Synergy - Trading update and update on the change in control
SYNERGY HOLDINGS
(Incorporated in the Republic of South Africa)
(Registration number 1995/006315/06)
Share code: SNG & ISIN: ZAE000017760
("Synergy" or "the company")
TRADING UPDATE AND UPDATE ON THE CHANGE IN CONTROL
TRADING UPDATE
Following the preparation of the interim results for the period ended 31 August
2005, which are being reviewed by the company"s auditors, shareholders are
advised that Synergy"s results in relation to headline earnings per share for
the period ended 31 August 2005 will be between 90% and 100% lower, when
compared to the prior comparative period.
The main reasons for the decrease in earnings are:
* ongoing losses attributable to the Cape Town branch;
* costs associated with the establishment of the North West branch; and
* increased operational and marketing costs.
The Synergy board is presently finalising the company"s results for the period
ended 31 August 2005, which will be published on or about 18 November 2005.
UPDATE ON THE CHANGE IN CONTROL
Shareholders are referred to the change in control announcement dated 3 August
2005, wherein it was announced that control of Synergy would change to the
icapital Growth Fund I, acting on behalf of a consortium.
The preparation of the circular to shareholders was delayed due to a legal claim
against Synergy, which claim has subsequently been withdrawn by the claimant.
The circular is now awaiting the approval of the JSE Limited and the Securities
Regulation Panel, which approvals are expected within the next 14 days.
Accordingly, a circular to shareholders, containing an offer to shareholders, is
expected to be posted to shareholders within 21 days of this announcement.
Johannesburg
11 November 2005
Sponsor
River Sponsors (Pty) Limited
Date: 11/11/2005 03:30:56 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
