| Fri 7 Oct 2011, 7:30 | | BAT - Brait SE Societas Europaea - Trading statement: Interim period to 30 |
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BAT
BRAIT
BAT - Brait SE, Societas Europaea - Trading statement: Interim period to 30
September 2011
BRAIT SE, Societas Europaea
(Incorporated in Luxembourg)
(Registered address: 42, rue de la Vallee, L-2661 Luxembourg)
(RCS Luxembourg B-13861)
JSE Code: BAT
Issuer code: BRAIT
ISIN code: LU0011857645
("Brait" or "the Company")
TRADING STATEMENT: INTERIM PERIOD TO 30 SEPTEMBER 2011
In compliance with the Listing Requirements of the JSE Limited, shareholders are
advised that Brait`s Net Asset Value ("NAV") per share as at 30 September 2011
has increased by 37.7% to ZAR18.33 (2010: ZAR13.31). This represents an 11.1%
increase on the ZAR16.50 NAV per share when the Rights Offer and Private
Placement capital raising was concluded on 4 July 2011, and a 43.4% increase on
the 31 March 2011 NAV per share of ZAR12.78.
Shareholders were previously advised that:
- the Company successfully undertook a Rights Offer and Private Placement at
ZAR16.50 per share, resulting in 387 213 372 new Brait shares being issued
for a total consideration of ZAR6.4 billion on 4 July 2011;
- Brait applied the Rights Offer and Private Placement proceeds to acquire
significant stakes in Pepkor Holdings Limited and Premier Group
(Proprietary) Limited, and retains ZAR1.7 billion in cash or cash
equivalents for new investment activities; and
- the Company reorganised executive management, Board and business unit
structures and implemented operating cost reduction initiatives to
complement the Company`s new business structure and strategic focus as an
investment company.
Shareholders are advised that the Company`s previous asset management units,
including its hedge fund operations, have been treated as portfolio companies
which are carried at fair value instead of the previous consolidation method.
The above change impacts Brait`s NAV per share.
The financial information on which this trading statement is based has not been
reviewed and reported on by the Company`s external auditors.
The interim financial results of the Company for the six months ended 30
September 2011 are currently being prepared and are expected to be published on
SENS on or about 9 November 2011.
Luxembourg
7 October 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 07/10/2011 07:30:01 Produced by the JSE SENS Department.
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