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CSP
CSP
CSP - Chemical Specialities Limited - ChemSpec trading update for the year ended
31 March 2010
Chemical Specialities Limited
Incorporated in the Republic of South Africa
(Registration number: 2005/039947/06)
Share code: CSP
ISIN: ZAEO00109427 ("ChemSpec" or "the Company")
ChemSpec Trading Update for the year ended 31 March 2010
In terms of the Listing Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period.
Insurance Claim
In the company`s interim results for the 6 months ended 30 September 2009 an
amount of R52,848,814 was accounted for as other income in respect of the Jaco
Place fire insurance claim.
At the time the directors were confident the claim would be settled by year end.
It however still remains under negotiation and until finalized, the directors
are of the view that no amount should be taken to account in the full year`s
results and accordingly have decided to the reversal of the amount taken to
account to 30 September 2009. The loss adjusted claim submitted to insurers is
approximately R103 million including VAT. The Directors remain confident that
the claim will be settled and the amount of the settlement will be brought to
income statement at time of payment.
Trading Update
Shareholders are advised that a loss of approximately 12.82 cents per share
after the above adjustment was incurred for the year ended 31 March 2010
compared to the earnings per share of 12.91c for the year ended 31 March 2009.
Similarly, the headline loss per share is expected to be approximately 12.9c per
share for year ended 31 March 2010 compared to the headline profit of 8.05c per
share for the year ended 31 March 2009.
Current Trading
During the year ended 31 March 2010 the production capacity for the group was
reduced significantly as a direct result of the fire and this had a significant
impact on sales. The company has now completed its new world class manufacturing
facility based at Canelands using the latest technology in manufacturing
equipment and has significantly increased its production capacity which is now
fully operational. The group continues to enjoy strong demand for its products
and the directors remain confident of the groups growth prospects.
Rights Issue
The group has recently announced an underwritten rights issue which will
strengthen the group`s financial position substantially.
Summary
The return to normal production at an increased level and the group`s financial
position together with the ultimate settlement of the insurance claim provides a
sound platform for the future.
The financial information on which this trading statement is based has been
reviewed by the Company`s auditors.
30 June 2010
Verulam
Designated Advisor: QuestCo Sponsors (Pty) Limited
Date: 30/06/2010 17:09:02 Produced by the JSE SENS Department.
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