MNY
MNY
MNY - Moneyweb Holdings Limited - Trading Update
Moneyweb Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No: 1998/025067/06)
JSE code: MNY ISIN: ZAE000025409
("Moneyweb" or "the company" or "the group")
TRADING UPDATE
Shareholders are referred to the announcement dated 8 April 2011 which advised
of the resignation of the company`s incumbent Financial Director and Company
Secretary and the appointment of John Donnelly as Financial Director and Company
Secretary. This followed an internal investigation into certain transactions
which the company considered to represent a misappropriation of company funds.
Shareholders are accordingly advised that as a result of the thorough review of
the company`s accounting records, which has since taken place, several
accounting anomalies were uncovered, thereby impacting negatively on the
company`s results for the year ended 31 March 2011. A criminal charge has been
initiated by the company regarding the misappropriation of funds.
Furthermore, profitability has been impacted by significant set up costs
relating to launching looklocal, a new hyper-local platform of community
websites which Moneyweb has developed and now manages and operates on behalf of
the Caxton group. 29 looklocal sites were live by 31 March 2011.
As a result, shareholders are further advised that the company expects a basic
loss per share of between 3.36 and 4.11 cents and a headline loss per share of
between 2.57 and 3.14 cents per share for the year ended 31 March 2011.
Notwithstanding the unfortunate events stemming from the misappropriation of
funds and the accounting anomalies reported above, the group is financially
secure with some R24 million in cash reserves and no debt. Much has been done in
the past year to strengthen and expand Moneyweb`s web and radio platforms such
that revenue for the year ended 31 March 2011 has increased by between 29-31%
compared to the prior year.
The financial information on which this trading update is based has not been
reviewed or reported on by the company`s auditors.
The group`s financial results for the year ended 31 March 2011 are expected to
be published on SENS on or about 30 June 2011.
17 June 2011
Designated Adviser
Vunani Corporate Finance
Date: 17/06/2011 14:20:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
