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YRK - York Timber Holdings Limited - Trading statement and further cautionary

Release Date: 28/08/2009 16:27
Code(s): YRK
Wrap Text

YRK - York Timber Holdings Limited - Trading statement and further cautionary announcement York Timber Holdings Limited (Previously "The York Timber Organisation Limited") (Incorporated in the Republic of South Africa) (Registration number 1916/004890/06) Share code: YRK ISIN: ZAE000008108 ("York" or "the Company") TRADING STATEMENT AND FURTHER CAUTIONARY ANNOUNCEMENT Trading statement In terms of paragraph 3.4(b) of the Listing Requirements of the JSE limited, companies are required to publish a trading statement as soon as they become reasonably certain that the financial results for the next reporting period will differ by at least 20% from those of the previous corresponding period. York is in the process of completing its results for the 12 months ended 30 June 2009. York shareholders are advised that York expects a decrease of between 123% and 143% in earnings per share ("EPS") and between 118% and 138% in headline earnings per share ("HEPS"). It should be noted that the audited results for the period ended 30 June 2008 were for an eighteen month period as a result of a change in the financial year-end. The decline in EPS and HEPS is mainly due to a decrease in the value of the biological asset due to a significant price decrease in the log prices in April 2009. The above trading statement has not been reviewed or reported on by the Company`s external auditors. Further cautionary announcement Shareholders are referred to the cautionary announcement dated 16 July 2009 and are advised that the operational restructuring referred to therein has been finalised. In addition, shareholders are advised that the Board of Directors of York has resolved to recapitalise the Company through the injection of additional equity capital from existing and new shareholders. The Company is working with its advisors to engage with shareholders and lenders on the terms of the equity injection and the restructure of the existing debt in the Company. Shareholders are advised to continue to exercise caution when dealing in York shares until a detailed announcement has been made. Sabie 28 August 2009 Sponsor: Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited Date: 28/08/2009 16:27:01 Supplied by www.sharenet.co.za 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.

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