LABAT AFRICA LIMITED - Initial Trading Statement, slight delay in publication of results and update on detailed cautionary announcement

Release Date: 29/05/2015 16:01
Code(s): LAB
 
Wrap Text
Initial Trading Statement, slight delay in publication of results and update on detailed cautionary announcement

LABAT AFRICA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/001616/06)
(“Labat” or “the company”)
ISIN Code: ZAE 000018354 Share code: LAB

INITIAL TRADING STATEMENT, SLIGHT DELAY IN PUBLICATION OF RESULTS AND UPDATE ON
DETAILED CAUTIONARY ANNOUNCEMENT

In terms of paragraph 3.4(b)(i) of the Listings Requirements of the Johannesburg Stock
Exchange, listed companies are required to publish a trading statement as soon as they
become reasonably certain that the financial results for the next period to be reported
on will be more than 20% different from those of the previous corresponding period or
from a profit forecast previously provided to the market in relation to such period.

A review of the expected results for the year ended 28 February 2015 has indicated that
the company will report improved results by more than 20% compared to the prior year.
At the audit committee meeting adjustments were identified which required further
consideration by the auditor and IFRS advisor as well as additional supporting
documentation. These potential adjustments will result in a further improvement in the
results. However, the range cannot yet be identified.

Accordingly, the above information is intended to be an initial trading statement and is
subject to change once the company is closer to finalising its results for the year ended
28 February 2015, which results are expected to be finalised during the course of next
week, where after a further trading statement will be issued.

The Company expects to publish its reviewed results during the course of next once the
technical review has been completed.

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

In addition to the above, shareholders are advised that Labat and Reinhardt Transport
Group (“RTG”) are in the process of finalising the sale and purchase agreement for the
acquisition of the RTG business and assets and that the final agreement is also expected
to be signed during the course of next week.

Accordingly, shareholders are reminded to continue to exercise caution when dealing in
their securities until a further announcement is made.

Johannesburg
29 May 2015

Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 29/05/2015 04:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story