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BCX
BCX
BCX - Business Connexion Group Limited - Trading statement and further
cautionary announcement
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
("BCX" or "the group")
TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
Trading statement
In terms of the Listings Requirements of the JSE Limited, a company is
required to advise shareholders when it is reasonably certain that its
results will differ by more than 20% over the corresponding reporting period.
BCX shareholders are advised that the group expects its diluted earnings per
share ("EPS") for the year ended 31 August 2011 to be between 26 and 30 cents
per share and diluted headline EPS between 16 and 20 cents per share.
The main reasons for the lower earnings are:
- retrenchment costs of R47,2 million;
- merger and acquisition costs of R31,2 million;
- IFRS 2 charges in respect of the Management "A" Share Trust as part
of the group`s BEE transaction of R12,1 million;
- amortisation in respect of the intangible assets from the
acquisitions concluded during the financial year of R15,5 million;
and
- the Technology division performing below expectations.
Shareholders are advised that the financial information on which this trading
statement is based has not been reviewed and reported on by the group`s
external auditors.
BCX`s results for the year ended 31 August 2011 will be released on SENS on
Thursday, 10 November 2011.
Further cautionary announcement
Further to the cautionary announcement released on SENS on 11 August 2011
shareholders are advised that BCX is still in negotiations which, if
successfully concluded may have a material effect on the price of the group`s
securities. Accordingly, shareholders are advised to continue to exercise
caution when dealing in the group`s securities until a detailed announcement
is made.
Midrand
3 November 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03/11/2011 08:34:00 Produced by the JSE SENS Department.
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