FRT
FRT
FRT - Faritec Holdings Limited - Trading statement and cautionary announcement
Faritec Holdings Limited
(Registration number 1998/004872/06)
Share code: FRT
ISIN: ZAE000016838
("Faritec")
TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that Faritec expects earnings to be between 25% and 45%
higher, and both earnings per share and headline earnings per share for the six
months ending 31 December 2009 ("the current period"), to be between 80% and
90% higher than those for the six months period ended 31 December 2008 ("the
prior period") This, however, still represents a loss for the current period.
Shareholders are reminded that pursuant to the rights issue undertaken by the
company as detailed in the circular to shareholders dated 22 June 2009 and the
specific issue of Faritec ordinary shares to Shoden Data Systems (Pty) Ltd,
there will be 1 891 544 567 ordinary Faritec shares in issue at the end of the
current period whilst there were 258 211 233 ordinary Faritec shares in issue at
the end of the prior period.
Shareholders are further advised that in order to successfully implement its
turn-around and growth strategies, Faritec is required to normalise trading
conditions with trade creditors, and the Company has consequently entered into
discussions to raise additional funding of approximately R60 million. This
transaction is expected to be detailed and concluded in January 2010. The
materiality and timing of the intended funding transaction, as well as the
Directors` assessment that such funding is required by the Company to ensure
adequate working capital to execute its business plan, will result in a delay
of up to one month of the posting of Faritec`s annual financial statements for
the year ended 30 June 2009. As stated previously, the Company still expects to
return to profitability over the course of the current financial year.
The information on which the above trading statement and cautionary announcement
is based has not been reviewed or reported on by the company`s auditors.
Shareholders are advised to exercise caution when dealing in their Faritec
securities until a further announcement is made.
28 December 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 28/12/2009 12:41:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
