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CONVERGENET HOLDINGS LIMITED - Further trading statement

Release Date: 02/11/2012 09:02
Code(s): CVN     PDF:  
Wrap Text
Further trading statement

CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN     ISIN: ZAE000102067
(“ConvergeNet” or “the Company)

FURTHER TRADING STATEMENT

In terms of paragraph 3.4(b) of the JSE Limited Listings
Requirements, a listed company is required to publish a
trading statement as soon as it is satisfied that a reasonable
degree of certainty exists that the financial results for the
period to be reported upon next will differ, by at least 20%,
from those of the previous corresponding period.

Accordingly, and following the previous trading statement
published on SENS on 28 September 2012 which advised
shareholders that the headline earnings per share and earnings
per share for the year ended 31 August 2012 is expected to be
more than 20% lower compared to the previous year ended 31
August 2011, the board of directors are reasonably certain
that the revised expected decline in the earnings per share
and headline earnings per share for the year ended 31 August
2012 will be approximately 282% and 219% respectively compared
to the earnings per share and headline earnings per share for
the comparable period ended 31 August 2011.

The trading loss has resulted primarily from the adjustment to
deferred tax assets, once-off impairment of goodwill and other
financial assets, cost of establishing the Africa operations
in Gabon and Congo Brazzaville, investment in new businesses,
amongst other EQ Tickets, costs associated with restructuring
of the Board following the change of control of the Company
and investments made to enhance our sales capabilities and
capacity.

This trading statement has not been reviewed or reported on by
the Company’s external auditors. The Company’s financial
results for the year ended 31 August 2012 are expected to be
published on or about 22 November 2012.

Centurion
2 November 2012

Sponsors
Deloitte & Touche Sponsor Services (Pty) Ltd
(Registration number 1996/000034/07)

Date: 02/11/2012 09:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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