ABIL - Trading statement in respect of the twelve months ended 30 September 2005
AFRICAN BANK INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank controlling company)
(Registration number 1946/021193/06)
(Ordinary share code: ABL) (ISIN: ZAE000030060)
(Preference share code: ABLP) (ISIN: ZAE000065215)
("ABIL" or "the company")
TRADING STATEMENT IN RESPECT OF THE TWELVE MONTHS ENDED 30 SEPTEMBER 2005
In terms of the JSE Limited Listings Requirements, companies are required to
publish a trading statement as soon as they become reasonably certain that the
financial results for the period to be reported on next will be more than 20%
different from that of the previous corresponding period.
ABIL"s annual results for the twelve months to 30 September 2005 will be
released on 14 November 2005. Indications are that headline earnings per share
and earnings per share will be approximately 25% higher than the respective
161.6 cents and 160.3 cents per share reported for the year ended 30 September
2004.
ABIL announced in July 2005 that it was changing its long-term incentive
programme from a vanilla share option scheme to a synthetic cash-settled long-
term incentive plan (LTIP). In addition ABIL received shareholder approval on
5th August 2005 for the conversion of existing share options to facilitate the
early wind-down of the option schemes. Investors are advised that the conversion
process has now substantially been completed and that the number of share
options outstanding has reduced from 41.3 million as at March 2005 to 3.1
million as at 30 September 2005.
As a result of the above, the fully diluted headline earnings per share and
fully diluted earnings per share will be approximately 30% higher than the
respective 155.7 cents and 154.5 cents per share reported for the year ended 30
September 2004. Following the conversion of existing options to LTIP"s, a
charge for the current year of R51 million before tax has been included under
operating expenses, and this has been incorporated into the various earnings
estimates reflected above.
The published annual results will contain full details of the new LTIP"s
including the conversion process and its impact on future results.
This forecast has not been reviewed and reported on by the company"s auditors.
Midrand
18 October 2005
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 18/10/2005 03:08:11 PM Produced by the JSE SENS Department
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