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KAP
KAP
KAP - KAP International Holdings Limited - Group Restructure And Trading
Statement
KAP International Holdings Limited
Registration number: 1978/000181/06
JSE Share Code: KAP
ISIN: ZAE000059564
("KAP" or "the company")
GROUP RESTRUCTURE AND TRADING STATEMENT
Shareholders are referred to the SENS announcement published on 12 December 2008
with regards to further strategies to rationalize KAP`s operations with a view
to improving long-term returns and generating cash.
Shareholders are now advised that various alternatives have been explored in
relation to the Fresh Meat Division of KAP ("the Fresh Meat division"), which
has not been generating satisfactory returns. A decision has now been taken to
discontinue this division through the realization of its assets to the best
advantage of the company. It is anticipated that a substantial amount of capital
will be released which, in turn, should lead to a lower net debt:equity ratio
and, hence, a lower financial risk profile. The Bull Brand Cannery, which houses
the brands for which Bull Brand is known, will remain unaffected and will
continue to generate good returns.
In accordance with the 12 December 2008 announcement various other restructuring
strategies in respect of the remaining divisions of KAP are continuing to be
explored.
In terms of the Listings Requirements of the JSE Limited, a listed company is
required to publish a trading statement as soon as it becomes aware that the
financial results for the next financial period to be reported on will vary by
20% or more from those of the previous comparable period.
KAP hereby advises that a reasonable degree of certainty exists that earnings
and headline earnings per share for the six months ended 31 December 2008 will
be between 68% and 84% lower than the earnings and headline earnings per share
for the comparable period in the previous financial year. Although their impact
on the full financial year results to June 2009 is currently not determinable,
there may be further costs and/or impairment charges relating to the
discontinuance of the Fresh Meat division and the restructuring steps taken in
respect of other divisions of KAP. These possible further costs and charges
have not been taken into account in the six-month results to December 2008.
The financial information in this trading statement has not been reviewed or
reported on by KAP`s auditors. The results for the six months ended 31 December
2008 are expected to be published on or about 27 February 2009.
Paarl
24 February 2009
Sponsor
PSG Capital (Pty) Limited
Date: 24/02/2009 10:58:01 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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