FSR - FirstRand Limited - Further trading statement-impact of unbundling of
FSR
FSR
FSR - FirstRand Limited - Further trading statement-impact of unbundling of
Momentum Group Limited ("Momentum Group") in terms of IFRIC 17
FirstRand Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1966/010753/06)
ISIN: ZAE 000066304
JSE Code: FSR
NSX share code: FST
("FirstRand" or "the Group")
FURTHER TRADING STATEMENT-IMPACT OF UNBUNDLING OF MOMENTUM GROUP LIMITED
("MOMENTUM GROUP") IN TERMS OF IFRIC 17
With reference to the SENS announcement released on 3 December 2010, as a
result of the unbundling of the Momentum Group, which was effective 30
November 2010, a significant non-recurring gain arose as a dividend in specie
to FirstRand shareholders at fair value in terms of IFRIC 17 Distributions of
Non-Cash Assets to Owners.
This gain impacts basic earnings per share, and in accordance with the Listing
Requirements of the JSE Limited, shareholders are advised that basic earnings
per share ("EPS") for the six months ended 31 December 2010 will increase by
between 260% and 270% from the EPS of the previous corresponding reporting
period.
This gain did not arise from the performance of the Group`s continuing
operations, but from the unbundling of Momentum and therefore does not impact
either headline or normalised earnings.
The interim results for the six months ended 31 December 2010 will be released
on SENS on or about 8 March 2011. The forecast financial information on which
this trading statement is based has not been reviewed and reported on by the
Group`s external auditors.
Sandton
2 March 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/03/2011 08:00:01 Produced by the JSE SENS Department.
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