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BIO
BIO
BIO - BioScience Brands Limited - Trading Statement
BioScience Brands Limited
Registration number 2005/005805/07
Incorporated in the Republic of South Africa
Share code: BIO
ISIN code: ZAE000115036
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited ("the JSE"), listed
companies are required to publish a trading statement as soon as they become
reasonably certain that the financial results for the next period to be reported
on will be more than 20% different from those of the previous corresponding
period or from a profit forecast previously provided to the market in relation
to such period.
The loss per share and headline loss per share for the six months ended 31
December 2010 are expected to be between 0.350 and 0.420 cents and 0.125 and
0.150 cents respectively compared to the loss per share of 0.0565 cents and
headline loss per share of 0.0575 cents as reported for the last interim period.
BioScience Brands Limited has continued to trade in a tough consumer environment
where the discretionary spend on complementary health and nutritional products
remains depressed. Furthermore, Bioharmony has been in dispute with Patrick
Holford over his purported right to terminate the exclusive licence agreement
applicable to 15 Bioharmony products as ruled by an arbitration. Bioharmony is
in the process of appealing the arbitrator`s award, Although fixed costs
continue to be well managed, this dispute has resulted in Bioharmony incurring
legal costs in the period.
In order to focus resources on its larger brands, BioScience intended to reverse
the Phyto Nova acquisition by returning the business to Thebe Medicare (Pty)
Ltd, now Akacia Healthcare (Pty) Ltd, and receiving back the 257 142 857 shares
issued just prior to listing. This transaction did not proceed but nevertheless
the Phyto Nova intangible asset was impaired by R6.5m from R9m during this
interim reporting period to reflect its current valuation. Subsequent to the
interim reporting period, BioScience has disposed of the Phyto Nova brand to
Akacia Healthcare (Pty) Ltd for R2.5 million thereby alleviating some pressure
on working capital and fulfilling the strategy to focus resources on its larger
brands.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s external auditors.
The publication of the results is expected on or about 18th March 2011.
Durban
18 February 2011
Designated Adviser
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 18/02/2011 12:00:03 Produced by the JSE SENS Department.
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