Petmin - Further information
PETRA MINING LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
Share code PET ISIN ZAE000010237
(`Petmin` or `the Company`)
FURTHER INFORMATION REGARDING THE SAMQUARZ (PTY) LTD ACQUISITION, TRADING
UPDATE AND CAUTIONARY ANNOUNCEMENT
Petmin is pleased to inform its shareholders that, save for the formal
approvals by the Securities Regulation Panel, the JSE Securities Exchange
South Africa (`JSE`) and the shareholders in general meeting, the conditions
precedent for the acquisition of SamQuarz (Pty) Ltd as announced in the
financial press on 29 March 2004 have been fulfilled. The circular to
shareholders containing all information relating to the acquisition and
convening a general meeting of shareholders to vote on the acquisition is
currently being finalised and will be issued to shareholders in due course.
Following the audit of the annual financial results by the Company`s auditors,
for the year ended 30 June 2004, shareholders are advised that Petmin`s
results in relation to earnings and headline earnings for the year ended 30
June 2004 will be substantially lower (`substantially` being a decrease of
equal to or greater than 30% as defined in the JSE Listings Requirements),
when compared to the prior comparative period.
The reason for the decrease in earnings and headline earnings is that Petmin
was, after selling all of its gold mining operations during the previous
financial year, a cash shell during the 2004 financial year and its only
income was derived from interest earned on cash deposits.
The Petmin board is presently finalising their review of the Company`s results
for the year ended 30 June 2004. Shareholders are accordingly advised to
exercise caution when dealing in the Company`s securities until the results
are published on or about 31 July 2004.
Johannesburg
26 July 2004
Sponsor
River Group
Date: 26/07/2004 05:48:26 PM Produced by the JSE SENS Department
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