LA Group Ltd
(Registration number 1936/008786/06)
("LA Group")
General Announcement and Profit Update
The following announcement is made by the Board of Directors of LA Group and
contains important information concerning the company.
1. Appointments
The following appointments have been made within the LA Group to take effect
immediately:
I. AK Peer has been appointed Executive Chairman.
II. Showkat Mukadam, previously Deputy Managing Director, has been appointed
Group Managing Director.
A Following the fulfillment of Jeffrey Gochin's term of office under his
service contract, Stanley Greenberg has replaced him as Managing Director of
Carter Harris.
B Jeffrey Gochin remains on as non-executive director of Carter Harris and LA
Group Limited.
III. Manie Maritz has been appointed Managing Director of the Retail Division.
IV. Nick Pritchard has been appointed Sales Manager of Carter Harris UK and
will focus on strengthening the marketing and sales focus in the United Kingdom
and Europe.
V. Fazel Amod, previously group internal auditor, has been appointed Group
Financial Controller and will be taking on many of the responsibilities
previously held by Showkat Mukadam. Mr Amod has also been appointed a Director
of Carter Harris.
2. Trading conditions for the 12-months ending 28 February 2001
As a result of concerns that the uncertain economic and market conditions of
the first six months of the 2000/2001 financial year would continue throughout
the period, the LA Group board elected not to make any profit forecast in its
interim results for 31 August 2000.
These economic conditions continued for the remainder of the year,
consequently, LA Group management anticipates a minimum headline earnings per
share of 60c for 2000/2001 when compared to 83c in the previous year.
3. Conversion of N-Shares
It is LA Group's stated policy to have one class of share. However, ongoing
negative market conditions have made the proposed change to the present
structure imprudent and inopportune at this point in time. The company remains
committed to the ideal of a single class of share and will continue to pursue
this option going forward.
4. Business forecast
Current economic factors continue to make it difficult to forecast earnings for
next twelve months. However, the management of LA Group is of the opinion that
trading conditions should strengthen moderately in the short- to medium term if
interest rates remain unchanged and consumer spending patterns continue to
normalise.
We therefore remain cautiously optimistic concerning the prospects for
2001/2002.
Sponsor: Merrill Lynch South Africa (Pty) Ltd
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