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SFH
SFH
SFH - S A French Limited - Trading and Operational Update
S A FRENCH LIMITED
Incorporated in the Republic of South Africa
(Registration number 1982/009174/06)
Share code: SFH ISIN: ZAE000108890
("SA French" or "the company")
TRADING AND OPERATIONAL UPDATE
TRADING UPDATE
Although in terms of the Listings Requirements of JSE Limited, companies are
only required to publish a trading statement as soon as they become reasonably
certain that the financial results for the period to be reported on will differ
by more than 20% from that of the previous corresponding period, shareholders
are advised that a review of the financial results for the year ended 30 June
2010 by management has indicated that SA French will report a net asset value
and net tangible asset value of between 32.90 and 39.24 cents per share.
In addition, it is anticipated that a loss and headline loss per share of
between 1.38 and 2.62 cents per share for the period will be reported.
The financial information on which this trading statement is based has not been
reviewed or reported on by the company`s auditors. SA French cannot, with
certainty, determine when its financial results are expected to be released on
SENS, a further announcement will be released when this can be determined.
OPERATIONAL UPDATE
Trading conditions have remained depressed, there have been delays in the
awarding of projects for which the company has firm orders and bad debts have
resulted in a deterioration in the group`s cash flow position.
SA French has successfully reduced its operating costs in order to align its
expenses with the current operating environment. Additionally, SA French has
reached an agreement with the original equipment manufacturers that it
represents to return inventories at their original purchase cost. This has
resulted in a R40.4 million reduction to inventories and trade and other
payables.
In order to navigate through the current trading position without eroding the
group`s net asset value, management has engaged with the group`s rental fleet
financiers in order to evaluate the current finance terms. SA French is also
investigating opportunities to raise fresh capital for the business; this
includes engaging with various private equity and trade buyers, as well as the
possibility of a rights issue.
Johannesburg
6 October 2010
Designated Adviser
Merchantec Capital
Date: 06/10/2010 10:00:01 Produced by the JSE SENS Department.
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