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GRF
GRF
GRF - Group Five Limited - Final update on iLima BEE transaction
GROUP FIVE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1969/000032/06)
Share code: GRF ISIN: ZAE 000027405
("Group Five" or "the company" or "the group")
Update to shareholders
Final update on iLima BEE transaction
Group Five advised shareholders on 14 April 2010, that its black economic
empowerment ("BEE") transaction with iLima Consortium (Proprietary) Limited
("iLima") was being unwound and that this would entail the return of the
shares held by iLima to the company ("the unwind").
Shareholders are now advised that the 11 015 959 Group Five shares held by
iLima have been delisted and subsequently cancelled.
Further, shareholders are reminded that the unwind of the iLima element of
the Group Five BEE transaction does not impact upon Group Five`s other BEE
shareholders or Group Five`s BEE management and employee schemes.
Despite the unwind, Group Five`s overall broad based BEE rating remains at
Level 2 due to improvements in areas of its scorecard, other than ownership,
such as preferential procurement, employment equity, skills transfer and
training.
Update on disposal of construction materials segment of business
The group remains under cautionary as it progresses the disposal of these
assets. Interested parties for all related businesses have been identified
and offers have been received.
The group does however expect that some write down against the current
carrying net asset value of these businesses will be required. The group`s
intent is to be substantially complete with its sale decision by 2012
financial year end.
The group reports that the H2 operating performance for this segment is
expected to be weaker than in H1.
Further to this the group provides additional information on the following:
Termination of pipeline contract in Middle East
The group has previously reported that its Jordan pipeline contract was
terminated by mutual consent. The group communicated to its interested
stakeholders in February 2012 that additional losses were possible during
final account negotiations. At the time this exposure could not be reliably
estimated.
The group advises stakeholders that this contract has been fully demobilised
in H2 F2012 and that commercial negotiations are currently underway. A final
outcome on the terminated pipeline is likely by June 2012 however the group
expects that this will result in contract losses in addition to those
previously reported.
Financial results
Although the group`s operations including Investment and Concessions,
Manufacturing and the remainder of the Construction operations are
performing in line with expectations, F2012 is expected to be weaker than
previously guided at the interim reporting date due to the close out of the
Middle East operations and contracts, and the weakened Construction
Materials operating performance and position.
The aforementioned information has not been reviewed or reported on by the
company`s auditors and a trading update will be issued by the group as soon
as practically possible.
Johannesburg
29 May 2012
Sponsor
Nedbank Capital
Date: 29/05/2012 07:30:01 Produced by the JSE SENS Department.
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