| Wed 21 Jul 2010, 8:57 | | SOV - Sovereign Food Investments Limited - Trading statement site visit and |
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SOV
SOV
SOV - Sovereign Food Investments Limited - Trading statement, site visit and
investor presentation and change to the board of directors
SOVEREIGN FOOD INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1995/003990/06
JSE Code: SOV
ISIN Number: ZAE000009221
("Sovereign" or "the Company" or "the Group")
TRADING STATEMENT, SITE VISIT AND INVESTOR PRESENTATION AND CHANGE TO THE BOARD
OF DIRECTORS
1 Trading Statement
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited ("Listings Requirements"), Sovereign is required to publish a
trading statement as soon as it is reasonably certain that the financial
results for the period to be reported on next will differ by at least 20%
from those of the previous corresponding period.
Sovereign shareholders ("Shareholders") are advised that Sovereign`s
earnings and headline earnings for the 6 months ending 31 August 2010, are
expected to be at least 20% lower than those for the 6 months ended 31
August 2009.
Average poultry selling prices were very weak during the first 4 months of
the financial year ending 28 February 2011 ("FY11") as a result of higher
imports, weaker consumer demand and slightly elevated national supply. The
2010 World Cup has had a negative effect on average poultry selling prices
through the drawing in of larger import volumes during June 2010 due to
anticipated demand. Average poultry selling prices for the first 4 months
of FY11 were 12% lower than the average poultry prices for the previous
corresponding period. Notwithstanding pricing pressures, the Group achieved
record production and sales volumes with the highest ever monthly sales
volumes recorded in June 2010 with 8 580 tons sold.
The financial information on which this trading statement is based has not
been reviewed and/or reported on by the Company`s auditors.
2 Site Visit and Investor Presentation
Shareholders are invited to attend a site visit and investor presentation
to be held at the business premises of the Company, being Kruis River Road,
Uitenhage, on Tuesday 27 July 2010 where investors and analysts will attend
a site visit followed by an investor presentation by management regarding
Sovereign`s operations.
A copy of the investor presentation will be made available on the Company`s
website at www.sovereignfoods.co.za on 27 July 2010.
Shareholders and investors wishing to attend the site visit and investor
presentation should contact Tanya Peffer at tpeffer@sovfoods.co.za in order
to make further arrangements in this regard.
3 Change to the Board of Directors
In accordance with paragraph 3.59 of the Listings Requirements,
Shareholders are advised of the resignation of Ms Khanyisile Kweyama, who,
as a result of timing constraints introduced by other external business
commitments, has resigned as a Non-executive Director of Sovereign with
immediate effect.
The Chairman and the Sovereign board of directors would like to thank Ms
Kweyama for the substantial contribution she has made to the Company during
her tenure as a Non-executive Director of Sovereign.
Port Elizabeth
21 July 2010
Sponsor: One Capital
Date: 21/07/2010 08:57:03 Produced by the JSE SENS Department.
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