ALEXANDER FORBES PREF SHARE INV LTD - Trading statement

Trading statement

Alexander Forbes Preference Share Investments Limited 
(Incorporated in the Republic of South Africa) 
Registration number 2006/031561/06 
Share code: AFP & ISIN number: ZAE000098067 
(“AF Pref” or “the Company”) 
 
TRADING STATEMENT 
 
Holders of AF Pref preference shares are advised the AF Pref is currently finalising its results for the 
year ended 31 March 2014, which are expected to be released on SENS during next week.  In this 
regard, shareholders are advised that when compared to the previous financial year, the basic 
earnings per linked unit in issue is expected to be 70% to 75% higher and headline earnings per 
linked unit is expected to be 20% to 25% higher than the prior reported period.  This increase in 
earnings per unit is mainly due to the equity accounted profit resulting from AF Pref’s holding in 
Alexander Forbes Equity Holdings Proprietary Limited as a result of the profits recognised on the sale 
of subsidiaries as well as the accelerated unwind of the discount on the debenture.  The recognition 
of the unwind of the discount is due to the capital restructure and repayment of the high yield term 
loan and related financial assets on the 31st of March 2014.  
 
Shareholders are again reminded that subsequent to year end, the linked unit was de-linked and the 
debenture component repaid in cash and issuance of additional preference shares. 
 
The financial information on which this trading statement is based has not yet been reviewed and 
reported on by the Company’s external auditors. 
 
Johannesburg 
5 June 2014 
 
Sponsor 
RAND MERCHANT BANK (A division of FirstRand Bank Limited) 
 

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