INSURE - TRADING UPDATE AND ANNOUNCEMENT OF APPROVAL TO
TRANSFER FROM THE MAIN BOARD TO THE ALTERNATIVE
EXCHANGE ("ALTX") OF THE JSE SECURITIES EXCHANGE
SOUTH AFRICA ("JSE")
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
("INSURE" or "the company")
JSE Code: INS ISIN Code: ZAE000033221
TRADING UPDATE AND ANNOUNCEMENT OF APPROVAL TO TRANSFER FROM
THE MAIN BOARD TO THE ALTERNATIVE EXCHANGE ("ALTX") OF THE JSE
SECURITIES EXCHANGE SOUTH AFRICA ("JSE")
INSURE directors are pleased to provide shareholders with an
update on trading to 28 February 2004. Gross collections,
operating profit and net profit before taxation are expected
to be substantially higher in relation to the comparative
period in the prior year. (Substantially being an increase in
excess of 30% as defined in the revised JSE Listings
Requirements). The improvement in earnings is primarily
attributable to a substantial increase in all areas of the
business, and more specifically, premium financing, outsource
collections, broker acquisition support and EpiC premium
collections.
Full details of the above will be provided when the company
publishes its annual results in April 2004.
As the earnings estimate has not been reviewed or audited by
the company"s auditors, shareholders are advised to exercise
caution when dealing in their securities until the company
publishes it"s annual results on SENS and in the press.
In addition, INSURE is pleased to announce the approval of the
transfer of its listing to AltX by the AltX Advisory
Committee. The directors believe that AltX is tailor-made for
the company which, albeit has a small market capitalisation,
is growing significantly and has exciting new prospects and
quality services to offer its industry. In addition, the move
to AltX should provide Insure with a "new" investor base and
allow the company an opportunity to have share liquidity and
an appropriate rating. The comparative costs of being listed
on AltX were also a consideration. The transfer to AltX will
be during January 2004. Salient dates will be announced in
due course.
Johannesburg
12 December 2003
Sponsor
Arcay Group Limited
Date: 12/12/2003 05:02:03 PM Produced by the JSE SENS Department
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