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CGR - Calgro M3 Holdings Limited - Further trading Update

Release Date: 08/05/2009 16:00
Code(s): CGR
Wrap Text

CGR - Calgro M3 Holdings Limited - Further trading Update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2004/030045/06) Share code: CGR ISIN: ZAE000109203 ("Calgro M3" or "the company") Further Trading Update In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Further to the trading update released on SENS on 31 March 2009, profits accounted for in the period ended 28 February 2009 in respect of a land swap arrangement will only be accounted for in the following financial year, based on a technical opinion recently received. In this regard, Calgro M3 wishes to advise shareholders that the company`s earnings per share ("EPS") for the financial year ended 28 February 2009 ("the 2009 financial year") is expected to be between 79% and 89% lower than those reported for in the previous corresponding period. EPS for the 2009 financial year is also expected to be between 86% and 96% lower than the forecast EPS as set out in the listing prospectus issued on 8 November 2007. Headline earnings per share ("HEPS") for the 2009 financial year is expected to be between 41% and 51% lower than that reported for in the previous corresponding period. Accordingly, HEPS for the 2009 financial year is also expected to be between 65% and 75% lower than the forecast HEPS as set out in the listing prospectus issued on 8 November 2007. Adverse market conditions which has resulted in a change of lending criteria by banks for end users, negatively impacting the building industry as well as a time delay on both the Pennyville and Fleurhof projects, have resulted in a substantial slowing in turnover and a tightening of margins in the affordable housing sector. The financial information on which this trading update is based has not been reviewed or reported on by the company`s auditors. Johannesburg 8 May 2009 Designated Adviser: PSG Capital (Pty) Limited Date: 08/05/2009 16:00:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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