MKL - Makalani Holdings Limited - Trading statement for the interim period
MKL
MKL
MKL - Makalani Holdings Limited - Trading statement for the interim period
ending 31 December 2008
Makalani Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2005/000726/06)
Share code: MKL
ISIN: ZAE000066700
("Makalani" or "the Company")
TRADING STATEMENT FOR THE INTERIM PERIOD ENDING 31 DECEMBER 2008
In line with the JSE Limited`s Listings Requirements, unitholders are advised
that Makalani`s headline earnings per linked unit (HEPLU) for the six months
ending 31 December 2008 is expected to be between 55%-65% below the published
results for the six months ended 31 December 2007. Notwithstanding the decline
in HEPLU, there has been no considerable deterioration in the net asset value of
the Company as compared to the comparative period.
The results for the first six months of the year were impacted by the continued
negative macroeconomic and operating environment, as reported in the Company`s
2008 annual report. The financial market pressure has impacted negatively on the
valuation of certain assets in the Company`s portfolio. Equity valuations, as
well as various asset credit ratings, have been negatively impacted due to the
credit crisis. It should, however, be noted that no obligor in the portfolio has
defaulted on its funding. Both valuations and credit ratings are forward looking
and based on a negative outlook for 2009.
As at 31 December 2008, Makalani`s portfolio of invested assets was
approximately R2.5 billion.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s external auditors.
Unitholders are also advised of the pending preference share issue, as was
approved at the Company`s annual general meeting ("AGM") to refinance the
current bridge facility. The subscription amount will be for R333 million as
opposed to the R500 million approved at the AGM.
Makalani`s financial results for the six month period ended 31 December 2008
will be published on or about 3 March 2009.
Sandton
2 February 2009
Merchant bank and sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/02/2009 07:30:02 Produced by the JSE SENS Department.
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