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LABAT AFRICA LIMITED - Further trading statement

Release Date: 01/06/2016 17:26
Code(s): LAB     PDF:  
Wrap Text
Further trading statement

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


FURTHER TRADING STATEMENT


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.

Shareholders are referred to the initial trading statement published on 13 January
2016 and the update announcement dated 13 April 2016. In the latter,
shareholders were advised of Labat’s decision not to pursue the proposed
acquisition of Reinhardt Transport Group Proprietary Limited any further due to
the reasons stated therein.

Shareholders are advised that the earnings and headline earnings per share for
the six months ended 29 February 2016 will be compared to the earnings and
headline earning for the six months ended 31 August 2016 (“Comparable
Period”) due to a change in year end from February to August during 2015.

Accordingly, shareholders are advised of the following relating to the
Company’s earnings per share and headline earnings per share:

-    The earnings for the six months ended 29 February 2016 will be 2.28 cents
     per share, representing an increase of 383% on the loss per share of -1.00
     cents for the Comparable Period;
-    The headline earnings for the six months ended 29 February 2016 will also
     be 2.83 cents per share, representing an increase of 370% on the headline
     loss per share of -1.05 cents for the comparable period;
-    The computation for earnings per share and headline earnings per share is
     based on 259 202 297 shares in issue for the year (255 892 000 for the
     Comparable Period). The number of shares in issue as at 29 February 2016
     was 259 202 297, of which 2 810 023 are treasury shares.

The main reason for the improvement in results is as a result of the directors’
decision to raise a deferred taxation asset on a portion of the assessed loss in its
major operating subsidiary, which has been turned around and is now
generating sustainable profits. The raising of the deferred taxation asset has
been based on a five year budget for this entity.

The financial information, on which this trading statement is based, has not been
reviewed or reported on by the Company’s auditors. The results for the six months
ended 29 February 2016 are expected to be published on or before 14 June
2016.

Johannesburg
1 June 2016

Sponsor
Arbor Capital Sponsors Proprietary Limited

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