| Thu 28 Jul 2011, 10:31 | | CGR - Calgro M3 Holdings Limited - Trading update |
|
CGR
CGR
CGR - Calgro M3 Holdings Limited - Trading update
CALGRO M3 HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2004/030045/06)
Share code: CGR ISIN: ZAE000109203
("Calgro M3" or "the company")
TRADING UPDATE
In accordance with paragraph 3.4 of the Listings Requirements of the JSE
Limited, a listed company is required to publish a trading statement as
soon as it becomes aware, with a reasonable degree of certainty, that the
financial results for the next period to be reported on are likely to
vary by more than 20% from the previous corresponding period.
The company expects an improvement of more than 250% in the headline
earnings per share ("HEPS") for the 6 months ending ending 31 August
2011, from a headline profit of 3.61 cents per share reported on in the
previous year.
Calgro M3 advises shareholders that the company expects an improvement of
more than 250% in earnings per share ("EPS") for the 6 months ending 31
August 2011, from a profit of 3.61 cents per share reported on in the
previous year.
Due to uncertainties with regards to the number of property registrations
that will be registered in the deed office by the end of the period,
Calgro M3 is unable to quantify the range of the increase in the HEPS and
EPS with any degree of certainty.
The increase in both HEPS and EPS is due to the pipeline of work (in
excess of R5 billion), which was announced, on the 19th of April this
year, being rolled out over the next 6 to 7 years. The group currently
have 1,700 units under construction with new units commencing on a
continuous basis. The group does not construct on risk and all units
under construction have 3rd party guarantees in place. It should be noted
that not all of these units will be completed, handed over and registered
before 31 August 2011 as the majority of these units being sectional
title multi-story units, take, on average, 6 months to construct.
Risks are spread over 6 projects, in 2 provinces (Gauteng and Free
State), with the Western Cape to be added soon.
Once the Company has obtained a reasonable degree of certainty on the
actual range of the increase in EPS and the increase in the HEPS, a
further trading statement will be released.
The financial information on which this trading statement is based has
not been reviewed or reported on by the company`s auditors.
Johannesburg
28 July 2011
Designated Adviser
Grindrod Bank Limited
Date: 28/07/2011 10:31:35 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.
