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CGR - Calgro M3 Holdings Limited - Trading Update

Release Date: 21/11/2011 12:06
Code(s): CGR
Wrap Text

CGR - Calgro M3 Holdings Limited - 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" or "the group") 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. The company expects an increase of more than 175% in the earnings per share ("EPS") for the 12 months ending 29 February 2012 ("the 2012 financial year") which amounts to more than 36.69 cents per share in respect of the 2012 financial year, compared to the 13.34 cents per share reported on in respect of the 12 months ended 28 February 2011 ("the 2011 financial year"). Calgro M3 also expects an improvement of more than 175% in headline earnings per share ("HEPS") for the 2012 financial year (i.e. Calgro expects HEPS to be more than 37.07 cents per share ), compared to the 13.48 cents per share reported on in respect of the 2011 financial year. Due to uncertainties with regards to the number of property registrations that will be registered in the deed office by the end of the period, Calgro M3 is unable to quantify the range of the increase in the HEPS and EPS with any degree of certainty. The increase in both HEPS and EPS is due to the pipeline of work announced on 19 April 2011. The group currently has in excess of 2,300 units under construction and are in the process of servicing in excess of 2,000 stands. The group does not construct on risk and all units under construction have 3rd party guarantees in place. It should be noted that not all of these units will be completed, handed over and registered before 29 February 2012 as the majority of these sectional title multi- story units take, on average, 6 months to construct. The group is also proud to announce that its pipeline has grown to in excess of R 7 billion over the next 6 to 7 years. Once the company has obtained a reasonable degree of certainty on the actual range of the increase in both EPS and HEPS, a further trading statement will be released. The financial information on which this trading statement is based has not been reviewed or reported on by the company`s auditors. Johannesburg 21 November 2011 Designated Adviser Grindrod Bank Limited Date: 21/11/2011 12:06:01 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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