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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Petmin | LSE:PTMN | London | Ordinary Share | ZAE000076014 | ORD ZAR0.25 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3613O Petmin Limited 20 February 2008 20 February 2008 PETMIN LIMITED ("Petmin" or "the Company") TRADING UPDATE AND ISSUE OF SHARES Petmin Limited(JSE: PET, AIM: PTMN) maintains a primary listing on the JSE, and as such is required to publish a trading statement if its basic earnings per share, headline earnings per share are net asset value per share is expected to change by more than 20% compared with the previous reporting period. Earnings and Veremo update Petmin announces that the Company's headline earnings per share for the six months to 31 December 2007 are expected to be circa R0,065 per share, up from R0,0296 per share for the six months ended 31 December 2006, representing an increase of 120%. This growth in headline earnings per share was achieved as a result of the anthracite division delivering increased production from the Somkhele project which was successfully brought into production in June 2007, and because of an improved performance from the Springlake Colliery. Basic earnings per share for the half year ending 31 December 2007 is expected to be approximately R0.19 per share, up 118% from R0.087 per share for the six months ended 31 December 2006. The difference between the headline and basic earnings per share is due to the IFRS fair value valuation on acquisition of Veremo Holdings Limited ("Veremo"), resulting in a profit of R61.7 million being recognized on the acquisition of a 16.2% stake in Veremo. This acquisition is the first phase of a series of transactions that will ultimately result in Petmin holding a 25% interest in Veremo. Veremo is a large-scale iron ore mining and pig iron beneficiation project situated in the province of Mpumalanga, South Africa. The Company anticipates that the project will be in production within four years. The current unaudited resource figures reflect measured resources of 11,593,125 tonnes and indicated resources of 921,358,728 tonnes. The resource modeling and a SAMREC-compliant Competent Persons Report is under way and should be completed before June 2008. The company expects to release its reviewed interim results on 10 March 2008. Issue of Shares On 19 February 2008, under the general authority of the directors, Petmin issued 15,000,000 shares in the Company. The Company now has 526,713,602 shares in issue, with the new shareholding representing 2.85% of the total shares in issue. The shares were issued at R3.08 per share, being the volume weighted average price less 10% on the agreement date of 5 February 2008. In line with Petmin's objective to increase its international shareholder base, the shares were issued to a major international financial institution. The funds raised by the share issue will, inter alia, be utilised by Petmin's subsidiaries to acquire alternative sources of power supply to mitigate the effect of potential power interruptions or load shedding, and to fund the accelerated exploration and production plan at Somkhele. At this stage it is anticipated that the increase in the operating cost resulting from the alternative power supply will not have a material effect on the medium-term profitability of Petmin's operations. Petmin is evaluating the impact of the power interruptions and will provide more detail in respect of their effect on the Company's operations when the full impact is known. This announcement has not been reviewed or audited by the Company's auditors. Johannesburg 20 February 2008 Corporate Avisor and Sponsor River Group +27 12 346 8540 Nominated Adviser & Broker Numis Securities Limited +44 20 7260 1000 John Harrison Stuart Skinner Public Relations Russel & Associates +27 11 880 3924 Shelagh Blackman Parkgreen Communications +44 20 7851 7480 Justine Howarth Erica Nelson This information is provided by RNS The company news service from the London Stock Exchange END TSTFKKKKCBKKNBB
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