Glenrand M.I.B - Trading Update And Cautionary Ann
Glenrand M.I.B - Trading Update And Cautionary Announcement
Glenrand M.I.B Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB ISIN: ZAE000018529
(`Glenrand M.I.B`)
TRADING UPDATE AND CAUTIONARY ANNOUNCEMENT
Glenrand M.I.B shareholders are advised that although headline earnings for the
year ended 30 June 2004 will be in line with those achieved in the prior
comparative period, earnings for the year ended 30 June 2004 will be between 55%
and 75% lower than those of the prior comparative year.
As previously reported, Glenrand M.I.B had decided to exit certain non-core
businesses. To this end, a loss on the disposal of the Protector Group occurred
in the current year. Management have taken the decision to impair the carrying
values of certain non-performing assets and the other non-core investments in
anticipation of their disposal. The items referred to above do not impact on
headline earnings.
As a result of the restructure within our Benefit Consulting company, and the
ongoing commitment to the development of this business, the employment of
additional highly qualified staff and related restructuring expenses have
increased costs. The anticipated revenues from this spend are only expected in
the 2005 financial year.
The cash position of the group remains strong and has been further enhanced by
the proceeds from the disposal of non-core investments.
Further details of the above will be provided when Glenrand
M.I.B`s results for the year ended 30 June 2004 are published on or about 8
September 2004.
As the earnings and headline earnings for the year ended 30 June 2004 have not
been reviewed and reported on by Glenrand M.I.B`s auditors, shareholders are
advised to exercise caution when dealing in Glenrand M.I.B`s shares until the
aforementioned year end results are published.
Johannesburg
18 August 2004
Investment bank and sponsor
Nedbank Capital
Date: 18/08/2004 05:24:13 PM Produced by the JSE SENS Department
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