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MERCANTILE : TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
Mercantile Lisbon Bank Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/000164/06)
Share code: MTL
ISIN: ZAE000027082
("Mercantile" or "the company")
TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT
1. TRADING STATEMENT
On 4 April 2003, Mercantile reported headline earnings for the nine months ended
31 December 2002 of R167.768 million after the reversal in July 2002 of
provisions for credit losses in the amount of R265 million as a result of the
guarantee provided by Caixa Geral de Depositos, Mercantile"s controlling
shareholder, for the same amount ("the guarantee"). As stated in the financial
report for the nine-month period ended 31 December 2004, excluding the effects
of the guarantee, Mercantile would have reported an attributable loss for the
period of R97 million.
Consistent with the financial performance for the six months ended 30 June 2003
announced on 26 September 2003, the board of directors of Mercantile anticipates
that the company will report a loss for the financial year ending 31 December
2003. This loss is, however, expected to be materially lower than the loss that
would have been incurred in the nine-month period ended 31 December 2002 had the
effects of the guarantee been excluded therefrom.
As a result of the reversal of provisions in the nine-month period ended 31
December 2002, the earnings and headline earnings per share of Mercantile for
the financial year ending 31 December 2003 will be materially lower than those
reported for the nine months ended 31 December 2002. The forecast financial
information has not been reviewed and reported on by Mercantile"s auditors and
therefore shareholders are advised to exercise caution when dealing in
Mercantile shares until the results for the year ending 31 December 2003 are
announced.
2. FURTHER CAUTIONARY ANNOUNCEMENT
Shareholders are reminded that, further to the cautionary announcement dated 23
October 2003, Mercantile is still considering various alternatives for the
recapitalisation of the company that, if implemented, may have an effect on the
price at which the company"s shares trade. Accordingly, shareholders are
advised to continue to exercise caution when dealing in the company"s shares
until a further announcement is made.
Johannesburg
10 December 2003
Merchant bank and lead sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Joint sponsor
Bridge Capital
Date: 10/12/2003 09:57:02 AM Produced by the JSE SENS Department
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