Metrofile Holdings Limited - Trading Statement
Metrofile Holdings Limited
(formerly MGX Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1983/012697/06)
Share code: MFL
ISIN: ZAE000061727
(`Metrofile Holdings` or `the Company`)
TRADING STATEMENT
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa (`JSE Listings Requirements`), shareholders are advised that Metrofile
Holdings` headline earnings (2004: loss) per share and earnings (2004: loss) per
share are expected to improve to approximately 21.4 cents (2004: loss of 132.3
cents) and 21.9 cents (2004: loss of 129.8 cents) per share, respectively, for
the year ended 30 June 2005.
Shareholders should however note that 23.8 cents of the expected HEPS arises
from once off items, such as the reversal of provisions and which will not
repeat in the next year.
Shareholders` attention is drawn to the fact that the financial information on
which this trading statement has been based has not been reviewed or reported on
by the Company`s auditors in accordance with paragraph 3.4(b)(vi)(1)(aa) or
3.4(b)(1)(vi)(bb) of the JSE Listings Requirements.
Furthermore, shareholders are advised that the Company`s 2005 financial results
are expected to be published before the end of September 2005.
Shareholders and claim creditors are referred to the circular and the scheme of
arrangement and the definitions contained therein dated 17 December 2003 and the
interim results announcement dated 10 March 2005.
Metrofile Holdings has the following creditors or potential creditors who are or
may become holders of subordinated redeemable compulsorily convertible loan
notes in Metrofile Holdings:
1. R71.6 million held by third party creditors (reflected in the consolidated
and company balance sheets of Metrofile Holdings).
2. R243 million of inter-company claims (reflected in the company balance sheet
of Metrofile Holdings) which are ceded as security to third party creditors of
Metrofile (Proprietary) Limited and of Metrofile Holdings and which may become
convertible if the security is exercised or if creditors in subsidiaries
(referred to in 3. below) become the owners of the notes.
3. R53.9 million in provisions for creditors in subsidiaries (reflected in the
consolidated balance sheet) who may have residual claims against the loan notes
referred to in 2 above.
Shareholders and claim creditors will be advised of updated figures in due
course.
If any or all of these loan notes convert to ordinary shares, existing ordinary
shareholders will be diluted accordingly.
Johannesburg
27 June 2005
Sponsor
STANDARD BANK
Date: 27/06/2005 12:10:04 PM
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