| Wed 1 Sep 2010, 12:24 | | WIL - Wilderness Holdings Limited - Results of the AGM and shareholder update |
|
WIL
WIL
WIL - Wilderness Holdings Limited - Results of the AGM and shareholder update
Wilderness Holdings Limited
(Incorporated in Botswana on 23 February 2004)
(Registration number 2004/2986)
(Registered as an external company in South Africa on 27 November 2009)
(Registration number 2009/022894/10)
ISIN: BW0000000868
Share code: WIL
("Wilderness" or "the Company")
RESULTS OF THE AGM AND SHAREHOLDER UPDATE
The Company would like to advise shareholders that the annual general meeting of
Wilderness was held yesterday, Tuesday 31 August 2010. All resolutions were
unanimously passed.
During the meeting, Mr Andy Payne, the CEO of the Company, provided shareholders
with a brief update on the current trading environment.
Mr Payne highlighted that the current business environment remains challenging
due to the tough economic climate in the regions of the Company`s source
markets, in particular in America and Europe. The continuing strength of the
Rand and Pula against the US Dollar, relative to the rate in the prior year has
also impacted negatively on the translation of foreign earnings. In addition,
the World Cup proved to be a challenging period as our traditional customers
chose to avoid travel in the months of the tournament.
Considering the above, Mr Payne was pleased to note that whilst the yield was
still under pressure, a condition likely to remain in the short term, bed nights
sold by the Company have increased relative to the prior year.
In this current environment, the Company plans to continue with its strategic
objectives, as originally identified and disclosed during the IPO process,
namely:
i. investing in people;
ii. investing in the Wilderness brand and connecting the brand with the
customer;
iii. investing in product relevance;
iv. investing in scale opportunities; and
v. strengthening the Company`s balance sheet and accumulating it`s cash
reserves.
Mr Payne concluded that the industry is likely to see consolidation moving
forward with an obvious alignment of supply and demand. Wilderness is presently
well positioned to take advantage of these opportunities that are likely to
present themselves in the short to medium term.
Botswana
1 September 2010
Sponsoring broker
Capital Securities (A member of the Botswana Stock Exchange)
JSE sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 01/09/2010 12:24:01 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.
