| Fri 31 Jul 2009, 11:46 | | ATR - Africa Cellular Towers Limited - No change statement and notice of annual |
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ATR
ATR
ATR - Africa Cellular Towers Limited - No change statement and notice of annual
general meeting
AFRICA CELLULAR TOWERS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2000/027374/06)
JSE code: ATR ISIN: ZAE000088084
("ACTOWERS" or "the company")
NO CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Shareholders are advised that the Annual Financial Statements for the year ended
28 February 2009 ("the Annual Financial Statements") will be distributed to
shareholders today, Friday 31 July 2009.
The only modification to the Audited Condensed Financial Results released on
SENS on Monday 25 May 2009 was the change to the Prospects section, which is set
out below.
Auditors` Unqualified Report
The Annual Financial Statements were audited by SAB&T Chartered Accountants
Incorporated whose unqualified report is available for inspection at the
company`s registered office.
Notice of Annual General Meeting
The notice of the Annual General Meeting will be posted to shareholders today
with the Annual Financial Statements. Notice is hereby given that the Annual
General Meeting of shareholders will be held on Wednesday, 26 August 2009 at
10:00 at Africa Cellular Corporate Park, 10 Tennyson Drive, Tulisa Park,
Johannesburg, to transact the business as stated in the notice of the Annual
General Meeting.
A copy of the Annual Report will be available on Monday 3 August 2009 on the
company`s website: www.africacellular.co.za
Prospects
"The global economic slow-down has and will affect ACTOWERS, though the
prospects for the telecoms industry in Africa are still solid in the long-term.
The steel price has stabilised since March 2009, but the lower steel price
together with the stronger South African currency, will result in lower revenue.
A strong South African rand is also not conducive for exports and could result
in foreign exchange losses. We have recently seen an increase in enquiries, some
of which have resulted in supply-only orders. However, the market has become
more competitive and margins have reduced. We have taken proactive steps and are
offering operators lower-cost, rapid deployment sites and have also designed new
technology for saving operating costs per site. The new products have been well
received by operators and should have a positive effect on turnover in future
years. The company has a strong order book for the supply and installation of
lattice towers extending into the second half of the current financial year and
has tendered on several large contracts, on which we consider to have a
reasonable chance of success.
The expansion of the company`s business into the installation of optic fibre
links in South Africa and Sub-Saharan Africa has been well received and is
expected to be a solid contributor to Group revenue and profits for the 2010
financial year. We have also installed a new polyurethane injection line for JK
Shelters to enable them to supply more sophisticated markets and operators.
The Power Lines division has established itself and has been successful in
receiving a number of small orders for the manufacturing and installation of
electrical pylons. It has tendered for various contracts as main contractor, but
Eskom has unfortunately delayed the roll-out of transmission line projects and
is only expected to continue with its roll-out plan towards the end of 2009.
There are however opportunities in neighbouring countries such as Namibia,
Botswana and Zimbabwe for the construction and supply of transmission lines, and
ACTOWERS have been invited to tender on these opportunities. We continue to
believe that the Group is perfectly positioned for the upgrade, maintenance and
expansion of the power grid in SADC that will eventually happen.
ACTOWERS is continuously considering various acquisition opportunities to expand
its business into related industries."
By order of the Board
31 July 2009
Designated Adviser
Vunani Corporate Finance
Date: 31/07/2009 11:46:01 Produced by the JSE SENS Department.
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