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MTA
MTA
MTA - Metair Investments Limited - Trading statement
METAIR INVESTMENTS LIMITED
Reg No. 1948/031013/06
(Incorporated in the Republic of South Africa)
Share code: MTA
ISIN code: ZAE000090692
("Metair" or "the Group")
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they are reasonably certain that the
financial results for the current reporting period will differ by more than
20% from those of the previous corresponding period.
Metair is expected to produce solid operating results for the financial
period ending 30 June 2011 despite the uncertainty brought about as a result
of the fire at the First National Battery ("FNB") plant in Benoni, as
announced on SENS on 5 May 2011, and the earthquake and subsequent tsunami in
Japan.
Accordingly, Metair is pleased to advise its shareholders that it is
reasonably certain that the Group`s headline earnings per share ("HEPS") and
earnings per share ("EPS") for the six months ending 30 June 2011, will be
higher by at least 40% and 45% respectively, compared to the previous
corresponding period.
The EPS expectation remains subject to the finalisation of Metair`s best
estimate of the insurance proceeds relating to the property, plant and
equipment ("PPE") portion of the insurance claim relating to the fire at FNB.
The best estimate of the amount payable to Metair by its insurers in respect
of the damaged PPE will be recognised as income in accordance with
International Financial Reporting Standards. For the purposes of this
trading statement the insurance proceeds relating to the PPE portion of the
insurance claim have been assumed to be the net book value of the affected
PPE. However the proceeds, once finally determined, are expected to be higher
than the book value as they will represent replacement value.
A further trading update will be published by Metair once further certainty
regarding the insurance proceeds value, and the actual operating results for
the six months ending 30 June 2011 is obtained.
The above information has not been reviewed or reported on by the Group`s
auditors.
14 June 2011
Johannesburg
Sponsor
One Capital
Date: 14/06/2011 15:25:00 Produced by the JSE SENS Department.
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