| Mon 14 Sep 2009, 13:07 | | MVL - Mvela Resources - Trading Statement And Notification Of Release Of |
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MVL
MVL
MVL - Mvela Resources - Trading Statement And Notification Of Release Of
Year End Results
MVELAPHANDA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
Share code: MVL
ISIN: ZAE000050266
("Mvela Resources" or the "company")
TRADING STATEMENT AND NOTIFICATION OF RELEASE OF YEAR END RESULTS
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will differ by more than
20% from those of the previous corresponding reporting period. In light of
the aforementioned requirements, shareholders are advised that Mvela
Resources (or "the group") expects basic earnings of between 700 cents per
share and 800 cents per share and headline earnings of between 1 600 cents
per share and 1 720 cents per share for the year ended 30 June 2009. This
compares with basic earnings of 89 cents per share, and headline earnings of
93 cents per share, reported for the year ended 30 June 2008.
Earnings have been impacted inter alia by a change in the accounting
treatment of Northam as well as the Gold Fields investment, which makes
comparison with the previous reporting period extremely difficult.
Pursuant to the completion of the Booysendal Transaction in August 2008,
Mvela Resources shareholding in Northam increased from 22% to 63% and as a
result, from September 2008, Northam has been consolidated in Mvela
Resources` accounts instead of being equity accounted, which was the
previous treatment. Also, the Gold Fields investment has now been classified
as an available for sale asset, which requires a different accounting
treatment under International Financial Reporting Standards ("IFRS").
In compliance with the Listings Requirements of the JSE Limited, the
financial results will be reported in accordance with IFRS. The group`s year-
end results are expected to be released on, or about, 17 September 2009.
The information on which this trading statement is based, has not been
reviewed or reported on by the group`s auditors.
Johannesburg
14 September 2009
Sponsor
JP Morgan Equities
Date: 14/09/2009 13:07:01 Produced by the JSE SENS Department.
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