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RAC - Racec Group Limited - Further trading statem 15 Dec 2011
RAC
RAC
RAC - Racec Group Limited - Further trading statement and cautionary
announcement
RACEC GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/006153/06)
Share code: RAC ISIN: ZAE000105409
("RACEC" or "the Group")
FURTHER TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Further trading statement
In terms of the Listings Requirements of JSE Limited, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on will differ by more than 20%
from that of the previous corresponding period.
Further to the trading statement released on SENS on 5 October 2011, a review of
the financial results for the year ended 30 September 2011 by management has
indicated that the loss per share is expected to be between 55.0 cents and 57.5
cents and the headline loss per share is expected to be between 13.7 cents and
16.3 cents, compared to the earnings per share of 12.4 cents and the headline
earnings per share of 13.3 cents for the year ended 30 September 2010.
The 2011 financial year has seen a substantial restructuring of the Group`s
operations. This was in response to the fact that along with the challenging and
changing economic environment, certain of the Group`s operations have not
performed well.
The Group has taken the decision to concentrate on its core competencies as a
rail focused entity, an industry in which RACEC has operated successfully for
more than 55 years.
This restructuring saw the incorporation of the overhead rail electrification
into the operations of rail construction and maintenance and the disposal of
elements of the Group`s electrical reticulation business and the manufacturing
operations.
The financial information on which this trading statement is based has not been
reviewed or reported on by RACEC`s auditors. RACEC`s year-end financial results
are expected to be released on SENS on or about 23 December 2011.
Cautionary announcement
Shareholders are advised that the Group is in negotiations with an additional
BEE investor, which if successfully concluded may have a material effect on the
price of RACEC`s securities. This will not only see the Group being a black-
owned enterprise, but will significantly strengthen the Group`s balance sheet
and cash position, which will enable the Group to take full advantage of the
anticipated growth opportunities within the rail sector. Management anticipates
this being concluded early in January 2012.
Accordingly, shareholders are advised to exercise caution when dealing in
RACEC`s securities, until a further announcement is made.
Cape Town
15 December 2011
Designated Adviser
Merchantec Capital
Date: 15/12/2011 17:50:01 Produced by the JSE SENS Department.
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