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MKX
MKX
Milkworx - Trading update
MILKWORX LIMITED
(Previously Acuity Group Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1998/011074/06)
Share code: MKX & ISIN: ZAE000058020
("Milkworx" or "the company")
TRADING UPDATE
Shareholders are hereby updated on Milkworx Limited trading to 30 June
2006.
Earnings and headline earnings are expected to be lower in relation to
the comparative period in the prior year and forecast profits, moving in
profit of R 2.629 million reported in the prior year, to an expected
loss of between R 1.12 million and R 1.24 million and expected headline
loss of approximately between R 0.69 million and R 0.82 million compared
to headline earnings of R 0.67 million for the prior year. Earnings per
share are accordingly expected to decrease from 0.5 cents per share to
between a loss of 0.2 and 0.23 cents per share. Headline earnings per
share decreased from 0.1 cents per share to a loss between 0.13 and 0.15
cents per share.
Net asset value per share deceased from 4.2 cents per share to 3.9 cents
per share and the net tangible asset value per share decreased from 4.1
cents per share to 3.8 cents per share.
Shareholders are advised that the information in this trading statement
has not been reviewed or reported on by Milkworx"s auditors.
The decline in earnings is primarily attributable to the following.
1. The company experienced a difficult summer (Jan 2006 onwards), with
exceptionally high rainfall, which impacted on sales volumes for the
second half of the financial year.
2. Certain assets of the company were impaired.
3. Low profit margins were maintained to penetrate the blue chip
company markets. This lead to lower profits as unfavourable weather
conditions caused lower volumes and thus decreased profits.
The board expects to release reviewed results within the next two weeks.
Shareholders are advised that the JSE as such will annotate the share
with an RE.
Pretoria
13 October 2006
Designated Advisor:
River Sponsors (Pty) Ltd
Warning: The listing of the ordinary shares in the company is on the
ALTX. Shareholders are advised of the risks of investing in a company
listed on the ALTX. Shareholders are advised that the JSE does not
guarantee the viability or the success of a company listed on the ALTX.
In terms of the JSE Listings Requirements a designated advisor has to be
retained by the company. The designated advisor is required to, inter
alia, attend all board meetings held by the company to ensure that all
JSE Listings Requirements and applicable regulations are complied with,
approve the financial director of the company and guide the company in a
competent, professional and impartial manner. If the company fails to
retain a designated advisor it must make arrangements to appoint a new
designated advisor within 10 business days, failing which the company
faces suspension of trading of its securities. If a designated advisor
is not appointed within 30 days of its suspension the company faces the
termination of its listing without an offer to minority shareholders.
Date: 13/10/2006 02:55:03 PM Produced by the JSE SENS Department
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