MMH - Miranda Mineral Holdings Limited - Trading Statement
MMH
MMH
MMH - Miranda Mineral Holdings Limited - Trading Statement
Miranda Mineral Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/001940/06)
Share code: MMH ISIN: ZAE000074019
("Miranda" or "the Company")
TRADING STATEMENT
Shareholders are referred to the Reviewed Abridged Provisional Consolidated
Financial Results for the year ended 31 August 2011, published on SENS on 30
November 2011 ("the abridged results"). The Company has subsequently effected
the following changes to its financial results for the above period:
1. Management reconsidered the valuation of the Group`s intangible assets and
decided to impair to a zero value the Turffontein clay and diamond asset,
previously carried at R22 million.
2. The contingent liability of R4.7 million related to a payroll related
matter has now been recognised in the financial statements.
Accordingly, when compared to the abridged results:
1. Net Asset Value per share for the year ending 31 August 2011 decreased from
13.7 cents per share ("cps") to 4.4 cps; and
2. Net Tangible Asset Value per share for the year ending 31 August 2011
decreased from (6.0) cps to (7.6) cps.
We confirm that the financial information on which this trading statement
is based has not been reviewed and reported on by the Group`s auditors and
the final audited results for the year ending 31 August 2011 are expected
to be released shortly.
Centurion
24 February 2012
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 24/02/2012 16:52:01 Produced by the JSE SENS Department.
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