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SER SRN
SER
SER/SRN - Seardel - Trading Statement
SEARDEL INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1968/011249/06)
Share code: SER & ISIN Code: ZAE000029815
Share code: SRN & ISIN Code: ZAE000030144
("Seardel" or "the group")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, companies are required
to publish a trading statement as soon as they become aware that the financial
results for the period to be reported upon next will differ by at least 20% from
the previous corresponding period.
Accordingly, Seardel shareholders are advised that the previous reported loss
per share of Seardel for the 6 months ended 31 December 2008 ("the previous
interim period") was 58 cents and for the 6 months ended 30 September 2009 ("the
current interim period") the loss per share is expected to be between 30 cents
and 32 cents. The reported headline loss per share for the previous interim
period was 53 cents and for the current interim period the headline loss per
share is expected to be between 22 cents and 24 cents.
As per the announcement published on SENS on 8 December 2008, Seardel changed
its year-end from 30 June to 31 March to align its financial year end with that
of its majority shareholder Hosken Consolidated Investment Limited. Accordingly,
the results for the previous interim period are the group`s results for the 6
months ended 31 December 2008. Shareholders are further advised that the loss
per share and headline loss per share for the current interim period have been
calculated on a weighted average number of ordinary and "N" ordinary shares in
issue of 702,9 million as opposed to the 316,2 million ordinary and "N" ordinary
shares used for the previous interim period. This is as a result of an
additional 613 million Seardel ordinary shares being issued during the previous
interim period pursuant to a rights offer to shareholders.
On the 9 April 2009 the group announced on SENS that it had embarked upon the
process of restructuring the group which included the closure of the Vertical
Pipeline Divisions of Frame Textiles ("the Frame Vertical Pipeline"). If the
discontinued operations of the Frame Vertical Pipeline are removed from the
results of the current interim period, the continuing operations is expected to
reflect a loss per share of between 6 cents and 8 cents and a headline loss per
share of between 5 cents and 7 cents.
Further details will be contained in the group`s interim results which are
expected to be published on SENS by the 6 November 2009.
The financial information on which this trading statement has been based has not
been reviewed or reported on by the group`s auditors.
26 October 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 26/10/2009 12:34:01 Produced by the JSE SENS Department.
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