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Omnia Holdings Limited Changes Year- End

Release Date: 25/08/2000 16:38:47      Code(s): OMN
THE BOARD OF OMNIA HOLDINGS HAS DECIDED TO CHANGE THE GROUP'S YEAR-END CLOSING
DATE FROM DECEMBER 31 TO MARCH 31. THE CURRENT FINANCIAL YEAR WILL, THEREFORE,
RUN OVER 15 MONTHS (JANUARY 2000 TO MARCH 2001).
ANNOUNCING THE DECISION, GROUP MANAGING DIRECTOR ROD HUMPHRIS, SAID,
"DISCUSSIONS ABOUT WHETHER THE GROUP'S DECEMBER YEAR-END WAS STILL APPROPRIATE
HAS BEEN GOING ON FOR SOME TIME WHICH IS WHY WE UNDERTOOK TO KEEP SHAREHOLDERS
INFORMED IN THE LATEST ANNUAL REPORT.
"THE CHANGE", HE SAID, "CAME ABOUT BECAUSE OF THE CYCLICAL NATURE OF,
ESPECIALLY, THE FERTILIZER DIVISION. THE DEREGULATION OF THE SOUTH AFRICAN
AGRICULTURAL MARKETS TOGETHER WITH THE LATE SUMMER RAINS IN AFRICAN FERTILIZER
MARKETS AND THE SOUTH AFRICAN COASTAL BELT CAUSE FARMERS TO DELAY THEIR PRODUCT
PURCHASES UNTIL VERY LATE IN THE SEASON.
THE NEW YEAR-END WILL BENEFIT BOTH THE OPERATIONAL AND ADMINISTRATIVE SIDES OF
OUR BUSINESS. THIS WILL ENABLE US TO PRESENT A FAR CLEARER PICTURE OF THE
YEAR'S RESULTS WITH FIGURES UNCONTAMINATED BY SEASONAL SPILL-OVERS."
THE NEW ARRANGEMENT WILL BECOME OPERATIONAL WITH EFFECT FROM MARCH 2001. AS IS
NORMAL IN SUCH CIRCUMSTANCES, INTERIM REPORTS WILL ALSO BE PRODUCED FOR THE
YEAR ENDING DECEMBER 2000.



                                        
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