Aflease Gold And Uranium Resources Limited - Tradi
Aflease Gold And Uranium Resources Limited - Trading Statement
Aflease Gold and Uranium Resources Limited
(Formerly The Afrikander Lease Limited)
(Incorporated in the Republic of South Africa)
AFL (JSE) AFLUY (NASDAQ)
(Registration number 1921/006955/06)
ISIN: ZAE000061461 Share Code : AFL
(`Aflease` or `the Company`)
TRADING STATEMENT
Shareholders are advised that due to the accounting treatment of derivative
instruments in terms of SA GAAP, Aflease`s financial results for the six months
ended 30 June 2005 will be severely influenced by the adjustments on an
outstanding convertible loan that the Company has with Eastbourne Capital
Management, L.L.C. (`Eastbourne loan`).
The aforementioned adjustment results in a non cashflow loss if the Company`s
share price rises, and accordingly, as a result of the phenomenal rise in the
Company`s share price for the interim period ended, the financial results have
been negatively affected. The effect of these adjustments, is an anticipated
decrease of 220% to 240% in both headline earnings and earnings per share,
compared to those of the prior comparative period.
The conversion date for the Eastbourne loan is the 23 September 2005, the
mechanisms for which conversion are set out in the Company`s annual financial
statements for the year ended 31 December 2004. Aflease, expects Eastbourne, the
holder of the loan, to convert its loan into approximately 21 million shares on
the conversion date. The result of the above transaction is that during
September 2005 the loan will be converted into equity and this will reflect as
such on the balance sheet. On conversion of the loan, Eastbourne is also
awarded a free option for a further 21 million shares at R3.50 per share.
The financial information on which this trading statement is based has not been
reviewed or reported on by the Company`s auditors. The publication of the
interim results is expected in late September 2005.
Johannesburg
8 September 2005
Investment bank and Sponsor
Nedbank Capital
Date: 08/09/2005 03:00:05 PM
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