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CONVERGENET HOLDINGS LIMITED - Trading Statement

Release Date: 24/02/2015 15:19
Code(s): CVN     PDF:  
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Trading Statement

CONVERGENET HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/015580/06)
Share code: CVN    ISIN: ZAE000182440
(the “Company”)

TRADING STATEMENT

In terms of paragraph 3.4(b) of the Listings Requirements of the
JSE Limited, a 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, shareholders are advised that a reasonable degree
of certainty exists that the Company will, in respect of its
continuing operations for the fifteen months ended 30 November
2014, report:

(i) a basic loss per share of between 1.52 cents and 2.13 cents,
    or between 30.33% and 50.33% lower than the restated basic
    loss per share of 3.05 cents reported for the twelve months
    ended 31 August 2013 (the “Previous Corresponding Period”);
    and
(ii)a headline loss per share of between 1.54 cents and 2.10
    cents, or between 25.92% and 45.92% lower than the restated
    headline loss per share of 2.84 cents reported for the
    Previous Corresponding Period.

A reasonable degree of certainty exists that the Company will,
in respect of its discontinued operations for the fifteen months
ended 30 November 2014, report:

(i)a basic loss per share of between 90.25 cents and 94.35
    cents, or between 340.90% and 360.90% lower than the restated
    basic loss per share of 20.47 cents reported for the Previous
    Corresponding Period; and
(ii)a headline loss per share of between 13.87 cents and 15.09
    cents, or between 127.38% and 147.38% lower than the restated
    headline loss per share of 6.10 cents reported for the
    Previous Corresponding Period).

In accordance with the requirements of IFRS 5 ‘Non-current
Assets Held for Sale and Discontinued Operations’, the prior
year statement of comprehensive income and statement of cash
flows have been re-presented for the disclosures that relate to
the operations of Structured Connectivity Solutions (Pty) Ltd
and Chrystalpine Investments 9 (Pty) Ltd, incorporating Andrews
Kit (Pty) Ltd, which have been discontinued by the end of the
current financial reporting period. Furthermore, the comparative
amounts disclosed in respect of the Previous Corresponding
Period are shown as they would have appeared prior to the
completion of the share consolidation on a 10-for-1 basis, as
detailed in the circular dated 20 September 2013 and completed
on 23 December 2013 (“Share Consolidation”).      The amounts
disclosed in respect of the fifteen month period ended 30
November 2014 are shown after the effects of the Share
Consolidation have been taken into account.

Shareholders are advised that the corporate actions announced by
the Company on SENS on 8 September 2014 and 27 October 2014, as
detailed in the circular to shareholders which was posted on 15
December 2014, have not been incorporated into the expected
results presented herein as those corporate actions only became
unconditional after the close of the current financial reporting
period presented.

The financial information included in this trading statement has
not been reviewed or reported on by the Company’s external
auditors.

The Company expects to publish its provisional financial results
for the fifteen months ended 30 November 2014 on SENS on or
about Friday, 27 February 2015.


Johannesburg
24 February 2014

Sponsor:   AfrAsia Corporate Finance Proprietary Limited

Date: 24/02/2015 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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