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BSI STEEL LIMITED - Further trading statement

Release Date: 06/12/2017 11:59
Code(s): BSS     PDF:  
Wrap Text
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")


AMENDMENT TO TRADING STATEMENT


BSI shareholders (“Shareholders”) are referred to the further trading
statement announcement published on the Stock Exchange News Service on
29 November 2017 which was published at the time that the BSI board was
reasonably certain of what the expected financial results for the six month
period ended 30 September 2017 (“Interim Results”) would be. The trading
statement was released after the Audit committee and our auditors, Deloitte &
Touche, agreed on the results. Notwithstanding this, Deloitte & Touche
brought it to the board’s attention on 30 November 2017 that due to the
provisions of IFRS2, a potentially material adjustment may be 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 is currently determining the magnitude of the Adjustment
(which the Company initially expected to amortise over three year years in line
with the lock-in period of the B-BBEE Transaction but which is now required to
be expensed in full in the Interim Results) which may or may not be material
and if material will be accounted for as an IFRS2 expense in the statement of
comprehensive income and may therefore negatively impact both earnings
per share (“EPS”) and headline earnings per share (“HEPS”). The possible
adjustment is technical and non cash in nature and does not affect the
summarised statement of financial position. Experts have been employed to
perform the valuation of the IFRS2 expense and as soon as this is available
the results will be amended based on the outcome thereof.
Shareholders will be advised of the revised expected EPS and HEPS with
regard to the Interim Results in due course. As a consequence of the
Adjustment, the Interim Results may not be published on or about 6
December 2017 as previously expected, but will be published no later than 31
December 2017.


Johannesburg
6 December 2017


Designated Advisor
Sasfin Capital (a member of the Sasfin Group)

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