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CVS
CVS
Corvus - Trading Statement And Update On Transaction
Corvus Capital (SA) Holdings Limited
(Formerly Zeltis Holdings Limited)
(Registration No:1946/0021141/06)
("Corvus")
JSE CODE: CVS - ISIN CODE: ZAE000075842
TRADING STATEMENT AND UPDATE ON TRANSACTION
TRADING STATEMENT
In terms of the JSE Limited Listings Requirements ("the Listings Requirements"),
companies are required to publish a trading statement as soon as they are
reasonably certain that the financial results for the current reporting period
will be more than 20% different from that of the previous corresponding period.
In terms of the Listings Requirements, Corvus accordingly advises that it
expects that earnings per share for the first six months of the current
financial year ending December 2005 are likely to be between 250% and 270% below
those of the comparative period of last year, and headline earnings per share
for the first six months of the current financial year ending December 2005 are
likely to be between 135% and 155% below those of the comparative period of last
year.
This decline in performance is primarily due to adverse operating conditions
experienced by the Group"s primary subsidiary, Denverdraft Group (Pty) Ltd
("Denverdraft"), which suffered a major blow in April 2005 when it lost its
major customer.
Shareholders are advised that the above information has not been reviewed or
reported on by Corvus" external auditors.
The company"s results for the six months ending 31 December 2005 are expected to
be published at the end of March 2006.
UPDATE ON TRANSACTION
As announced on 25 January 2006 the existing business of Corvus has become non-
core to the future strategy of Corvus and as such the Board of Corvus entered
into a disposal agreement with Rodney Norman McLeod ("RNM") to sell the entire
business of Corvus, being all its assets and all its liabilities, including the
list containing the names of the contractors owned by Denverdraft and its
operating subsidiaries ("the Book") to RNM for an amount of R1 million, in cash,
on condition that RNM is able to secure a price from a bona fide third party
purchaser of R7,5 Million or more for the Book (being the estimated highest
value of the Book given by an independent professional expert in a letter to the
directors of Corvus dated 9 December 2005) alternatively, if such price is not
secured, then R250 000.
The sale of business agreement is subject to the resolutive
condition that Corvus shareholders approve the sale in a general meeting.
A circular is in the process of being drafted and will be sent to shareholders
in due course.
Johannesburg
27 March 2006
Sponsor
Imara Corporate Finance South Africa (Pty) Ltd
Date: 28/03/2006 08:34:38 AM Produced by the JSE SENS Department
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