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MONTEAGLE HOLDINGS SOCIETE ANONYME - MONTEAGLE HOLDINGS SOCIETE ANONYME - TRADING STATEMENT
MONTEAGLE HOLDINGS SOCIETE ANONYME
(Incorporated in Luxembourg - RC No. B 19600)
Share Code: MTE
ISIN number: LU0035797272
(`Monteagle` or `the company`)
TRADING STATEMENT
a. In terms of the Listing Requirements of the JSE Securities Exchange,
shareholders are advised that the recurring income from the group`s
activities for the year ended 30 September 2004 is likely to be more than
30% higher than those reported in the previous year. Increased business has
been experienced in all divisions with specific emphasis on our importing
and exporting activities. Our properties have produced pleasing increased
rentals with a corresponding gain in values in the United States, South
Africa and Australia. Our investment portfolios benefited by increased
dividends and the year-end market values are well ahead of the comparisons
a year ago.
b. Your group has not consolidated the operating results of the subsidiaries
and associates in Zimbabwe for the last two years and has merely brought to
account dividends received in hard currency. Over the years the carrying
value of our mining activities has been fully depreciated and provided
against whereas with our agricultural interests this has only partly taken
place. With the compulsory acquisition of certain of these agricultural
activities, your directors deem it prudent to make a full and final gross
provision of $8.4 million (R55 million) against the carrying value of the
Zimbabwean assets. After allowing for minority shareholders, $5.1 million
(R32 million) is applicable to the Monteagle shareholders. Whilst this
action will reduce our group balance sheet carrying value of our entire
Zimbabwean assets to nil, your directors are actively pursuing possible
realisations and recoveries for shareholders.
c. The net revenues of the group`s activities mentioned above in (a), together
with a net increase in property and investment portfolio values more than
exceed the provisions deemed necessary against the Zimbabwean agricultural
holdings. Our group balance sheet remains therefore favourably strong and
liquid. The trend of the continuing group activities since year-end remains
encouraging.
d. DShareholders are advised that the content of this statement and the
financial information it is based on has not been reviewed and reported on
by the company`s auditors.
Johannesburg
20 December 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
MONTEAGLE HOLDINGS SOCIETE ANONYME
(Incorporated in Luxembourg - RC No. B 19600)
Share Code: MTE
ISIN number: LU0035797272
(`Monteagle` or `the company`)
TRADING STATEMENT
a. In terms of the Listing Requirements of the JSE Securities Exchange,
shareholders are advised that the recurring income from the group`s
activities for the year ended 30 September 2004 is likely to be more than
30% higher than those reported in the previous year. Increased business has
been experienced in all divisions with specific emphasis on our importing
and exporting activities. Our properties have produced pleasing increased
rentals with a corresponding gain in values in the United States, South
Africa and Australia. Our investment portfolios benefited by increased
dividends and the year-end market values are well ahead of the comparisons
a year ago.
b. Your group has not consolidated the operating results of the subsidiaries
and associates in Zimbabwe for the last two years and has merely brought to
account dividends received in hard currency. Over the years the carrying
value of our mining activities has been fully depreciated and provided
against whereas with our agricultural interests this has only partly taken
place. With the compulsory acquisition of certain of these agricultural
activities, your directors deem it prudent to make a full and final gross
provision of $8.4 million (R55 million) against the carrying value of the
Zimbabwean assets. After allowing for minority shareholders, $5.1 million
(R32 million) is applicable to the Monteagle shareholders. Whilst this
action will reduce our group balance sheet carrying value of our entire
Zimbabwean assets to nil, your directors are actively pursuing possible
realisations and recoveries for shareholders.
c. The net revenues of the group`s activities mentioned above in (a), together
with a net increase in property and investment portfolio values more than
exceed the provisions deemed necessary against the Zimbabwean agricultural
holdings. Our group balance sheet remains therefore favourably strong and
liquid. The trend of the continuing group activities since year-end remains
encouraging.
d. DShareholders are advised that the content of this statement and the
financial information it is based on has not been reviewed and reported on
by the company`s auditors.
Johannesburg
20 December 2004
Sponsor
Imara Corporate Finance South Africa (Pty) Limited
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