CGR - Calgro M3 Holdings Limited - Further trading Update
CGR
CGR
CGR - Calgro M3 Holdings Limited - Further trading Update
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/030045/06)
Share code: CGR ISIN: ZAE000109203
("Calgro M3" or "the company")
Further Trading Update
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement as soon as
it becomes aware, with a reasonable degree of certainty, that the financial
results for the next period to be reported on are likely to vary by more than
20% from the previous corresponding period.
Further to the trading update released on SENS on 31 March 2009, profits
accounted for in the period ended 28 February 2009 in respect of a land swap
arrangement will only be accounted for in the following financial year, based on
a technical opinion recently received. In this regard, Calgro M3 wishes to
advise shareholders that the company`s earnings per share ("EPS") for the
financial year ended 28 February 2009 ("the 2009 financial year") is expected to
be between 79% and 89% lower than those reported for in the previous
corresponding period. EPS for the 2009 financial year is also expected to be
between 86% and 96% lower than the forecast EPS as set out in the listing
prospectus issued on 8 November 2007. Headline earnings per share ("HEPS") for
the 2009 financial year is expected to be between 41% and 51% lower than that
reported for in the previous corresponding period. Accordingly, HEPS for the
2009 financial year is also expected to be between 65% and 75% lower than the
forecast HEPS as set out in the listing prospectus issued on 8 November 2007.
Adverse market conditions which has resulted in a change of lending criteria by
banks for end users, negatively impacting the building industry as well as a
time delay on both the Pennyville and Fleurhof projects, have resulted in a
substantial slowing in turnover and a tightening of margins in the affordable
housing sector.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors.
Johannesburg
8 May 2009
Designated Adviser: PSG Capital (Pty) Limited
Date: 08/05/2009 16:00:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
