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CGR - Calgro M3 Holdings Limited - Trading update

Release Date: 06/05/2010 09:30
Code(s): CGR
Wrap Text

CGR - Calgro M3 Holdings Limited - Trading update CALGRO M3 HOLDINGS LIMITED (Incorporated in the Republic of South Africa) (Registration Number 2004/030045/06) Share code: CGR ISIN: ZAE000109203 ("Calgro M3" or "the company" or "the Group") TRADING UPDATE In accordance with paragraph 3.4 of the Listings Requirements of the JSE Limited, a listed company is required to publish a trading statement as soon as it becomes aware, with a reasonable degree of certainty, that the financial results for the next period to be reported on are likely to vary by more than 20% from the previous corresponding period. Calgro M3 wishes to advise shareholders that the company`s earnings per share ("EPS") for the financial year ended 28 February 2010 ("the 2010 financial year") is expected to be between 11.72 cents and 12.66 cents compared to 4.74 cents per share as reported in the previous corresponding period. Headline earnings per share ("HEPS") for the 2010 financial year is expected to be a headline loss of between 6.01 cents per share and 9.27 cents per share compared to HEPS of 16.32 cents per share reported in the previous corresponding period. After excluding fair value adjustments, impairments and non-operational gains the Group generated a small operating profit for the 2010 financial year, which essentially reflects a `break-even` position for the Group`s operations, and is regarded by management as a reasonable outcome in the current tough economic climate. After entering into building agreements with more than 400 clients for full- title units during the first two months of 2010 and 80 sectional title clients during the launch weekend of the Jabulani project in February 2010, Calgro M3`s future looks positive. Subsequent to year end, bond approvals have been obtained for the majority of these units and the relevant revenue arising from these sales, accounted for on the percentage of completion basis, will be reflected in the 2011 financial year. The financial information on which this trading update is based has not been reviewed or reported on by the company`s auditors. Johannesburg 6 May 2010 Designated Adviser Grindrod Bank Limited Date: 06/05/2010 09:30:01 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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