 shares from such vendors, which repurchase was approved by
shareholders at the annual general meeting. Having regard to the
aforementioned, it may be necessary to repurchase and cancel a further 23 553
464 shares for an aggregate amount of R1.00.
Having regard to the above, shareholders are advised to exercise caution when
dealing in their shares on the JSE Limited until a further announcement is made.
Trading update:
Shareholders are advised that the company is currently finalising its results
for the six months ended 31 August 2008 and anticipates the following decreases:
- basic earnings per share by between 70% and 90%; and
- eadline earnings per share by between 70% and 90%,
when compared to the results published for the six months ended 31 August 2007.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors.
Revised forecast for the year ending 28 February 2009:
A revised forecast for the year ending 28 February 2009 will be released on SENS
as soon as possible.
Midrand
21 November 2008
Designated Adviser
Vunani Corporate Finance
Date: 21/11/2008 17:23:01 Produced by the JSE SENS Department.
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