AVASA HOLDINGS LIMITED - TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
AVASA HOLDINGS LIMITED
Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share Code: AVA ISIN Code: ZAE000040622
"AVASA" or "the Company")
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
In terms of the Listing Requirements of the JSE Securities Exchange South Africa
("JSE Listing Requirements"), a listed company is required to publish a trading
statement as soon as it becomes aware that the financial results for the next
reporting period will be materially different from those of the corresponding
period of the previous year.
Accordingly, AVASA shareholders are advised that AVASA"s headline earnings for
the half-year ended 29 February 2004 are expected to be substantially lower than
the headline earnings in respect of the corresponding period of the previous
interim financial period. In terms of the JSE Listing Requirements
"substantially" is defined as a decrease of 30% or more.
The decrease is largely attributable to the decrease in the share price of Sage
Limited during the half year ended 29 February 2004. In terms of the South
African Statements of Generally Accepted Accounting Practice AVASA is required
to write down the value of their investment in Sage Limited to reflect the
market price as at 31 August 2003.
AVASA shareholders are advised that the above information has not been reviewed
or reported on by the company"s auditors and are accordingly advised to exercise
caution when dealing in the company"s securities until the release of the
preliminary profit announcement for the six months ended 29 February 2004.
Rosebank
29 April 2004
Sponsor and corporate advisor
Java Capital
Date: 29/04/2004 12:06:00 PM Produced by the JSE SENS Department
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