INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED - TRADING UPDATE
INSURANCE OUTSOURCING MANAGERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013121/06)
(`INSURE` or `the company`)
JSE Code: INS ISIN Code: ZAE 000033221
TRADING UPDATE
INSURE directors are pleased to provide shareholders with an update on trading
to 31 May 2005. Attributable earnings and headline earnings per share are
expected to be between 20% to 40% better in relation to the interim results of
the prior reporting period ended 31 August 2004. Shareholders are reminded that
the company changed its year-end to 30 November commencing with the nine-month
period ended 30 November 2004.
The improvement has resulted from measures taken (including diversification,
restructuring and rationalisation) following the negative impact of the
declining prime interest rate in the prior comparative period. In addition, the
positive effects of the acquisition of Anvil in June 2004, as well as organic
growth associated with the core business have flowed through. It should be noted
that the previous year`s comparative earnings are off a low base (trading update
issued in May 2004), having an impact on the percentage calculation. The
earnings estimate has not been reviewed or audited by the company`s auditors.
Full details of the above will be provided when the company publishes its
interim results in July 2005.
Shareholders are also reminded that, on 13 April 2005, the company announced its
intention to apply for the delisting of its securities from the JSE Securities
Exchange South Africa with an intended offer price to minority shareholders of
23 cents per share. An announcement relating to salient dates will be published
in due course.
In accordance with AltX Listings Requirements, shareholders are advised of the
risks of investing in a company listed on AltX and are advised that the JSE does
not guarantee the viability or the success of a company listed on AltX. In
terms of JSE Listings Requirements a Designated Adviser has to be retained by
the company. The Designated Adviser is required to, inter alia, attend all
board meetings held by the company to ensure that all JSE Listings Requirements
and applicable regulations are complied with, approve the financial director of
the company and guide the company in a competent, professional and impartial
manner. If the company fails to retain a Designated Adviser it must make
arrangements to appoint a new Designated Adviser within 10 business days,
failing which the company faces suspension of trading of its securities. If a
Designated Adviser is not appointed within 30 days of its suspension the company
faces the termination of its listing without an offer to minorities.
Johannesburg
13 May 2005
Designated Advisor
Arcay Corporate Services
Date: 13/05/2005 05:22:35 PM
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