AMA - Amalgamated Appliance Holdings Limited - Trading update
AMA
AMA
AMA - Amalgamated Appliance Holdings Limited - Trading update
Amalgamated Appliance Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/004130/06)
Share code: AMA & ISIN: ZAE000012647
("AMAP" or "the Group")
TRADING UPDATE
AMAP is pleased to advise shareholders that the arbitration award handed down in
favour of AMAP in respect of a claim by AMAP`s subsidiary, Tedelex Trading (Pty)
Limited, against Battery Technologies (Pty) Ltd, has been upheld on appeal.
The claim arose following the cancellation of orders of batteries supplied to
Tedelex Trading (Pty) Limited on the basis that the batteries did not meet
specification requirements. The award is an amount of over R28 million plus
legal costs.
AMAP interim results for the six months ending 31 December 2011 will be
announced at the beginning of March 2012. This one off arbitration award will
substantially increase the earnings of AMAP for the six months to 31 December
2011 to well in excess of 20% over the previous corresponding period. AMAP will
give a further trading update once the interim results for the six months ending
31 December 2011 results are finalised.
Johannesburg
23 December 2011
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 23/12/2011 10:22:04 Produced by the JSE SENS Department.
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