Paracon Holdings Limited - Trading Update And Withdrawal Of Option
Paracon Holdings Limited
(Registration number 1997/008181/06)
(Incorporated in Republic of South Africa)
Share code: PCN ISIN: ZAE000029674
(`Paracon`)
TRADING UPDATE AND WITHDRAWAL OF OPTION
Shareholders are advised that headline earnings per share for the six months
ended 31 March 2005 are expected to be between 30% and 40% higher than those of
the prior comparative period. Paracon is pleased to report that it is
experiencing improved trading conditions, specifically in the Paracon Resourcing
division. In addition, due to the adoption of International Financial Reporting
Standards 3 (IFRS3) whereby goodwill is no longer amortised, basic earnings per
share are expected to be between 140% and 160% higher than those of the prior
comparative period.
The results for the six months ended 31 March 2005 have not been reviewed and
reported on by Paracon`s auditors and are expected to be released on or about 19
May 2005.
Shareholders are referred to the announcements dated 28 June 2004 and 22
November 2004 respectively, which refer to the option to acquire the contracting
and services business of Time Quantum Gauteng (`TQG`) (`the option`).
Shareholders are now advised that Paracon will not be exercising the option, as
TQG was unable to satisfy certain requirements. The directors of Paracon believe
that it is in the best interests of shareholders not to acquire TQG under these
circumstances.
By order of the Board
11 April 2005
Sponsor and investment bank
Nedbank Capital
Date: 11/04/2005 03:54:31 PM
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