CGR - Calgro M3 - Further Trading Update

CGR - Calgro M3 - 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
("JSE"), 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.                                     
Shareholders are referred to the trading update released on the Securities      
Exchange News Service of the JSE on 28 July 2011 ("28 July trading update") and 
hereby advised that, subsequent to the 28 July trading update, the company      
expects an improvement of more than 370% in the headline earnings per share     
("HEPS") for the 6 months ended 31 August 2011.                                 
Accordingly, the company`s HEPS for the period is expected to be between 16.67  
cents and 17.39 cents per share compared to 3.61 cents per share reported in the
previous corresponding period. Earnings per share ("EPS") for the 6 months ended
31 August 2011 is expected to be between 16.67cents and 17.39 cents compared to 
3.61 cents per share as reported in the previous corresponding period.          
The increase in both HEPS and EPS can be attributed to the commencement of the  
company`s current pipeline of projects of over R5 billion, to be implemented    
over 6 to 7 years, as announced on 19 April 2011. Calgro M3 currently has in    
excess of 1,900 units under construction with new units commencing on a         
continuous basis. The company does not construct on risk and all units under    
construction have 3rd party guarantees in place.                                
Risks are spread over six projects in two provinces (Gauteng and Free State),   
with the first contract for the Western Cape having been concluded and signed on
15 September 2011.                                                              
The financial information on which this trading update is based has not been    
reviewed or reported on by the company`s independent auditors.                  
Johannesburg                                                                    
20 September 2011                                                               
Designated Adviser                                                              
Grindrod Bank Limited                                                           
Date: 20/09/2011 13:30:10 Supplied by www.sharenet.co.za                     
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