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Trading Statement
AFRICAN PHOENIX INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1946/021193/06)
Ordinary share code: AXL ISIN: ZAE000221370
Hybrid instrument code: AXLP ISIN: ZAE000221388
(“Phoenix” or “the Company”)
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited, companies are required to publish a trading statement
as soon as they become reasonably certain that the financial results for the period to be reported on will
differ by more than 20% from that of the previous corresponding period.
Accordingly, a review of the financial results for the year ending 30 September 2017 by management has
indicated that:
- the earnings per share (“EPS”) is expected to be between 6.6 cents and 13.2 cents, reflecting a
decrease of between 60% and 80% compared to the EPS of 33 cents for the year ended
30 September 2016; and
- the headline earnings per share (“HEPS”) is expected to be between 6.8 cents and 13.6 cents, reflecting
a decrease of between 60% and 80% compared to the HEPS of 34 cents for the year ended
30 September 2016.
The financial information on which this trading statement is based has not been reviewed or reported on by
the Company’s auditors.
Additional information
The decrease in earnings is a result of the further impact of events described in the “Condensed Audited
Financial Results for the Year Ended 30 September 2016” released on SENS on 21 December 2016, an
extract of which is included below.
The significant change in earnings is mainly due to Stangen exiting its relationship with African Bank
Limited.
“DISCONTINUED OPERATIONS
Stangen concluded an agreement and financial settlement with African Bank Limited and Residual Debt
Services Limited in respect of its run-down credit life portfolio effective 1 April 2016. The agreement passes
100% of the risk and benefit in that credit life book to Guardrisk Life Limited (“Guardrisk”) until such time as
the run-down credit life book is transferred to Guardrisk.”
The transfer of the credit life portfolio to Guardrisk Life Limited (“Guardrisk”) was completed on
30 June 2017.
Shareholders are advised to refer to the results announcement of 21 December 2016 and the Integrated
Annual Report for the year ended 30 September 2016 for further information.
Johannesburg
20 September 2017
Sponsor
Merchantec Capital
Date: 20/09/2017 03:25:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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