Independent Financial Services Limited - TRADING UPDATE
INDEPENDENT FINANCIAL SERVICES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1950/037061/06)
Share code: IND ISIN code: ZAE000025300
(`IFS`)
TRADING STATEMENT
IFS shareholders are referred to the disposal announcement of 5 October 2004 in
terms of which it was announced that inter alia the business of IFS Insurance
Brokers (Proprietary) Limited (`the IFS business`) had been sold with effect
from 1 October 2004 on resolutive conditions relating to regulatory and
shareholder approvals. As a result, the consolidated interim results of IFS for
the period ended 31 December 2004 will only reflect the trading results of the
IFS business for the 3 months to 30 September 2004, on the basis that those
approvals are obtained in due course. Mr JW Simpson who, directly and
indirectly, controls more than 80% of the issued shares of IFS, has undertaken
to vote in favour of the sale of the IFS business.
It is accordingly expected that in respect of the financial results of IFS for
the six months ended 31 December 2004:
* earnings per share will be between 40% and 55% lower;
* headline earnings per share will be between 130% and 145% lower;
* net asset value per share will be up to 15% lower; and
* net tangible asset value per share will increase by 310% to 325%,
compared to the previous interim period.
The financial information on which this trading statement is based, has not been
reviewed or reported on by IFS`s auditors and is expected to be finalised and
released shortly.
Johannesburg
25 February 2005
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 25/02/2005 02:48:20 PM
Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
