SBG - Simeka Business Group Limited - Trading statement
SBG
SBG
SBG - Simeka Business Group Limited - Trading statement
Simeka Business Group Limited
(Incorporated in the Republic of South Africa)
(Registration No. 2003/012583/06)
Share code: SBG ISIN code: ZAE000074878
("Simeka" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("JSE Listings
Requirements"), 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 those for the previous
corresponding period.
Further to the trading statement released on 14 December 2009, shareholders
are advised that based on the indicative assessment of goodwill in terms of
IFRS, the board of Simeka has decided to impair goodwill of between R170
million and R190 million which will impact on earnings per share, resulting
in an expected earnings per share loss of between 30 cents to 35 cents per
share. However, as this adjustment is not a cash flow item it will not have
an impact on the core earnings. Accordingly, headline earnings per share are
still expected to reflect a profit of between 4 cents to 5 cents as
previously anticipated.
The net asset value per share of the company is expected to be between 50
cents and 60 cents.
No further material goodwill write-off is expected for the year ended 31 May
2010.
The financial results on which this trading statement has been based have not
been reviewed by the company`s auditors.
The financial results of the company will be published on SENS on or about 17
February 2010.
11 February 2010
Designated Advisor
Java Capital (Proprietary) Limited
Date: 11/02/2010 17:21:02 Produced by the JSE SENS Department.
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