MVL - Mvela Resources - Trading statement and notification of release of final
MVL
MVL
MVL - Mvela Resources - Trading statement and notification of release of final
results for the year ended 30 June 2010
MVELAPHANDA RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1980/001395/06)
Share code: MVL
ISIN: ZAE000050266
("Mvela Resources" "the group" or the "company")
TRADING STATEMENT AND NOTIFICATION OF RELEASE OF ANNUAL FINANCIAL RESULTS
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will differ by more than 20%
from those of the previous corresponding reporting period. In light of the
aforementioned requirements, shareholders are advised that Mvela Resources
expects to report a basic loss of between 20 cents per share and 25 cents per
share and headline earnings of between 5 cents per share and 13 cents per share
for the year ended 30 June 2010.
This compares with basic earnings of 742 cents per share, and headline earnings
of 1,663 cents per share, reported for the period ended 30 June 2009.
Earnings have been significantly impacted inter alia by a change in the
accounting treatment of Northam, pursuant to the Booysendal Transaction
concluded in August 2008, as well as in the accounting treatment of the Gold
Fields investment, which makes comparison with the previous reporting period
difficult.
In compliance with the Listings Requirements of the JSE Limited, the financial
results will be reported in accordance with IFRS. The group`s year-end results
are expected to be released at approximately 8:00am on 27 September 2010.
The information on which this trading statement is based, has not been reviewed
or audited by the group`s auditors.
Johannesburg
14 September 2010
Sponsor:
J.P. Morgan Equities Limited
Date: 14/09/2010 11:12:04 Produced by the JSE SENS Department.
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