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MKX
MKX
Milkworx Limited - Further trading update
MILKWORX LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/011074/06)
Share code: MKX ISIN: ZAE000058020
("Milkworx" or "the company")
FURTHER TRADING UPDATE
Shareholders are hereby updated on Milkworx Limited trading up to 30 June
2006.
During to the course of the audit for the period ended 30 June 2006, the
directors have identified certain stock adjustments and write offs which the
auditors have now reviewed and approved. This has resulted in a change to
the previous trading statement released on 13 October 2006. The updated
trading statement is as follows:
Earnings and headline earnings are expected to be lower in relation to the
comparative period and forecast profits, moving from a profit of
R 2.629 million reported in the prior year, to an expected loss of between R
3.21 million and R 3.54 million and expected headline loss of approximately
between R 2.79 million and R 3.1 million compared to headline earnings of R
0.67 million for the prior year. Earnings per share are accordingly expected
to decrease from 0.5 cents per share to between a loss of 0.59 and 0.65
cents per share. Headline earnings per share decreased from 0.1 cents per
share to a loss between 0.51 and 0.57 cents per share.
Net asset value per share decreased from 4.2 cents per share to between 3.6
cents and 3.5 cents per share and the net tangible asset value per share
decreased from 4.1 cents per share to between 3.5 and 3.4 cents per share.
Shareholders are advised that, other than the information regarding the
write offs and adjustments above, the earnings, headline earnings, net asset
value and tangible net asset value per share numbers in this trading
statement have not been reviewed or reported on by Milkworx"s auditors.
The board expects that final audited result will be published on or before
Wednesday the 8th of November 2006.
Pretoria
31 October 2006
Designated Adviser
River Group
Warning: The listing of the ordinary shares in the company is on the ALTX.
Shareholders are advised of the risks of investing in a company listed on
the ALTX. Shareholders are advised that the JSE does not guarantee the
viability or the success of a company listed on the ALTX. In terms of the
JSE Listings Requirements a designated advisor has to be retained by the
company. The designated advisor is required to, inter alia, attend all board
meetings held by the company to ensure that all JSE Listings Requirements
and applicable regulations are complied with, approve the financial director
of the company and guide the company in a competent, professional and
impartial manner. If the company fails to retain a designated advisor it
must make arrangements to appoint a new designated advisor within 10
business days, failing which the company faces suspension of trading of its
securities. If a designated advisor is not appointed within 30 days of its
suspension the company faces the termination of its listing without an offer
to minority shareholders.
Date: 01/11/2006 09:18:05 AM Produced by the JSE SENS Department
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