SOV - Sovereign Food Investments Limited - Trading statement
SOV
SOV
SOV - Sovereign Food Investments Limited - Trading statement
SOVEREIGN FOOD INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
Registration Number 1995/003990/06
JSE Code: SOV ISIN Number: ZAE000009221
("Sovereign" or "the Company")
TRADING STATEMENT
In accordance with paragraph 3.4(b) of the JSE Limited Listings
Requirements, Sovereign shareholders ("Shareholders") are advised that
headline earnings and basic earnings for the six months ended 31 August
2011 ("HY2012") are expected to be between 50% and 70% lower than the
comparative figures for the six months ended 31 August 2010 ("Previous
Corresponding Period"). The headline earnings per share ("HEPS") and basic
earnings per share ("EPS") for HY2012 are expected to be between 65% and
85% lower than the comparative figures for the Previous Corresponding
Period.
The HEPS and EPS figures experienced a larger variance than the earnings
figures from the Previous Corresponding Period because of the increase in
the weighted average number of shares during HY2012 as a result of the
issue of 31 578 947 new Sovereign ordinary shares on 14 March 2011 in terms
of the rights offer.
Shareholders are further advised that the non-feed costs for HY2012 include
a once-off expense of R8.4 million relating to the change to the Company`s
board of directors as announced by Sovereign on 30 August 2011. Should this
expense have not been incurred, the Company`s headline earnings and basic
earnings for HY2012 would have been between 410% and 430% higher than the
comparative figures for the Previous Corresponding Period.
The financial information upon which this trading statement is based has
not been reviewed or reported on by the Company`s auditors.
The results for HY2012 are expected to be released on or about 30 September
2011.
Port Elizabeth
21 September 2011
Sponsor: One Capital
Date: 21/09/2011 08:30:01 Produced by the JSE SENS Department.
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