In terms of the Listings Requirements of the JSE Limited, 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 next will differ by more than 20% from those of the previous corresponding period.
Shareholders are hereby advised that a reasonable degree of certainty exists that the Company expects to report a loss and headline loss per share of between 14.70 cents per share and 15.56 cents per share for the six months ended 30 June 2017 compared to a loss and headline loss per share of 8.67 cents for the six months ended 30 June 2016, being a decrease of between 69.51% and 79.51%.
The reason for the decrease in earnings and headline earnings per share in the current reporting period is mainly a result of the low level of recoveries during the current reporting period, an increase in legal expenses and a decrease in interest received. The net asset value decreased with 15 cents per share from R2.23 at 31 December 2016 to R2.08 at 30 June 2017.
The information contained in this trading statement has not been reviewed or reported on by the Company’s external auditors. R&E expects to release its financial results for the six months ended 30 June 2017 on or about 10 August 2017.
7 August 2017