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YRK
YRK
YRK - York Timber Holdings Limited - Trading statement and further cautionary
announcement
York Timber Holdings Limited
(Previously "The York Timber Organisation Limited")
(Incorporated in the Republic of South Africa)
(Registration number 1916/004890/06)
Share code: YRK ISIN: ZAE000008108
("York" or "the Company")
TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
Trading statement
In terms of paragraph 3.4(b) of the Listing Requirements of the JSE limited,
companies are required to publish a trading statement as soon as they become
reasonably certain that the financial results for the next reporting period will
differ by at least 20% from those of the previous corresponding period.
York is in the process of completing its results for the 12 months ended 30 June
2009. York shareholders are advised that York expects a decrease of between
123% and 143% in earnings per share ("EPS") and between 118% and 138% in
headline earnings per share ("HEPS"). It should be noted that the audited
results for the period ended 30 June 2008 were for an eighteen month period as a
result of a change in the financial year-end.
The decline in EPS and HEPS is mainly due to a decrease in the value of the
biological asset due to a significant price decrease in the log prices in April
2009.
The above trading statement has not been reviewed or reported on by the
Company`s external auditors.
Further cautionary announcement
Shareholders are referred to the cautionary announcement dated 16 July 2009 and
are advised that the operational restructuring referred to therein has been
finalised. In addition, shareholders are advised that the Board of Directors of
York has resolved to recapitalise the Company through the injection of
additional equity capital from existing and new shareholders. The Company is
working with its advisors to engage with shareholders and lenders on the terms
of the equity injection and the restructure of the existing debt in the Company.
Shareholders are advised to continue to exercise caution when dealing in York
shares until a detailed announcement has been made.
Sabie
28 August 2009
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Date: 28/08/2009 16:27:01 Produced by the JSE SENS Department.
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