African And Overseas Enterprises Limited - Trading Update
AFRICAN AND OVERSEAS ENTERPRISES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/027461/06)
(Share code: AOO ISIN: ZAE000000485)
(Share code: AON ISIN: ZAE000009718)
(Share code: AOVP ISIN: ZAE000000493)
(`AOE` or `the Company`)
TRADING UPDATE
The principal subsidiary of the group, Rex Trueform Clothing Company Limited,
has today reported the following:
`As a consequence of the major initiative to reduce stocks, the Company`s Board
of directors has decided to adopt a more conservative policy in regard stock
valuations.
Furthermore, the downsizing of the manufacturing operations, in the light of
highly competitive conditions prevailing in the clothing and textile industry,
has resulted in a high level of redundancy payments at all levels in the
Company`.
Accordingly, shareholders are advised that earnings of AOE for the year ended 30
June 2004 are expected to be between 70% and 75% lower than those achieved in
the prior comparative period.
The above information has not been reviewed or reported on by the Company`s
auditors. The audited results for the year ended 30 June 2004 are expected to be
published on or about 16 September 2004.
By order of the Board
Cape Town
9 September 2004
Investment bank & sponsor
Nedbank Capital
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