Petmin Limited announces a trading update for the year ended 30 June 2008, in accordance with the JSE’s listing requirements, which stipulate that a company has to publish a trading statement if an increase or decrease of more than 20% (compared with the previous reporting period) in its basic earnings per share and headline earnings per share is expected.
Shareholders of Petmin are hereby advised that headline earnings per share for the year ended 30 June 2008 are expected to be approximately 15 cents per share, up from 5.28 cents per share for the year ended 30 June 2007, an increase of 184%. This growth in headline earnings per share was achieved as a result of:
Basic earnings per share for the year ending 30 June 2008 are expected to be greater than 70 cents per share, up 334% from 16.14 cents per share for the year ended 30 June 2007. The difference between the headline and basic earnings per share is due to the IFRS fair value valuation on acquisition of 25% of Veremo Holdings Limited (“Veremo”), resulting in a share of profit of equity accounted investee of R303 million being recognised.
As previously announced, Veremo is a large scale iron ore mining and pig iron beneficiation project situated in the province of Mpumalanga.
This trading statement and SENS announcement has not been reviewed or audited by the Company’s auditors.
Further to the cautionary announcement dated 15 August 2008, shareholders are advised that negotiations are still in progress which, if successfully concluded, may have a material effect on the price of Petmin's securities.
Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities until a further announcement is made.
It is anticipated that a further announcement and Petmin's results to 30 June 2008 will be published before 30 September 2008.
Sponsor
River Group
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