GMB
GMB
Glenrand M.I.B Limited - Trading Statement
Glenrand M.I.B Limited
(a Licensed Financial Services Provider)
(Incorporated in the Republic of South Africa)
(Registration number 1997/008001/06)
Share Code: GMB ISIN: ZAE000078010
("Glenrand M.I.B") ("the Company") or ("the Group")
TRADING STATEMENT
It was stated in our trading statement dated 31 May 2006 that headline earnings
per share for the year ended 30 June 2006 were expected to result in a headline
loss of between 15,5 and 17,0 cents compared to the reported headline profit of
7,5 cents in the prior year and earnings per share were expected to be a profit
of between 4,3 and 5,5 cents compared to the reported 5,8 cents loss per share
in the prior year.
The completion of the steps referred to in our clarification announcement dated
22 June 2006 has resulted in a refinement of our estimates in respect of
"bulking and undisclosed profits". There has also been a finalisation of the
estimate relating to the fraud as well as the profit on the sale of our
Reinsurance business. As a result of these adjustments, it is now expected that
the headline loss per share will be between 6,8 cents and 8,4 cents and earnings
per share a profit of between 18,9 cents and 20,1 cents. The additional profit
on the sale of our Reinsurance business has no headline earnings impact.
The finalisation of the fraud investigation and other applications of IFRS have
necessitated a restatement of the 2005 results. Accordingly headline and
earnings per share will be different from those on which this trading statement
is based. These will be published, together with the 2006 results.
These forecast results for the year ended 30 June 2006 have not been reviewed or
reported on by the Company"s auditors. The Company"s results for the year ended
30 June 2006 are expected to be published on 19 September 2006.
Randburg
11 September 2006
Sponsor
Nedbank Capital
Date: 11/09/2006 10:25:07 AM Produced by the JSE SENS Department
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