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PMV - Primeserv Group Limited - Notice of prior year adjustment and voluntary

Release Date: 28/06/2012 07:05
Code(s): PMV
Wrap Text

PMV - Primeserv Group Limited - Notice of prior year adjustment and voluntary trading update Primeserv Group Limited (Incorporated in the Republic of South Africa) (Registration number 1997/013448/06) ("Primeserv" or "the Company") Share Code: PMV ISIN: ZAE000039277 NOTICE OF PRIOR YEAR ADJUSTMENT AND VOLUNTARY TRADING UPDATE In terms of the JSE Limited Listings Requirements, companies are required to publish an announcement of any information which may have a material effect on the financial results of the company and its material subsidiaries to holders of the company`s securities, and the public to avoid the creation of a false market in its listed securities. The Company wishes to advise that it has discovered an error in its accounting records which require a prior year adjustment to its results. The adjustment in relation to results for the 15 month period ended 31 March 2011 is a reduction in profit after tax in the amount of R1,1 million (one comma one million Rand). The adjustment gives rise to a reduction of earnings per share and headline earnings per share to 8.05 and 7.97 cents per share respectively. As a further result of the above, Primeserv shareholders are advised that Primeserv`s Headline and Basic Earnings per share for the 12 month period ended 31 March 2012 will be between 12% and 15% below the Headline and Basic Earnings per share for the prior 15 month reported period ended 31 March 2011. Primeserv`s Headline and Basic Earnings per share for the 12 months ended 31 March 2012 will be between 1% and 4% below the restated Headline and Basic Earnings per share for the 15 months ended 31 March 2011. The Company anticipates that its results for the financial year ended 31 March 2012 will be released on SENS by no later than 29 June 2012. The above information has not been reviewed or reported on by the Company`s auditors. Bryanston 28 June 2012 Sponsor Deloitte & Touche Sponsor Services (Pty) Ltd (Registration number 1996/000034/07) Date: 28/06/2012 07:05:03 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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