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GND\GNDP - Grindrod Limited - Trading Statement

Release Date: 30/05/2012 12:28
Code(s): GND GNDP
Wrap Text

GNDGNDP - Grindrod Limited - Trading Statement GRINDROD LIMITED (Registration number: 1966/0009846/06) Share code: GND & GNDP ISIN: ZAE000072328 & ZAE000071106 ("Grindrod" or "the Company") TRADING STATEMENT Shareholders are advised that Grindrod expects that earnings and earnings per share for the half year to 30 June 2012 will be affected by the following material events: * The profit of R415 million on the disposal of 35% of Grindrod`s investment in the Maputo Coal Terminal * The specific issue of 133 million ordinary shares on 31 October 2011 which increased issued shares by 28% resulting in a dilutionary effect on earnings and headline earnings per share in the current period. * The impairment of ship values by R131 million due to the continued weakness in shipping markets. As a consequence, basic earnings will reflect an increase of between 100% to 110% and basic earnings per share are expected to increase by between 55% and 65% for the six month period ending 30 June 2012. Headline earnings will reflect an increase of between 10% and 15% and headline earnings per share are expected to decrease by between 10% and 20% for the six month period ending 30 June 2012, Basic earnings and headline earnings for the corresponding period in 2011 were R277 million (60.8 cents per share) and R254 million (55.7 cents per share) respectively. The information contained in this trading statement has not been reviewed or reported on by the company`s external auditors. Grindrod will release its interim results to 30 June 2012 on or about 22 August 2012. By order of the board 30 May 2012 Sponsor: Grindrod Bank Limited Date: 30/05/2012 12:28:00 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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