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Further trading statement
BSI Steel Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
JSE code: BSS
ISIN: ZAE000125134
("the Company")
FURTHER TRADING STATEMENT
BSI shareholders (“Shareholders”) are referred to the amendment to the
trading statement announcement published on the Stock Exchange News
Service on 6 December 2017 (“Announcement”). In the Announcement,
shareholders were advised that it had come to the board’s attention that
notwithstanding the further trading statement published on 29 November 2017
with regard to the expected results for the six months ended 30 September
2017 (“Interim Results”), a potentially material IFRS2 adjustment may have
been required with regard to the Company’s recently concluded broad-based
black economic empowerment transaction (“B-BBEE Transaction”), details
of which were announced on 19 June 2017 (“Adjustment”).
The Company has now determined that the magnitude of the Adjustment is
R8.7 million. The Company initially expected to amortise the Adjustment over
three years in line with the lock-in period of the B-BBEE Transaction but it is
now required to be expensed in full in the Interim Results.
Consequently, after taking into account the Adjustment, the Company will
report EPS of 1.4 cents and HEPS of 1.6 cents in the Interim Results.
The information in this further trading statement has not been reviewed or
reported on by the Company’s auditors.
The Interim Results will be published by no later than 15 December 2017.
Johannesburg
13 December 2017
Designated Advisor
Sasfin Capital (a member of the Sasfin Group)
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