19 September 2012
In accordance with paragraph 3.4 (b) of the Listings Requirements of the JSE Limited, companies are required to inform shareholders as soon as there is a reasonable degree of certainty that the earnings of the company are likely to vary by more than 20% compared to the previous corresponding period
The Board of Directors therefore wishes to advise shareholders that the Company expects to report a basic earnings per share attributable to ordinary shareholders for the six months ended 30 June 2012 of between a loss of 3.45 cents and a profit of 3.95 cents per share compared to a basic loss per share of 36.97 cents for the previous comparable period.
The change from a basic loss per share in June 2011 to basic earnings per share in June 2012 is as a result of interest income recognised in the Statement of Comprehensive Income for the period under review as well as a once-off share based payment expense of R408.0 million that was recognised in the Statement of Comprehensive Income according to IFRS 2 in June 2011. The share-based payment expense arose as a result of the subscription for 829 884 460 new shares by Jinchuan, Cadfund and Micawber in Wesizwe on 4 May 2011 at an effective subscription price of R1.81 per share, compared to a market price of R2.30 per share on the date of closure.
Headline earnings per share attributable to ordinary shareholders for the six months ended 30 June 2012 is expected to be between a loss of 3.41 cents and a profit of 3.91 cents per share compared to a headline loss per share of 36.61 cents for the previous comparable period.
The financial informationincluded in this trading statement has not been reviewd and reported on by the Company's external auditors.
The interim results for th six months ended 30 June 2012 will be released on SENS on or about 27 September 2012.
Sponsor: PSG Capital Properietary Limited