|
EQS
EQS
EQS - Eqstra Holdings Limited - Trading Statement
Eqstra Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/011672/06)
ISIN: ZAE000117123
Share code: EQS
("Eqstra")
TRADING STATEMENT
In compliance with section 3.4(b)(iii)(3) of the JSE Listings Requirements,
issuers are required to publish a trading statement containing a minimum
percentage difference together with any other relevant information that the
issuer has at its disposal in instances where the issuer has reasonable
certainty in respect of paragraph 3.4(b)(i) but it does not have the certainty
to provide guidance in respect of the variance range.
In an announcement dated 22 February 2010 Eqstra advised shareholders that: "The
year to June 2010 will remain a challenge for Eqstra as the economy is seen to
be sluggish and it is anticipated that the company will not achieve growth in
earnings as announced in August 2009." These predictions are anticipated to
materialise and are expected to result in negative earnings and negative
headline earnings per share for the financial year ended 30 June 2010, compared
to the previous corresponding period`s earnings and headline earnings per share
of 16.6 cents and 12.0 cents respectively.
Although the group is expected to be profitable before taxation, there are
impairments to deferred tax assets in the construction and mining
distributorships that will result in an overall loss after taxation. The
decrease in profitability from the prior year is mainly as a result of low sales
volumes in the construction and mining distributorships and the effect high
rainfall and industrial actions had on contract mining production. Management is
confident that banking covenants for the period ended 30 June 2010 will be met.
Eqstra has successfully raised R650 million through a renounceable rights offer,
increasing the issued shares by 154 761 905. The rights offer closed on Friday
25th June 2010. Proceeds from the rights offer will be used to repay short term
debt and fund the equity required for the awarded Benga Coal project in
Mozambique. Management is confident that the equity raised will adequately
capitalise Eqstra through the bottom of the business cycle and strengthen the
balance sheet.
The financial information, on which this trading statement is based, has not
been reviewed or reported on by Eqstra`s auditors. The statement is based on
financial information available at the time of this publication. Eqstra will
publish a revised trading statement in accordance with paragraph 3.4(b)(iv) as
soon as it becomes reasonably certain of the percentage difference or variance
range. Eqstra`s financial year end results are expected to be released on SENS
on or about 24 August 2010.
Johannesburg
29 June 2010
Sponsor:
Merrill Lynch South Africa (Pty) Limited
Date: 29/06/2010 11:19:09 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. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
