WEZ
WEZ
WEZ - Wesizwe - Trading Statement
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ & ISIN: ZAE000075859
(the "Company" or "Wesizwe")
TRADING STATEMENT
In line with JSE disclosure requirements, shareholders are advised that the
Company expects to report basic earnings per share attributable to ordinary
shareholders for the twelve months ended 31 December 2010 of between 39 cents
and 42 cents per share compared to a basic loss per share of 6.65 cents for the
previous comparable period.
The comprehensive profit position arises from recognising the purchase of
Rustenburg Platinum Mine`s 37% interest in the Western Bushveld Joint Venture
("WBJV")according to IFRS 3 as well as the purchase consideration being fixed in
shares (211 850 125 ordinary shares at approximately R5.48). At the time of
closure of the transaction, the applicable share price was R2.20. This
difference in share price resulted in a bargain purchase which had to be
accounted for through the Statement of Comprehensive Income.
The headline loss per share attributable to ordinary shareholders for the twelve
months ended 31 December 2010 excludes the gain on bargain purchased and is
expected to be between 11 cents and 13 cents compared to a headline loss per
share of 6.58 cents for the previous comparable period.
The financial information included in this trading statement has not been
reviewed and reported on by the Company`s external auditors.
The results for the year ended 31 December 2010 will be released on SENS before
the end of March.
Johannesburg
22 March 2011
Sponsor: Investec Bank Limited
Date: 22/03/2011 17:17:07 Produced by the JSE SENS Department.
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