Wooltru - Profit Warning And Cautionary Announceme
NSX - Wooltru Limited
Profit warning
Shareholders are reminded of the statements made in the interim report
regarding the effects of changing the direction of Wooltru consequent on the
decision to unbundle. In short, the value of Wooltru is now determined by
the realisable value of it's investment and that dividends, other than those
which will be paid of from the realisation of investments, will not be paid.
Wooltru's headline earnings per share, for the financial year ended 30 June
2001, are not comparable with prior years and will be substantially below
those reported for the 2000 financial year. The decrease in earnings is the
result of the final attributable losses of CNA and inthebag; continued but
attenuating losses from Topics; as well as certain restructuring costs and
provisions required in preparing for the disposal of the unlisted
investments and the ultimate unbundling of Wooltru.
Cautionary announcement
Wooltru has previously announced and confirmed its intention to release
value to shareholders by pursuing an unbundling strategy. Planning for
implementation of this strategy has reached an advanced stage and will be
considered at a meeting of the board of directors of Wooltru to be held on
Monday, 27 August 2001.
A further announcement will be made after the board meeting. In the
meantime, shareholders are advised to exercise caution in dealing in their
Wooltru ordinary and "N" ordinary shares.
17 August 2001
Financial advisors
Cazenove
Sponsor
Merrill Lynch South Africa (Pty) Limited
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