Brait S.A. - Deregistration of Brait Merchant Bank Limited as a banking
institution and Comment on Earnings Expectations.
Brait S.A.
Deregistration of Brait Merchant Bank Limited as a banking institution and
Comment on Earnings Expectations.
Brait S.A. (societe anonyme) ("Brait") announced on 7 May 2002 that it intended
to apply for deregistration of the banking licence of its wholly owned
subsidiary, Brait Merchant Bank Limited, on or about 30 September 2002. All
steps necessary to give effect to this have now been implemented, including the
repayment of all depositors and approval by the Registrar of Banks.
Accordingly, with effect from 30 September 2002, Brait Merchant Bank Limited has
been deregistered as a banking institution.
The name of Brait Merchant Bank Limited has been changed to Brait South Africa
Limited and will, after a group rationalization, become the principal trading
entity of Brait `s South African operations.
The Board believes that market expectations as evidenced by the range of
analysts` estimates of the group`s attributable earnings is too diverse and is
concerned the some estimates have not factored in the following issues:
It was reported on 7 May 2002 that the closure costs associated with the banking
structure would be in the order of R65m, and would consequently have a
significant impact on the group results. These costs are currently in line with
expectations.
Brait`s Rand earning were positively affected by currency depreciation in the
year to March 2002, but are negatively affected by the year to date appreciation
of the Rand.
These factors will have an adverse impact on Brait`s half-year results to 30
September 2002 relative to the prior reporting period.
End
10 October 2002
Sponsor:
ING Barings
Date: 10/10/2002 04:00:54 PM Produced by the JSE SENS Department
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