| Wed 22 Sep 2010, 16:19 | | ACT/ACTP - Afrocentric Investment Corporation Limited- Trading Statement |
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ACT ACTP
ACT
ACT/ACTP - Afrocentric Investment Corporation Limited- Trading Statement
AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT, ACTP ISIN: ZAE000078416, ZAE000082269
("AfroCentric" or "the Company")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited ("JSE") Listings Requirements,
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 upon
next will differ by at least 20% from that of the previous corresponding period.
AfroCentric is currently finalising its results for the financial year ended 30
June 2010 which are due to be released on SENS on 28 September 2010 and
published in the press on 29 September 2010.
Shareholders are referred to the AfroCentric circular distributed to Lethimvula
Investments Limited ("LIL") shareholders dated 27 February 2009. Paragraph 19 of
that circular, captioned "Material Changes", records reference to the agreements
concluded by LIL for the acquisition of Old Mutual Healthcare (Proprietary)
Limited ("OMHC") and at the same time, but independently, the disposal by a LIL
subsidiary, Medscheme Limited, of its interest in Medscheme Life Assurance
Limited to Old Mutual South Africa Limited. The regulatory approvals for these
transactions were received towards the end of the 2009 financial year and during
the 2010 financial year. Accordingly, in terms of IFRS 3, restructuring and
retrenchment costs are recognised in the consolidated income statement in the
2010 financial year.
Having regard to the above and certain other amortisation and impairments,
shareholders are advised that the company`s basic reported earnings per share
(EPS) and diluted basic EPS for the financial year ended 30 June 2010 will be
between 80% and 100% lower than that reported for the previous corresponding
reporting period.
Notwithstanding this dramatic impact on the company`s basic EPS, headline
earnings per share (HEPS) and diluted HEPS will be between 50% and 70% higher
than that reported for the previous corresponding reporting period.
The financial information on which this trading statement is based, has not been
reviewed by the company`s auditors.
Sandton
22 September 2010
Sponsor:
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 22/09/2010 16:19:01 Produced by the JSE SENS Department.
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