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SOV - Sovereign Food Investments Limited - Trading statement

Release Date: 21/09/2011 08:30
Code(s): SOV
Wrap Text

SOV - Sovereign Food Investments Limited - Trading statement SOVEREIGN FOOD INVESTMENTS LIMITED (Incorporated in the Republic of South Africa) Registration Number 1995/003990/06 JSE Code: SOV ISIN Number: ZAE000009221 ("Sovereign" or "the Company") TRADING STATEMENT In accordance with paragraph 3.4(b) of the JSE Limited Listings Requirements, Sovereign shareholders ("Shareholders") are advised that headline earnings and basic earnings for the six months ended 31 August 2011 ("HY2012") are expected to be between 50% and 70% lower than the comparative figures for the six months ended 31 August 2010 ("Previous Corresponding Period"). The headline earnings per share ("HEPS") and basic earnings per share ("EPS") for HY2012 are expected to be between 65% and 85% lower than the comparative figures for the Previous Corresponding Period. The HEPS and EPS figures experienced a larger variance than the earnings figures from the Previous Corresponding Period because of the increase in the weighted average number of shares during HY2012 as a result of the issue of 31 578 947 new Sovereign ordinary shares on 14 March 2011 in terms of the rights offer. Shareholders are further advised that the non-feed costs for HY2012 include a once-off expense of R8.4 million relating to the change to the Company`s board of directors as announced by Sovereign on 30 August 2011. Should this expense have not been incurred, the Company`s headline earnings and basic earnings for HY2012 would have been between 410% and 430% higher than the comparative figures for the Previous Corresponding Period. The financial information upon which this trading statement is based has not been reviewed or reported on by the Company`s auditors. The results for HY2012 are expected to be released on or about 30 September 2011. Port Elizabeth 21 September 2011 Sponsor: One Capital Date: 21/09/2011 08:30:01 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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