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OPT
OPT
OPT - Optimum Coal Holdings Limited - Update to trading
statement
Optimum Coal Holdings Limited
(Registration number: 2006/007799/06)
JSE share code: OPT
ISIN: ZAE000144663
("Optimum Coal" or "the Company" or the Group")
UPDATE TO TRADING STATEMENT
Shareholders are referred to the announcement released on
SENS on 16 August 2010 whereby shareholders were advised that
the Company`s earnings per share ("EPS") and headline
earnings per share ("HEPS") are likely to be more than 20%
lower than EPS and HEPS for the previous financial year.
The Company is now in a position to provide specific guidance
and advise that the forecast ranges of EPS and HEPS for the
year ending 30 June 2010 are expected to be as follows:
FY ending FY ending June`09
June`10
EPS (cps) 120 - 140 505**
HEPS (cps) 40 - 50 505**
Weighted average 163 566* 148 000**
number of shares
outstanding during
the year (`000)
for IFRS purposes*
Total number of 199 786* 148 000**
shares outstanding
at year end (`000)
for IFRS purposes*
Total actual number 251 786 200 000
of shares (`000) at
year end***
The above EPS and HEPS ranges for the financial year are
based on the weighted average number of shares outstanding
for the year being 163 566 266 shares.
* excludes 52 000 000 issued shares, collectively owned by
the Employee, Community and Executive Share Incentive Trusts
which are deemed to be under the control of the Company and
are therefore excluded from the calculation of share
outstanding for IFRS purposes.
** prior year EPS, HEPS and shares outstanding have been
restated to take into account the effect of the 1 for 200 000
share split as if it had occurred during the period.
*** the increase of 51 786 186 issued ordinary shares during
the year has arisen due to the following activities:
- The issuance of 24 357 143 shares to Mercuria Energy and
Kwini Mining Investments (Pty) Ltd in February 2010 and March
2010
- The collective issuance of 27 302 243 shares on the listing
of the Company in March 2010 and exercise of the over-
allotment option in April 2010
- The issuance of 126 800 shares to Optimum Coal employees on
the listing of the Company in March 2010
Headline earnings have been adjusted for the effects of one-
off profits recognised during the financial year.
EPS and HEPS have been adversely affected by weakened export
coal price experienced during the year and a stronger
rand/dollar exchange rate compared to FY2009.
On the operational side, the Group recorded 10.8 million
attributable tons of saleable coal during the financial year
(FY2009 - 9.2 million attributable tons), comprising 5.3
million attributable export and inland saleable tons (FY2009
- 4.1 million attributable tons) and 5.5 million attributable
Eskom tons (FY2009 - 5.1 million attributable tons).
Attributable tonnage includes the consolidation of
Koornfontein Mine tonnages with effect from 1 March 2010, the
date on which the company acquired control of Koornfontein
Mines.
In the 4 month period to 30 June 2010, Koornfontein Mines
contributed 0.6 million tons of export saleable coal and 0.4
million tons of Eskom saleable coal to attributable group
tonnage.
Optimum Coal is pleased to announce that it has acquired the
outstanding 4% minority interest in Koornfontein Mines from
the Koornfontein Employee Trust for an amount of R24 million
net of tax effects. Pursuant to the acquisition, Koornfontein
Employee Trust beneficiaries will become beneficiaries of the
Optimum Employee Benefit Trust.
Shareholders are advised that the financial information
contained in this announcement has not been reviewed or
reported on by Optimum Coal`s external auditors. The Company
will announce its annual results on 15 September 2010.
27 August 2010
Johannesburg
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Financial Communications Advisers
COLLEGE HILL
Date: 27/08/2010 16:57:01 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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