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CONDUIT CAPITAL LIMITED - Further Trading Statement

Release Date: 26/09/2017 17:15
Code(s): CND     PDF:  
Wrap Text
Further Trading Statement

CONDUIT CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/017351/06)
Share code: CND         ISIN: ZAE000073128
(“Conduit” or “the group”)


FURTHER TRADING STATEMENT

Further to the trading statement released on SENS on 12 September 2017 (“Initial Trading
Statement”), a review by management of the financial results for the year ended 30 June 2017 has
indicated that the headline loss per share is expected to be between 17.8 cents and 16.8 cents,
compared to the restated headline loss per share of 5.7 cents for the year ended 30 June 2016,
and not between 16.8 cents and 15.7 cents as previously stated.

The loss per share is still expected to be between 35.9 cents and 33.8 cents and the net asset
value per share is still expected to be between 174.9 cents and 177.1 cents, as announced in the
Initial Trading Statement.

Earnings per share includes:

a. transaction costs incurred as a result of the acquisition of Midbrook Lane Proprietary Limited
   (“Midbrook”) and Snowball Wealth Proprietary Limited (“Snowball”);
b. the write-off of all the goodwill that was generated owing to market and share price movements
   between the transaction date (19 July 2016) and the effective dates of the Midbrook and
   Snowball acquisitions (2 February 2017 and 30 March 2017, respectively);
c.   an impairment of the group’s investment in an asset held for sale;
d. losses generated in the short-term insurer’s medical gap cover portfolio during the first six
   months of the financial year, as highlighted in the interim results; and
e. expenses incurred to increase the capacity of the group by way of attracting appropriately
   skilled people and systems so as to handle a much larger insurance business in the future, as
   detailed in the interim results.

Items b and c above are excluded from the calculation of headline earnings per share.

The financial information on which this trading statement is based has not been reviewed or
reported on by the group’s auditors. Conduit’s audited financial results for the year ended
30 June 2017, including further information on the performance of the group, are expected to be
released on SENS on or about 27 September 2017.

Johannesburg
26 September 2017
Sponsor
Merchantec Capital

Date: 26/09/2017 05:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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