Trading statement for the financial year ended 31 December 2010
Consolidated headline earnings per share (“HEPS”) for the Group for the year ended 31 December 2010 are expected to increase to between 186 cents and 215 cents from the headline loss per share of 1072 cents for the year ended 31 December 2009. In evaluating this HEPS increase, shareholders should bear in mind that the company had issued a substantial amount of ordinary shares in December 2009 (137 million ordinary shares) following the restructuring of Bafokeng Rasimone Platinum Mine (“BRPM”) whereby the company assumed operational control in January 2010. In November 2010 a further 26.6 million shares were issued, attributable to the Initial Public Offering and listing of the company’s entire issued share capital on the JSE Limited. The results were also impacted by a change in the accounting treatment of the Group’s investment in BRPM from proportionate consolidation up to listing, to full consolidation after listing due to the change of control of BRPM.
RBPLAT expects to release its financial results on or about 8 March 2011.
The information above has not been reviewed and reported on by the Group’s external auditors.
4 February 2011
RAND MERCHANT BANK (a division of FirstRand Bank Limited)