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BUSINESS CONNEXION - CLARIFICATION STATEMENT, TRADING STATEMENT AND CAUTIONARY
ANNOUNCEMENT
BUSINESS CONNEXION GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1988/005282/06
ISIN: ZAE 000054631
Share Code: BCX
(`Business Connexion` or `the Company`)
CLARIFICATION STATEMENT, TRADING STATEMENT AND CAUTIONARY ANNOUNCEMENT
Business Connexion is currently finalising its results for the year ended 31 May
2004, which will be published on or about 12 August 2004.
In a circular to Comparex Holdings Limited (`Comparex Holdings`) shareholders
dated 8 April 2004, the board of Comparex Holdings announced the restructuring
of the Comparex Holdings group (`restructure`) that would, inter alia, result
in:
- the distribution in specie of the shareholding in Business Connexion
(formerly Comparex Africa Group Limited) to Comparex Holdings shareholders;
- the listing of Business Connexion;
- the distribution of surplus cash of R1.00 per share; and
- the subsequent delisting and liquidation of Comparex Holdings.
The restructuring followed the declaration of a dividend of R5.50 per share to
shareholders, in anticipation of liquidation, which was paid on 15 March 2004.
Shareholders approved the restructure in general meeting on 30 April 2004.
Shareholders should note that the historical earnings included interest earned
on the surplus cash held by the Comparex Holdings group, which was earned by a
subsidiary of Comparex Holdings, Comparex International Trading (Proprietary)
Limited, which was not a subsidiary of Business Connexion. Consequently,
interest on the surplus cash distributed will not be included in the results of
Business Connexion. The exclusion of this interest from the results for the six
months ended 30 November 2003 (in respect of continuing business` of Comparex
Holdings), as indicated in paragraph 13.5 of the aforementioned circular, would
have been a reduction of 55.6% in headline earnings per share and 55.1% in
respect of earnings per share. The exclusion of this interest from the results
for the year ended 31 May 2003 (in respect of continuing businesses of Comparex
Holdings) would have been a reduction of 47.3% in headline earnings per share
and 51.4% in respect of earnings per share.
Headline earnings per share for the year ended 31 May 2004 are expected to be in
the range of 32 to 38 cps, and earnings per share are expected to be in the
range of 45 to 50 cps.
The financial information on which this trading statement is based has been
reviewed but not reported on by the Company`s auditors and shareholders are
therefore advised to exercise caution when trading in the Company`s shares until
the results are published.
Midrand
5 August 2004
Merchant Bank and Sponsor:
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
CORPORATE FINANCE
Date: 06/08/2004 12:35:04 PM Produced by the JSE SENS Department
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