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PNC
PNC
PNC - Pinnacle Technology Holdings - Trading Statement
Pinnacle Technology Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1986/000334/06)
Share code: PNC ISIN: ZAE000022570
("Pinnacle" or "the company")
TRADING STATEMENT
In terms of the Listings Requirements of JSE Limited ("JSE"), companies are
required to publish a trading statement as soon as they become
reasonably certain that the financial results for the period to be reported on
will be more than 20% different from that of the previous corresponding period.
Pinnacle`s shareholders are informed that, for the six months ended 31 December
2009, Pinnacle`s turnover increased by 8.2% to R 1.465 billion (31 December
2008: R1.354 billion).
Fully diluted headline earnings per share is projected to be between 33.3 and
35.3 cents per share, being between 33.7% and 41.8 % higher than the results of
the comparative period (31 December 2008: 24.9 cents per share).
Stakeholders are advised that the expiry of the put option on 30 June 2009,
relating to the 37 281 647 shares held by Amabubesi Investments (Pty) Ltd, has
removed the IFRS requirement to add back these shares when calculating the
weighted average shares in issue as used in earnings and headline earnings per
share calculations.
Earnings and headline earnings per share is therefore based on the increased
number of 181 836 624 shares (31 December 2008:145 497 603)
Stakeholders are advised therefore to consider Fully diluted headline earnings
per Share when comparing financial performance per share to prior years, as
Fully diluted headline earnings per share has previously been based on the total
number of shares held by equity owners.
Earnings per share is projected to be between 28.6 and 30.6 cents per share,
(based on 181 836 624 shares) being between 5.9% lower and 0.7% higher than the
results of the comparative period (31 December 2008: 30.4 cents per share, based
on 145 497 603 shares).
Headline earnings per share is expected to be between 33.3 and 35.3 cents per
share (based on 181 836 624 shares), being between 9.5% and 16.1% higher than
the results of the comparative period (31 December 2008: 30.4 cents per share,
based on 145 497 603 shares).
Net tangible asset value per share is projected to be between 222 cents per
share and 232 cents per share being between 60.5% and 67.8% higher than the
results of the comparative period (31 December 2008: 138.4 cents per share)
The Acid test ratio is expected to be 1.09 (31 December 2008: 1) and long term
debt as percentage of equity 5.2% (31 December 2008: 5.75%)
The above information has not been reviewed or reported on by the company`s
auditors. The company`s financial results for the 6 months ended 31 December
2009 are expected to be published on or about 23 February 2010.
The half year results presentation will be held at Investec Bank in Sandton on
24 February and Investec Bank in Cape Town on 25 February 2010.
Presentation details are available from Allecia Haveman on
Alleciah@pinnacle.co.za, telephone number 011 265 3025.
Midrand
Thursday, February 11, 2010
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Date: 11/02/2010 11:12:03 Produced by the JSE SENS Department.
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