CVN - Convergenet Holdings Limited - Further Trading Statement
CVN
CVN
CVN - Convergenet Holdings Limited - Further Trading Statement
CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN ISIN: ZAE000102067
("ConvergeNet" or "the company")
FURTHER TRADING STATEMENT
In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed
company is required to publish a trading statement as soon as it is satisfied
that a reasonable degree of certainty exists that the financial results for the
period to be reported upon next will differ, by at least 20%, from those of the
previous corresponding period.
Accordingly, and following the previous trading statements published on 27
February 2012 and 3 April 2012, which latest trading statement advised
shareholders that the headline earnings per share for the six months ending 29
February 2012 was expected to be approximately 160% lower compared to the
previous six months ended 28 February 2011, the board of directors are
reasonably certain that the revised expected decline in the headline earnings
per share for the six months ended 29 February 2012 will be approximately 236%
compared to the headline earnings per share for the comparable six months period
ended 28 February 2011.
Earnings per share, which were previously expected to be less than 20% different
to compared to the prior period, is now expected to be approximately 112% less
than the prior comparative period, moving to a loss per share for the six months
ended 29 February 2012.
This amended trading statement has been issued pursuant to the independent
valuation of the Company`s investment in Future Cell (Proprietary) Limited and
the associated put and call options between the Company and Pepkor Limited over
the remaining 15% interest in Future Cell.
This trading statement has not been reviewed or reported on by the Company`s
external auditors.
Johannesburg
19 April 2012
Sponsors
Arcay Moela Sponsors (Pty) Ltd
Date: 19/04/2012 16:30:02 Produced by the JSE SENS Department.
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