ADW - African Dawn Capital Limited - Trading update
ADW
ADW
ADW - African Dawn Capital Limited - Trading update
AFRICAN DAWN CAPITAL LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/020520/06)
JSE code: ADW
ISIN: ZAE000060703
("African Dawn" or "the company")
TRADING UPDATE
In accordance with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, a company is required to publish a trading statement as soon as it
becomes aware, with a reasonable degree of certainty, that the financial results
for the next period to be reported on are likely to vary by at least 20% from
the previous corresponding period.
Shareholders are referred to the interim results announcement of the company
released on 1 December 2010 where the directors have stated that "the current
economic conditions continue to have a negative impact on the business,
contributing to difficulty in recovering loans and to deterioration of the loan
to value ratio in respect of security held. The group`s major challenge during
the next six months will be managing liquidity, and to this end the board has
implemented an aggressive collection and recovery program and limited staff
reductions. In addition, the board has embarked on discussions on securing
additional funding lines from financial institutions and/or capital from its
shareholders to ensure the long term viability of African Dawn."
Shareholders are advised that the recovery of loans referred to above indicated
that further impairments of assets are required which will result in a further
loss in the second half of the financial year ended 28 February 2010, in
addition to the loss reported in the first half of the 2010 financial year.
The company will release a further announcement once it has been able to
quantify, with a reasonable degree of certainty, the expected basic and headline
loss per share for that year.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors.
24 May 2010
Johannesburg
Designated Adviser
Vunani Corporate Finance
Date: 24/05/2010 16:17:01 Produced by the JSE SENS Department.
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