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BCX - Business Connexion Group Limited - Trading statement and further

Release Date: 03/11/2011 08:34
Code(s): BCX
Wrap Text

BCX - Business Connexion Group Limited - Trading statement and further cautionary announcement Business Connexion Group Limited (Incorporated in the Republic of South Africa) (Registration number 1988/005282/06) Share code: BCX ISIN: ZAE000054631 ("BCX" or "the group") TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT Trading statement In terms of the Listings Requirements of the JSE Limited, a company is required to advise shareholders when it is reasonably certain that its results will differ by more than 20% over the corresponding reporting period. BCX shareholders are advised that the group expects its diluted earnings per share ("EPS") for the year ended 31 August 2011 to be between 26 and 30 cents per share and diluted headline EPS between 16 and 20 cents per share. The main reasons for the lower earnings are: - retrenchment costs of R47,2 million; - merger and acquisition costs of R31,2 million; - IFRS 2 charges in respect of the Management "A" Share Trust as part of the group`s BEE transaction of R12,1 million; - amortisation in respect of the intangible assets from the acquisitions concluded during the financial year of R15,5 million; and - the Technology division performing below expectations. Shareholders are advised that the financial information on which this trading statement is based has not been reviewed and reported on by the group`s external auditors. BCX`s results for the year ended 31 August 2011 will be released on SENS on Thursday, 10 November 2011. Further cautionary announcement Further to the cautionary announcement released on SENS on 11 August 2011 shareholders are advised that BCX is still in negotiations which, if successfully concluded may have a material effect on the price of the group`s securities. Accordingly, shareholders are advised to continue to exercise caution when dealing in the group`s securities until a detailed announcement is made. Midrand 3 November 2011 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 03/11/2011 08:34:00 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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