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AMA - Amalgamated Appliance Holdings Limited - Trading update

Release Date: 23/12/2011 10:22
Code(s): AMA
Wrap Text

AMA - Amalgamated Appliance Holdings Limited - Trading update Amalgamated Appliance Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1997/004130/06) Share code: AMA & ISIN: ZAE000012647 ("AMAP" or "the Group") TRADING UPDATE AMAP is pleased to advise shareholders that the arbitration award handed down in favour of AMAP in respect of a claim by AMAP`s subsidiary, Tedelex Trading (Pty) Limited, against Battery Technologies (Pty) Ltd, has been upheld on appeal. The claim arose following the cancellation of orders of batteries supplied to Tedelex Trading (Pty) Limited on the basis that the batteries did not meet specification requirements. The award is an amount of over R28 million plus legal costs. AMAP interim results for the six months ending 31 December 2011 will be announced at the beginning of March 2012. This one off arbitration award will substantially increase the earnings of AMAP for the six months to 31 December 2011 to well in excess of 20% over the previous corresponding period. AMAP will give a further trading update once the interim results for the six months ending 31 December 2011 results are finalised. Johannesburg 23 December 2011 Sponsor: Bridge Capital Advisors (Pty) Limited Date: 23/12/2011 10:22:04 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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