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Trading Statement
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
“A” share code: BCXA
ISIN: ZAE000156154
("BCX" or "the group")
TRADING STATEMENT
In a trading statement dated 19 April 2012 BCX stated that for the
year ended 31 August 2012 the group`s diluted headline earnings
per share ("HEPS") and diluted earnings per share ("EPS") would
increase by greater than 20% when compared to the previous
financial year.
In compliance with section 3.4(b) of the JSE Listings
Requirements, BCX is pleased to provide further guidance.
Shareholders are advised that the group is now reasonably certain
that the diluted HEPS for the financial year ended 31 August 2012
will be between 116.0% and 136.0% higher than the 17.2 cents per
share reported for the previous financial year. The diluted EPS is
expected to be between 24.8% and 44.8% higher than the 27.6 cents
per share for the previous financial year.
In terms of the Sale of Shares Agreement for the acquisition by
BCX of a 50% plus one share shareholding in Canoa Group Holdings
Proprietary Limited (“Canoa”), concluded in the previous financial
year, BCX is required to make an additional earn-out payment of
R26.2 million as a consequence of Canoa outperforming the profit
target for its 2012 financial year end. In terms of IFRS 3 this
payment is deemed to be a fair value adjustment of a liability and
is recorded through the Statement of Comprehensive Income. It is
included in the growth in diluted HEPS and diluted EPS referred to
above. A further earn-out payment of R26.2 million will be made in
2013 if Canoa continues to deliver high earnings growth and exceed
the profit target for the year ended 31 August 2013.
Excluding this earn-out payment and related fair value adjustment,
the group’s diluted HEPS and diluted EPS for the financial year
ended 31 August 2012 are expected to be between 154.1% and 174.1%
and between 48.4% and 68.4% higher than the previous financial
year, respectively.
The above information has not been reviewed or reported on by the
group`s auditors. The group`s audited financial results for the
year ended 31 August 2012 are expected to be published on or about
5 November 2012.
Midrand
25 October 2012
One Capital
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