Tourvest Investment Corporation Limited - Trading Update And Cautionary
Announcement
TOURVEST INVESTMENT CORPORATION LIMITED
Registration number : 1996/008144/06
Share code : TRT
ISIN: ZAE000012472
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Shareholders are advised that a disagreement has arisen between Tourvest and a
supplier regarding the amount of the rebate due to Tourvest. The Tourvest board
is currently attempting to resolve this dispute but it is unlikely that a
settlement will be reached before the publication on 19 August 2004 of
Tourvest`s reviewed results for the year to 25 June 2004.
The reduced rebate proposed by the supplier has resulted in Tourvest not
achieving materially better results in the second half of the year as foreseen
in the interim results. Consequently, at the operating income level for the
second half of the year will approximate the R75 million earned in the first
half.
As far as Tourvest`s operations generally are concerned, the average R/US$
exchange rate for the second half of its financial year was 6.74, which is 4%
below our forecast of 7. While this further reduced the discretionary spend of
tourists, the group succeeded in compensating for the reduction through better
trading results.
Shareholders are referred to the previous trading update of 27 October 2003 in
which the impact on the group`s headline earnings of the STC on the special
dividend and of the strengthening of the rand were documented. Shareholders
were advised at that time that Tourvest`s earnings per share for the year to 25
June 2004 would be substantially lower than for the previous year. This
statement is repeated.
The information provided in this announcement does not contain and should not be
construed as containing any forward-looking statements or projections of any
nature whatsoever after 25 June 2004.
Cautionary announcement
This trading update has not been reviewed or reported on by the company`s
auditors. Shareholders are therefore advised to exercise caution when dealing
in the company`s securities until the publication of its preliminary results on
19 August 2004.
Sponsor
Investec Bank Limited
Johannesburg
21 July 2004
Date: 21/07/2004 11:00:02 AM
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