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MMI
MMI
MMI - MMI Holdings Limited - Trading statement in terms of the JSE Listings
Requirements
MMI Holdings Limited
Incorporated in the Republic of South Africa
Registration Number: 2000/031756/06
JSE share code: MMI
NSX share code: MIM
ISIN: ZAE000149902
("MMI" or "the company")
Trading statement in terms of the JSE Listings Requirements
MMI`s interim results for the period ended 31 December 2010 will be released on
9 March 2011.
MMI Holdings Limited (previously Metropolitan Holdings Limited) acquired all the
ordinary shares in Momentum Group Limited (Momentum) from FirstRand Limited
(FirstRand) and issued 951 million shares to FirstRand on 1 December 2010. For
accounting purposes the transaction is regarded as a reverse acquisition:
Momentum is treated as the acquirer and Metropolitan Holdings Limited
(Metropolitan) the acquiree, while Momentum`s year-end (30 June) has been
adopted by the group.
The statutory interim results for MMI will therefore contain Momentum`s results
for the six months ended 31 December 2010 plus one month for Metropolitan
(December 2010). For earnings per share calculations, the results for the period
will be divided by the weighted average MMI shares in issue, being 1 055 million
on a diluted basis.
Shareholders are therefore advised that the group`s statutory diluted earnings
per share and diluted headline earnings per share are expected to be between 95
and 115 cents per share for the period ended 31 December 2010, while the
statutory diluted core headline earnings per share will be between 70 and 80
cents per share.
Core headline earnings are a measure of performance used by MMI in addition to
earnings and headline earnings as they are regarded by the directors of MMI as
an appropriate measure of longer term operational performance. Core headline
earnings eliminate items of both a once-off and an inherently volatile nature,
including changes to the valuation basis, investment variances, fair value
movements on shareholder assets and the amortisation of any intangible assets
recognised due to business combinations.
The forecast financial information on which this trading statement is based has
not been reviewed and reported on by MMI`s external auditors.
Centurion
3 March 2011
Sponsor
Merrill Lynch South Africa (Pty) Ltd
Date: 03/03/2011 11:25:01 Produced by the JSE SENS Department.
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