MRF - Merafe - Trading statement for the year ended 31 December 2010
MRF
MRF
MRF - Merafe - Trading statement for the year ended 31 December 2010
MERAFE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/003452/06)
Share code: MRF ISIN: ZAE000060000
("Merafe")
Trading statement for the year ended 31 December 2010
In terms of the JSE Limited Listings Requirements, issuers are required to
publish a trading statement as soon as they are satisfied that a reasonable
degree of certainty exists that the financial results for the current reporting
period will differ by at least 20% from those of the prior comparative period.
Shareholders are advised that Merafe is expecting to report earnings per share
and headline earnings per share of between 10 cents and 12 cents for the year
ended 31 December 2010. This compares with a loss per share and headline loss
per share of 6 cents for the prior comparative period.
Update on cash balance and debt
At 31 December 2010, Merafe closed with a healthy cash balance of R321m after
paying a dividend and secondary tax on companies of R53m and repaying R50m of
long-term debt during the year. Merafe had R300m long-term debt at 31 December
2010.
Shareholders are advised that the financial information on which this trading
statement is based, has not been reviewed or reported on by Merafe`s auditors
and is provided in terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements. The financial results for the year ended 31 December 2010 are
expected to be released on SENS on 1 March 2011.
Sandton
27 January 2011
Sponsor
Deutsche Securities SA (Pty) Ltd
Date: 27/01/2011 08:00:01 Produced by the JSE SENS Department.
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