WEZ
WEZ
WEZ - Wesizwe Platinum Limited - 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 accordance with paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, companies are required to inform shareholders as soon as there is a
reasonable degree of certainty that the earnings of the company are likely to
vary by more than 20% compared to the previous corresponding period.
The Board of Directors therefore wishes to advise shareholders that the Company
expects to report a basic loss per share attributable to ordinary shareholders
for the six months ended 30 June 2011 of between 33 cents and 39 cents per share
compared to a basic earnings per share of 50.47 cents for the previous
comparable period.
The change from basic earnings in June 2010 to a basic loss in June 2011 is as a
result of a once-off share-based payment expense of R406.6 million recognised in
the Statement of Comprehensive Income according to IFRS 2.
The share-based payment expense arose as a result of the subscription of 829 884
460 new shares by Jinchuan, Cadfund and Micawber in Wesizwe on 4 May 2011 at an
effective subscription price of R1.81 per share, compared to a market price of
R2.30 per share on the date of closure.
If the impact of share-based payment expense was to be excluded, the Company
would have achieved a basic earnings per share of between 1.00 cents and 1.50
cents per share.
A headline loss per share attributable to ordinary shareholders for the year
ended 30 June 2011 is expected to be between 33 cents per share and 39 cents per
share compared to a headline loss per share of 6.52 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 half year ended 30 June 2011 will be released on SENS on or
about 27 September 2011.
Johannesburg
8 September 2011
Sponsor:
Investec Bank Limited
Date: 08/09/2011 15:59:02 Produced by the JSE SENS Department.
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