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Trading statement
Verimark Holdings Limited
Incorporated in the Republic of South Africa
Registration number: 1998/006957/06
JSE share code: VMK
ISIN number: ZAE000068011
("Verimark" or "the company")
TRADING STATEMENT
In terms of paragraph 3.4(b) of the Listings Requirements of the JSE
Limited, an issuer is required to publish a trading statement as soon
as they are satisfied that there is a reasonable degree of certainty
that the financial results for the next reporting period will differ by
at least 20% from those of the previous corresponding period.
As a result of the unwinding of the Verimark BEE structure as noted in the
announcement released on 4 March 2014, the results for the year ended 28
February 2014 will include a gain in the settlement of the preference share
liability of R 7 293 397. This gain is due to the fact that the preference
share liability, which included accumulated interest, exceeded the value of
the treasury shares that were used to settle the preference share
liability. In accordance with IFRS, this gain equivalent to 7,02 cents per
share, is recognised in both the earnings and headline earnings per share
of the company. However, shareholders should note that the gain is of a
non-recurring nature.
As a result of the above, headline earnings per share and earnings per
share for the year ended 28 February 2014 are both expected to be in the
range of 16,0 and 17,5 cents per share compared to the headline earnings
per share and earnings per share of 8,4 cents per share and 8,5 cents per
share respectively, as reported on in the previous corresponding period.
The information on which this trading update has been based has not been
reviewed or reported on by the company’s auditors.
The Company`s financial results for the year ended 28 February 2014 will be
released on SENS on 27 May 2014.
8 May 2014
Sponsor
Grindrod Bank Limited
Date: 08/05/2014 03:19:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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