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MTX
MEMTX
MTX - Metorex Limited - Trading statement
METOREX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1934/005478/06)
Share code: MTX
ISIN: ZAE000022745
Issuer code: MEMTX
("the Company")
Trading statement
Shareholders are advised that management`s expectation for the Company`s
earnings for the six months ended 31 December 2009 ("2009") compared with the
six months ended 31 December 2008 ("2008"), are set out below:
* Basic earnings are expected to be between 60 cents per share ("cps") and
70 cps (2008: 42 cps).
* Headline earnings are expected to be between 13 cps and 15 cps (2008: 48
cps). The comparative 2008 headline earnings includes attributable
earnings from Pan African Resources plc ("PAR") (11 cps) as well as the
once-off profit on closure of certain Ruashi hedges during December 2008
(31 cps).
* Adjusted headline earnings per share ("Adjusted HEPS") between 11 cents and
13 cents (2008: -1 cents).
* Weighted average number of shares in issue during the 2009 period increased
by 96% to 744 million from 379 million during the 2008 period.
Adjusted HEPS excludes non-recurring items, therefore the attributable earnings
for 2009 and 2008 from PAR (now sold), Vergenoeg Mining Company (Pty) Limited
("VMC") (now sold) and Consolidated Murchison (held for sale) are excluded.
Furthermore, the 2009 Adjusted HEPS excludes the profit on disposal of PAR and
VMC as well as a positive deferred taxation adjustment following the recognition
of taxation losses available for set-off against gains from the disposal of
assets. The 2008 Adjusted HEPS also excludes the once-off profit on closure of
a portion of the Ruashi hedge book during December 2008.
The information contained in this announcement has not been reviewed or reported
on by the Company`s auditors.
It is expected that the results for the six months ended 31 December 2009 will
be released on or about 2 March 2010.
Johannesburg
11 February 2010
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Public relations adviser:
College Hill
011 447 3030
Date: 11/02/2010 15:31:02 Produced by the JSE SENS Department.
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