PEREGRINE HOLDINGS LIMITED - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
PEREGRINE HOLDINGS LIMITED
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE code: PGR
ISIN code: ZAE000015152
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
As previously advised to shareholders, during the financial year ended 31 March
2003, Peregrine further increased its focus in the areas of wealth and asset
management. In this regard, private client wealth manager, Citadel Holdings
Limited ("Citadel"), became a wholly owned subsidiary and several non-core
businesses were disposed of.
In terms of the new Listings Requirements of the JSE Securities Exchange South
Africa, shareholders are advised that, as a result of a diminished contribution
from non-core activities (arising out of the disposal of a number of businesses
subsequent to 30 September 2002) and a greater number of shares in issue and a
higher interest cost arising out of the acquisition of Citadel, headline
earnings and headline earnings per share for the six month period ending 30
September 2003 ("the current six month period") are expected to be materially
(between 10% and 30%) lower than the headline earnings and headline earnings per
share for the comparative six month period ended 30 September 2002.
Notwithstanding the above, shareholders are further advised that:
* the profit from operations of the group"s core business, namely wealth and
asset management, for the current six month period will be substantially
(being more than 30%) higher than the profit from operations in respect of
both the six month period ended 30 September 2002 and the six month period
ended 31 March 2003; and
* the profit from operations, headline earnings and headline earnings per
share for the current six month period will be substantially higher than
the profit from operations, headline earnings and headline earnings per
share for the six month period ended 31 March 2003, such period being the
first reporting period during which Citadel was consolidated as a wholly
owned subsidiary.
The information on which the above trading update has been provided has not been
reviewed or reported on by the company"s auditors.
Shareholders are advised to exercise caution when dealing in the company"s
shares until the release of the interim results for the current six month
period.
Sandton
23 September 2003
Corporate advisor and sponsor
Peregrine Corporate Advisory Services (Pty) Limited
Date: 23/09/2003 04:36:58 PM Produced by the JSE SENS Department
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