MNY - Moneyweb Holdings Limited - Trading Update

MNY - Moneyweb Holdings Limited - Trading Update                                
Moneyweb Holdings Limited                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration No: 1998/025067/06)                                               
JSE code: MNY     ISIN: ZAE000025409                                            
("Moneyweb" or "the company" or "the group")                                    
TRADING UPDATE                                                                  
Shareholders are referred to the announcement dated 8 April 2011 which advised  
of the resignation of the company`s incumbent Financial Director and Company    
Secretary and the appointment of John Donnelly as Financial Director and Company
Secretary. This followed an internal investigation into certain transactions    
which the company considered to represent a misappropriation of company funds.  
Shareholders are accordingly advised that as a result of the thorough review of 
the company`s accounting records, which has since taken place, several          
accounting anomalies were uncovered, thereby impacting negatively on the        
company`s results for the year ended 31 March 2011. A criminal charge has been  
initiated by the company regarding the misappropriation of funds.               
Furthermore, profitability has been impacted by significant set up costs        
relating to launching looklocal, a new hyper-local platform of community        
websites which Moneyweb has developed and now manages and operates on behalf of 
the Caxton group. 29 looklocal sites were live by 31 March 2011.                
As a result, shareholders are further advised that the company expects a basic  
loss per share of between 3.36 and 4.11 cents and a headline loss per share of  
between 2.57 and 3.14 cents per share for the year ended 31 March 2011.         
Notwithstanding the unfortunate events stemming from the misappropriation of    
funds and the accounting anomalies reported above, the group is financially     
secure with some R24 million in cash reserves and no debt. Much has been done in
the past year to strengthen and expand Moneyweb`s web and radio platforms such  
that revenue for the year ended 31 March 2011 has increased by between 29-31%   
compared to the prior year.                                                     
The financial information on which this trading update is based has not been    
reviewed or reported on by the company`s auditors.                              
The group`s financial results for the year ended 31 March 2011 are expected to  
be published on SENS on or about 30 June 2011.                                  
17 June 2011                                                                    
Designated Adviser                                                              
Vunani Corporate Finance                                                        
Date: 17/06/2011 14:20:01 Supplied by www.sharenet.co.za                     
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