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ANCHOR GROUP LIMITED - Initial Trading Statement

Release Date: 08/12/2014 17:01
Code(s): ACG     PDF:  
Wrap Text
Initial Trading Statement

ANCHOR GROUP LIMITED
(formerly Andotorque Investments Proprietary Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2009/005413/06)
(“Anchor” or “the Company”)
ISIN Code: ZAE000193389      JSE Code: ACG


INITIAL TRADING STATEMENT


In terms of the JSE Listings Requirements, companies are required to publish a trading
statement as soon as they are satisfied that a reasonable degree of certainty exists
that the financial results for the period to be reported will differ by at least 20% from
the financial results for the previous corresponding period or a profit forecast
previously provided to the market in relation to such period.

Shareholders are advised that the company published a profit forecast in its
prospectus dated 2 September 2014 for the year ending 31 December 2014. In
addition, the company was required to publish results for the year ended 31
December 2013 (which period was prior to the listing of the company and issue of
shares as part of the listing process), which information is not comparable on a per
share basis. Due to positive events after the listing of the Company, which in turn
have resulted in additional business being awarded to the group, the board of
directors considers that a trading statement is required.

Shareholders are accordingly advised of the following:

Comparison against prior year:
-     The earnings and headline earnings per share for the prior year ended 31
      December 2013 was 750 891 cents per share respectively, based on 500
      shares in issue. On a comparable basis based on 50 million weighted
      average shares in issue, the earnings and headline earnings per share for the
      year ended 31 December 2013 would have been 7.5 cents (“comparable
      earnings per share information”).
-     The earnings per share and headline earnings per share for the year ending
      31 December 2014 is expected to be between 23.9 cents and 26.1 cents per
      share based on weighted average shares in issue of 73.4 million, representing
      an increase of between 219% and 248% on the comparable earnings per
      share information presented above.

Comparison against the profit forecast:
-     The forecast earnings per share and headline earnings per share for the year
      ending 31 December 2014 as detailed in the prospectus was 21.72 cents per
      share based on weighted average shares in issue of 66 767 000;
-     The earnings per share and headline earnings per share for the year ending
      31 December 2014 is expected to be between 23.9 cents and 26.1 cents per
      share, based on weighted average shares in issue of 73.4 million, representing
      an increase of between 10% and 20% on the forecast earnings and headline
      earnings per share as detailed in the prospectus.

Whilst the Company has considered various IFRS accounting implications in issuing this
trading statement, the above information does not take into account any potential
unknown IFRS adjustments that may result from the audit for the year ending
31 December 2014 and accordingly a further trading statement may be required in
due course.

Shareholders are also advised that the company intends publishing adjusted
headline earnings per share information in its results announcement for the year
ending 31 December 2014, which are expected to be between 26.1c and 28.2c.
Adjusted headline earnings information was not previously published in the
Company’s prospectus.

The financial information on which this trading statement is based has not been
reviewed or reported on by the company’s auditors.

Johannesburg
8 December 2014

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

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