| Tue 22 May 2012, 12:58 | | ADH - ADvTECH Limited - Result of Annual General Meeting and voluntary Trading |
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ADH
ADH
ADH - ADvTECH Limited - Result of Annual General Meeting and voluntary Trading
Statement
ADvTECH Limited
(Incorporated in the Republic of South Africa)
(Registration number 1990/001119/06)
Share code: ADH ISIN: ZAE000031035
("the Group")
RESULT OF ANNUAL GENERAL MEETING AND VOLUNTARY TRADING STATEMENT
Annual General Meeting
Shareholders are notified that at the annual general meeting of shareholders
held earlier today, all the ordinary and special resolutions proposed were duly
passed by the requisite majority of votes.
Amongst other matters, the new Memorandum of Incorporation was adopted by the
meeting and will be lodged for registration with CIPC in due course, the Audit
Committee was appointed, the appointment and initial meeting of the
Transformation, Social and Ethics Committee was noted and the directors` fees
and the remuneration policy were approved.
Voluntary Trading Statement
In terms of paragraph 3.4 (b) of the Listings Requirements of the JSE Limited,
the Board of ADvTECH Limited hereby announces that earnings per share and
headline earnings per share for the Group for the period ended 30 June 2012 is
expected to be between 2% and 10% lower than for the prior comparative period.
The Group has experienced modest aggregate revenue growth in 2012 to date, with
pleasing enrolments in the Schools Division and encouraging progress in
Resourcing. Enrolment numbers so far at some tertiary campuses have been lower
than expected and will lead to an under recovery of operating costs at these
sites and in the division.
Steps are being taken to mimimise the impact of the lower enrolments at the
campuses concerned. The continuing strength of the Group`s statement of
financial position and cash flow enables the directors to remain confident in
the expansion strategy and long term growth of the Group.
With regard to the Group`s expansion strategy the accelerated capex programme in
the Schools Division is gaining momentum and shareholders are advised of the
following projects:
* Trinityhouse Little Falls - Construction of the second phase is progressing
well. The Primary School will open in 2013.
* Trinityhouse Palm Lakes - A new school will open at Palm Lakes, KZN, in
2013 and construction is on schedule.
* Trinityhouse Heritage Hill - Construction of a new school at Heritage Hill,
near Centurion, Pretoria, will commence in 2013. The school will open in
2014.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Group`s auditors.
Johannesburg
22 May 2012
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 22/05/2012 12:58:22 Produced by the JSE SENS Department.
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