AVU - Avusa Limited - Updated trading statement
Avusa Limited
Incorporated in the Republic of South Africa
(Registration number: 2008/002461/06)
Share code: AVU
ISIN code: ZAE000115895
("Avusa" or "the company")
UPDATED TRADING STATEMENT
In terms of the Listings Requirements of the JSE Limited, a listed company is required to issue a trading statement once it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ by at least 20% from the financial results for the previous corresponding period.
Accordingly, further to the trading statement released on SENS on 24 October 2011, the company advises that earnings per ordinary share for the six months ended 30 September 2011 are expected to be between 55% and 65% below the comparative period and headline earnings per ordinary share are expected to be between 85% and 95% below the previous corresponding period. Headline earnings per share exclude a profit generated on the sale of commercial properties by the Books business unit.
In addition to poor trading at the Entertainment and Books business units, the results include costs arising from the expression of interest received from Capitau, charges resulting from a separation agreement reached between the company and its former group chief executive officer, the company moving from an interest-earning to interest-paying position and the dilutory effect of an increased number of shares in issue as a result of the purchase of the Retail Solutions business unit, a reduced credit from a group retirement fund that is being wound down, and a profit generated by the Books business unit on the sale of two commercial properties.
The financial information on which this trading statement is based has not been reviewed or reported on by the company`s auditors.
Avusa`s financial results for the half-year ended 30 September 2011 are scheduled to be announced on or about Thursday, 24 November 2011.
Statement issued by Avusa through the JSE SENS service, November 11 2011
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