MRF - Merafe Resources - Trading statement for the year ended 31 December 2009
MRF
MRF
MRF - Merafe Resources - Trading statement for the year ended 31 December 2009
MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06
Share Code: MRF
ISIN: ZAE000060000
("Merafe")
Trading statement for the year ended 31 December 2009
In terms of the JSE Limited Listings Requirements, issuers are required to
publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the current reporting
period will differ by at least 20% from those of the prior comparative period.
Shareholders are advised that Merafe is expecting to report a loss per share and
headline loss per share of between 6 and 7 cents for the year ended 31 December
2009. This compares with earnings and headline earnings per share of 42 cents
for the prior comparative period. The loss arose primarily as a result of low
ferrochrome prices and a strong Rand.
Update on cash balance and debt
During the past period of global economic uncertainty, Merafe has managed its
working capital effectively and closed the year with a cash balance of R425
million. Merafe had R350 million long-term debt at 31 December 2009.
Shareholders are advised that the financial information on which this trading
statement is based has not been reviewed or reported on by Merafe`s auditors and
is provided in terms of paragraph 3.4 (b) of the JSE Limited Listings
Requirements. The financial results for the year ended 31 December 2009 are
expected to be released on SENS on or about 2 March 2010.
Sandton
25 January 2010
Sponsor
Deutsche Securities SA (Pty) Ltd
Date: 25/01/2010 08:30:01 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 has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
