SNV - Santova - Trading statement, IFRS adjustments and withdrawal of

SNV - Santova  - Trading statement, IFRS adjustments and withdrawal of          
cautionary announcement                                                         
SANTOVA LOGISTICS LIMITED                                                       
(Registration Number 1998/018118/06)                                            
Share Code:  SNV         ISIN:  ZAE000090650                                    
("Santova" or "the Company")                                                    
TRADING STATEMENT, IFRS ADJUSTMENTS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT   
TRADING STATEMENT                                                               
In terms of the listing requirements of the JSE Limited ("JSE"), a company has  
to publish a trading statement if an increase or decrease of more than 20%      
(compared to the previous reporting period) in its basic earnings per share or  
headline earnings per share is expected.                                        
Shareholders of Santova are advised that group earnings and group headline      
earnings per share for the year ended 29 February 2008 will be approximately    
0,45 and 0,45 cents per share, respectively, an  increase of 31.3% and 34.6%    
respectively, to the last published 28 February 2007 results (a fourteen month  
period).                                                                        
This trading statement and SENS announcement has not been reviewed nor audited  
by the company`s auditors, Deloitte.                                            
The Group expects to release its reviewed results for the year end 29 February  
2008 on 2 June 2008; and its audited statutory annual report in due course.     
IFRS AND OTHER ADJUSTMENTS                                                      
The reviewed results will reflect certain changes to the previously reported    
financial information of the group for the 14 month period to 28 February 2007  
and the interim information for the 6 months to 31 August 2008.                 
These changes arise in the main from an assessment undertaken by the directors  
of the application of existing and revised accounting standards in the following
areas:                                                                          
- reassessing the fair values of the businesses of the recently acquired        
subsidiary companies, as well as the valuation placed on the Santova shares     
issued and issuable to the vendors of those businesses;                         
- changing the basis of accounting for the employee share purchase scheme;      
- implementing consistent provisioning and impairment policies across the group;
and                                                                             
- making disclosure changes to achieve compliance with new and revised          
International Financial Reporting Standards.                                    
The standardisation of accounting policies across the Santova group has resulted
in increased provisions to reflect possible impairments in accounts receivable. 
Where appropriate, the results and balances in prior periods have been restated 
to achieve comparability.                                                       
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT                                           
Shareholders are referred to the cautionary announcement dated 15 April 2008,   
and are advised that caution is no longer required to be exercised by           
shareholders when dealing in their securities.                                  
Durban                                                                          
30 May 2008                                                                     
Designated Advisor                                                              
River Group                                                                     
Date: 30/05/2008 07:37:13 Supplied by www.sharenet.co.za                     
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