SEARDEL INVESTMENT CORPORATION LTD - Trading Statement

Trading Statement

SEARDEL INVESTMENT CORPORATION LIMITED
('Seardel' or 'the Company')
Registration number: 1968/011249/06
(Incorporated in the Republic of South Africa)
JSE share code: SER
ISIN: ZAE000029815
JSE share code: SRN
ISIN: ZAE000030144


TRADING STATEMENT

In terms of the Listing Requirements of the JSE Limited, companies are required to publish
a trading statement as soon as they are satisfied that a reasonable degree of certainty
exists that the financial results for the period to be reported upon next (“the Reporting
Period”) will differ by at least 20% from the financial results for the previous
corresponding period.

Seardel accordingly advises that for the six months ended 30 September 2014 the Company
expects its financial results to fall within the following ranges:



                            2014 (Cents)             (%)          2013 (Cents)
         Basic earnings
         per share          1.3-1.6         (68.29%) - (60.98%)   4.1

         Headline                                                 4.1
         earnings per       1.3-1.6         (68.29%) - (60.98%)
         share



Shareholders are advised that the results for the Reporting Period are not directly
comparable with the prior period for the following reasons:


-   The results for the six months to September 2014 include the results of HCI Invest 3
    Holdco Proprietary Limited (“Sabido Holdco”), which holds a 63,9% interest in Sabido
    Investments Proprietary Limited, the media group which owns e.tv and a variety of other
    broadcasting, content and production businesses. Sabido Holdco was acquired in the
    second half of the previous financial year through a combination of debt and equity. The
    equity portion was settled by the issue of 500 million N ordinary shares;

-   On the 29 April 2014, the Company successfully concluded a R5 billion Rights Issue to
    Shareholders and issued 3,125 billion new N Ordinary Shares; and

-   The above has resulted in the number of shares in issue increasing from 685 925 143
    Ordinary and N Ordinary shares in the comparative period to 4 318 211 754 Ordinary and N
    Ordinary shares in the current period.


The financial information on which this trading statement is based has not been reviewed or
reported on by the company`s auditors.

Shareholders are advised that the results for the six months ended 30 September 2014 are
expected to be released on 21 November 2014.


12 November 2014
Cape Town

Sponsor
Investec Bank Limited

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