MERCANTILE LISBON BANK HOLDINGS LIMITED - TRADING UPDATE
Mercantile Lisbon Bank Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1989/000164/06)
Share code: MTL ISIN: ZAE000056537
(`Mercantile` or `the company`)
TRADING UPDATE
Shareholders are referred to the announcements of the company`s unaudited
results for the six months ended 30 June 2004 and the outcome of the rights
offer. In those announcements, shareholders were reminded that following
completion of the rights offer, which resulted in the recapitalisation of the
company in an aggregate amount of R555 million, the guarantees issued by the
company`s controlling shareholder, Caixa Geral de Depositos, would lapse. As
stated, the release of these guarantees has necessitated the raising of
provisions previously reversed, in an amount of R172,7 million. Shareholders are
accordingly advised that the results for the year ending 31 December 2004 will
not be directly comparable to the prior year and that as a result of the
reinstatement of these provisions, Mercantile`s loss for the 12 months ending 31
December 2004 is expected to be 265% to 285% higher than that reported for the
12 months ended 31 December 2003. The results have not been reviewed or reported
on by the company`s auditors.
Johannesburg
27 September 2004
Sponsor
Bridge Capital
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