Omnia

Diversified, specialist chemical services provider Omnia Holdings advised on Friday that, for the interim period ended 30 September 2009, the group expects a loss of between R95-mn and R105-mn or a loss per share of between 210c and 230c, after a profit of 839c in the prior comparative period.

The group said as indicated when it published its year-end results in June, the financial year ended March 31 2009 was an exceptional year for the group. The past financial year was characterised by unprecedented market conditions, in that it reflected neither the typical trading nor growth patterns experienced in previous years. "Commodity prices in general have substantially declined since the beginning of the year, with the group being significantly exposed to the rapid decrease in prices of nitrogen, phosphate and potash, the basic ingredients of fertilizer.

The unprecedented collapse in the price of these commodities left the group holding substantial fertilizer stocks for its farming customers valued at considerably higher prices than current market value. This has necessitated a material downward adjustment to the carrying value of the stock," the group stated in a trading update. The drop in commodity prices also had a negative effect on demand since farmers reduced their orders to the minimum while prices were declining.

The mining industry in South Africa which forms an important component of the group's customer base was also negatively impacted by the decline in commodity prices, it said. "Accordingly, shareholders are advised that, for the interim period ended 30 September 2009, the group expects a loss of between R95-mn and R105-mn or a loss per share of between 210c and 230c, after a profit of 839c in the prior comparative period," Omnia stated. It added that signs of economic recovery are visible. The financial results for the review period will be published on November 30 2009.

Aveng

Africa's 2nd-biggest construction group Aveng Ltd expects its performance in the 1st-half of 2010 to be worse than 2009 as trading conditions remain tough, it said on Friday.

The South African World Cup stadium builder said volumes in its steel manufacturing and processing business had stabilised, but said the continued strength of the Rand currency would hurt foreign earnings. Aveng said its 2-year order book at end-September rose to R31.3-bn from R30.4-bn at end-June, while its total project pipeline remained stable at R100-bn.

The firm said it had been awarded several contracts during the period, including a R350-mn contract to build a hospital in the Western Cape and a R320-mn contract for chimneys and silos for the Medupi power station. Aveng was granted an extension of its contract at Two Rivers Platinum mine for R360-mn and McConnell Dowell won contracts to construct marine facilities on the Sino Iron Project in Hong Kong and the Singapore International Cruise Terminal on Jurong Island.

Construction continues to be the best-performing sector in South Africa, bolstered by a government infrastructure spending program and preparations for the 2010 soccer World Cup, for which Aveng's Soccer City stadium will host the final.

Gold Reef Resorts

Despite a difficult trading environment, Gold Reef Resorts reported on Friday that headline earnings per share for the 9 months ended September had increased by 5% to 86c from 81.8c for the previous comparative period. The group saw increases in both revenue and earnings before interest, tax, depreciation, amortisation and rentals (Ebitdar). Revenue grew 3% to R1.6-bn compared to the same period last year with market share improvement in Gauteng. Ebitdar increased 5% to R633-mn.

The company continued its active focus on cost control, growing the Ebitdar margin to 38.5%. Employee cost pressures were offset somewhat by headcount reductions through natural attrition and operating costs were well managed in spite of substantial increases in electricity costs in the second half of the financial year, the company said in a trading statement. On developments within the company, Gold Reef said the major refurbishment undertaken at Golden Horse Casino, which included the gaming floor, food and beverage facilities and conferencing, was substantially completed and included the successful implementation of smartcard gaming. The refurbishment at Garden Route Casino is currently underway with smartcard gaming having been successfully launched at this property too. The renovation of the Theme Park hotel is also progressing well with construction of the main hotel building anticipated to be completed this year. The balance of the renovation is expected to be completed in the 1st half of 2010.

Looking ahead, the company said the tough trading conditions are expected to persist into the 4th quarter of the financial year with consumer activity likely to remain relatively subdued. "Notwithstanding this, Gold Reef remains well positioned to benefit from an improvement in economic conditions and strengthening of consumer confidence. "Focus on costs will remain a priority and the Company will continue to pursue development initiatives of its casino portfolio," Gold Reef added.

Shoprite Holdings

Shoprite Holdings said on Monday that its turnover grew by 15.3% for the 3 months ending September. The group added that it increased its market share by 1.6% to its highest level of 31.67% in September. In an operational update Shoprite said it now boasted the largest share of all supermarket groups in South Africa. "This was achieved in a period in which internal food inflation declined to a third of what it was for the same period of the previous year.

These results were achieved against the background of the prolonged recession that became increasingly apparent as job losses and shrinking disposable income took their toll on consumers," the supermarket chain said. The global recession has not left the rest of Africa unscathed. However, the Group's non-RSA business achieved a sales growth of 16.5% at a constant rate of exchange. Due to the strengthening of the Rand against other African currencies a 4.3% sales growth in Rand terms was achieved. "In a difficult furniture trading environment aggressive discounting intensified, putting additional pressure on margins.

The Group's furniture division nevertheless managed to increase turnover by 8.8%," Shoprite said. "Management expects a challenging trading period for the rest of the financial year to June 2010. The current low food inflation and substantially higher cost inflation in expense items is likely to continue," the group concluded.

Famous Brands

Famous Brands released "satisfactory" results in exceptionally difficult trading conditions, the listed casual dining company said on Monday as it released its interim results. "Across the quick service and casual dining market, fierce competition is the order of the day, with all players focused on defending and growing market share," said the company. The modest gains in consumer disposable income, made available through interest rate cuts and lower fuel prices, appear to have been directed at paying off personal debt.

For the 6 months ended August 31, 2009, group revenue rose 14% to R811.4-mn. Operating profit of R139.8-mn was up 13%, reflecting hardly changed operating profit margin of 17.2%. The company said that both earnings and headline earnings per share increased by 16% to 93c. Famous Brands said trading conditions in the developed world were more difficult and the group's Wimpy operations in the United Kingdom experienced a consequent reduction in turnovers. Looking ahead, the company expected the current difficult trading conditions to continue. However, Famous Brands was confident it was positioned to capitalise on any improvements in the months ahead and in particular during the holiday season through its strong representation at transient sites, coastal resorts and major shopping centres. Famous Brands "footprint", including Steers, Debonairs Pizza, FishAways, Wimpy and Mugg & Bean, extends to 723 restaurants across South Africa, 17 other African countries and the UK.

Ansys Limited - Trading Update

Shareholders are advised that Ansys is currently finalising its interim results for the six months ended 31 August 2009 and it is expected that Ansys earnings and headline earnings per share will be a loss of between 0.7 cents and 1.7 cents per share, which represents an improvement from the prior year's interim results of between 65% and 85%. The financial information on which this trading statement is based has not been reviewed by Ansys' auditors.

Ansys specialises in the design and integration of monitoring and control systems for the transport, industrial and defence sectors, with most of its revenue obtained through the tender process. As a result of the usual delay in the award of tenders in the first half of the year, project revenue is also expected to be higher in the second half of the financial year than in the first half.
The interim results for the six months ended 31 August 2009 are expected to be published on SENS on 03 November 2009.

Value Group

Value Group has reported improved margins after the logistics company applied strict cost controls in the 1st half of its financial year. Gross profit margins increased from 43% to 45% in the 6 months to end-August 2009. Operating margins rose from 8.7% to 9.5% during the same period. As a result, operating profit was more or less unchanged at R60.5-mn from the previous year, in spite of revenue falling 9% year-on-year to R635.6-mn.

Value said that the improvement in margins was also as a result of market share gains and an increase in customers. "We have restructured our business and it is sustainable. When things pick up, and they will, we will stand to benefit." Value has declared a maiden interim dividend of 6c/share as a result of "management's confidence of earnings sustainability going forward".

Value offers supply chain services in the Southern African region, including distribution, transport, fleet management and commercial vehicle rental. The company's biggest division is distribution, which made up 74% of total revenue in the most recent interim results. This unit focuses on moving goods in the chemicals, telecoms, electronics, textiles and food sectors. The company is experiencing an increase in activity in the electronics and chemical sectors. Value's truck rental division has been one of the hardest hit by the economic downturn. Revenue in this division fell 23% to R21.4-mn compared to the same period last year. "From a customer perspective, this is the easiest part of the supply chain to cut out. Trucks are rented for overflow and there is not much overflow in the recession."

Value expects to report comparable earnings at its year-end in February 2010.

Vodacom

South African telecommunications company Vodacom said on Tuesday that headline earnings per share (HEPS) for the 6 months ended September 2009 are expected to be between 10% and 20% lower than those for the 6 months ended September 2008.

The company said in a trading statement that notwithstanding the more difficult trading conditions, particularly in the international operations, it is encouraged by its core operating performance and expects group revenue growth of approximately 10% and earnings before interest, taxation, depreciation and amortisation (EBITDA) growth of approximately 8% for the 1st half compared with the same period last year. Despite this satisfactory operating performance, headline earnings have been affected by higher finance charges and losses on the re-measurement of financial instruments.

Furthermore, headline earnings were also impacted by the reversal of a deferred taxation asset of approximately R500-mn due to the reduced profitability of Vodacom DRC arising from weak macroeconomic trading conditions in that country. Vodacom also expects to recognise impairment losses of approximately R3.2-bn, mainly in relation to the Gateway acquisition, as a result of recent adverse changes in the economic environment, increased price competition and the resulting poorer trading trends. The main difference between basic earnings and headline earnings will be the impairment of goodwill in relation to Gateway, the group said.

Basic earnings per share (EPS) for the 1st half are expected to be between 95% and 105% lower compared to the EPS for the 6 months ended September 2008. Vodacom's interim results are expected to be released on or about Monday November 9 2009.

Pioneer Foods

Food group Pioneer Foods on Tuesday advised shareholders that headline earnings per share (HEPS) for the 12 months ended September 30 2009 are expected to be between 350c and 405c per share (2008: 292cps) or between 20% and 39% higher than the previous corresponding period. Earnings per share (EPS) are expected to between 315c and 370c (2008: 282c) or between 12% and 31% higher. The group said the difference between EPS and HEPS was mainly from the impairment of goodwill relating to a particular transaction and certain fixed assets. A fire occurred at the S.A.D raisin production facility in Upington in August 2009. A provision for loss of raisin stock of R48-mn is raised in terms of IAS 37 that prescribes the accounting treatment of provisions, contingent liabilities and contingent assets and is included in EPS and HEPS. This provision is expected to be reversed, possibly even before final approval of the full year results by the board, once the insurer acknowledges the insurance claim.

"The growth momentum of the 1st half accelerated slightly in the 2nd half with lower selling prices on average in the key pasta, rice, bread and wheaten products categories, compared to the previous year," said Pioneer. It noted that the deflationary effect of lower input costs and selling prices resulted in lower average inventory and debtor values compared to the previous corresponding period which contributed to better cash utilisation and lower financing costs.

The results for the 12 months ended September 30 2009 will be announced on or about November 30 2009.

Kairos

Kairos Industrial Holdings said on Tuesday that its loss and headline loss per share for the 6 months ended August 2009 are expected to be between 55% and 75% higher than the reported loss and headline loss per share for the prior comparative period. The results for the period ended 31 August 2009 are expected to be published around 30 October, the company said.

Trustco

JSE-listed Namibian micro financial services group Trustco expected its earnings for the 6 months to September to rise by between 35% and 55%, the company said on Monday. Headline earnings a share were expected to grow by between 45% and 65%. Revenue also grew by between 20% and 30%, for the period. In June, the firm completed the sale of its restaurant business.

Merafe Resources

South African ferrochrome producer Merafe Resources said on Tuesday output at its joint venture with Xstrata fell 47% between January and September compared with the same period last year. Merafe said ferrochrome production at the venture had dropped to 126 000 tons during the period due to the suspension of up to 80% of production capacity earlier this year following a slump in demand. The company said furnace production had been restored to 85% of total capacity after a rebound in demand. Ferrochrome producers in South Africa, the world's biggest producer, as well as the global ferrochrome industry have slashed output by around two-thirds this year in response to lower demand resulting from the economic downturn. Merafe said earlier this month the European benchmark ferrochrome price had been settled at $1.03 per pound for the 4th quarter of 2009, up 16% from the 3rd quarter price of $0.89 per pound.

Pioneer Food Group Limited - Trading Statement

Pioneer Foods advises that for the 12 months ended 30 September 2009, HEPS is expected to be between 350 and 405 cents per share (2008: 292 cps) or between 20% and 39% higher than the previous corresponding period. EPS is expected to between 315 and 370 cents per share (2008: 282 cps) or between 12% and 31% higher.

The difference between EPS and HEPS is mainly from the impairment of goodwill relating to a particular transaction and certain fixed assets.

A fire occurred at the S.A.D raisin production facility in Upington in August 2009. A provision for loss of raisin stock of R48 million is raised in terms of IAS 37 that prescribes the accounting treatment of provisions, contingent liabilities and contingent assets and is included in EPS and HEPS. This provision is expected to be reversed, possibly even before final approval of the full year results by the Board, once the insurance claim is acknowledged by the insurer. The operational performance for the full year to September 2009 was broadly in line with the guidance provided in the Condensed Interim Financial Results released on 25 May 2009.
The growth momentum of the first half accelerated slightly in the second half with lower selling prices on average in the key pasta, rice, bread and wheaten products categories, compared to the previous year. The deflationary effect of lower input costs and selling prices resulted in lower average inventory and debtor values compared to the previous corresponding period which contributed to better cash utilisation and lower financing costs.
As previously reported by the Company, the legal arguments of the Competition Commission and the Company's wholly-owned subsidiary Pioneer Foods (Pty) Ltd were made before the Competition Tribunal on 9 September 2009 in the two complaint referrals initiated by the Commission for:
1. alleged prohibited practices in the Western Cape requiring, amongst others, the imposition of an administrative penalty of 10% of the revenue derived by Pioneer Foods (Pty) Ltd from the production and sale of bread in the Western Cape in 2006; and
2. allegations of participating in a national bread cartel requiring, amongst others, the imposition of an administrative penalty of 10% of Pioneer Foods (Pty) Ltd's revenue in 2007.
In its answer to the complaint referrals in 2007, Pioneer Foods (Pty) Ltd admitted to certain facts relating to prohibited practices in the Western Cape and has continued to defend itself against all other allegations made by the Commission.
On 28 September 2009, the Commission applied to the Competition Tribunal for leave to amend the relief sought by it in the complaint referrals by introducing, amongst others, claims for:

1. substitution of the original relief sought in the Western Cape referral by the demand for an administrative penalty of 10% of Pioneer Foods (Pty) Ltd's revenue for 2006; alternatively an administrative penalty of 10% of Pioneer Foods (Pty) Ltd's revenue derived from the production and sale of bread in 2006; and

2. in the national bread cartel case, alternative relief of an administrative penalty of 10% of Pioneer Foods (Pty) Ltd's revenue derived from the production and sale of bread in 2006.

Pioneer Foods (Pty) Ltd has opposed certain of the amendments sought.

The legal entity Pioneer Foods (Pty) Ltd's audited national revenue in 2006 amounted to R7.86 billion. Pioneer Foods (Pty) Ltd's revenue derived from the production and sale of bread in the Western Cape in 2006 amounted to R384 million and its national revenue from the production and sale of bread in 2006 amounted to R1.65 billion.

To date, the Tribunal has not ruled on the amendment sought by the Commission nor the two complaint referrals.

No provision for a potential administrative penalty has been made by the Company to date.
Pioneer Foods remains committed to the principles of good corporate governance and further entrenching its Legal Compliance Programme.

The annual results for the 12 months ended 30 September 2009 will be announced on or about 30 November 2009. The forecast financial information, on which this trading statement is based, has not been reviewed or reported on by the Company's auditors.

Austro

Austro's earnings a share and headline earnings a share for the year to August would be between 60% and 80% lower than a year earlier, the distributor of generators and woodworking machines said on Friday. Last year Austro reported headline earnings a share of 25.9c and earnings a share of 26.1c off revenue of R715.1-mn. Last year it said it would consolidate its acquisitions and seek organic growth.

Adcorp

Earnings at Adcorp took a 13.3% knock in the 6 months to end-August - a drop the recruitment and human resources company has blamed entirely on negative economic conditions.
CEO Richard Pike said the earnings decline is not expected to stabilise before Adcorp's year-end in February 2010. Normalised earnings for the period were 157.8 cents per share, down from 182c/share in the same period last year.
Operating profit fell 19% to R86.3-mn. The normalised operating profit margin was 5.3% during the period, compared to 6.2% in the previous year's 1st half. Adcorp declared an interim dividend of 50c/share, in line with decreased profitability. This compares to a distribution of 62c/share in the 2008 interim period. Big business, especially in manufacturing and mining, has laid off workers over the past year because the cost of a permanent workforce base is not substantiated by decreased working hours.
Adcorp has benefited because these companies have opted for a more flexible labour supply. Pike said Adcorp recruitment agencies focusing on financial services skills bore the brunt of the crisis. However, these operations are now showing signs of stabilising.

PSG Group

PSG Group, which is an investment group involved chiefly in the financial services sector, on Wednesday reported an 11% increase in recurring headline earnings per share to 81.8 cents for the 6 months ended August 2009. Recurring headline earnings (before funding and STC) increased by 3% to R181-mn.

Announcing the results, PSG Group's chair, Jannie Mouton, said PSG has over time consistently sensitised the market that recurring headline earnings is a more sustainable measure of PSG's performance, as headline earnings tend to be very volatile. Recurring headline earnings excludes mark-to-market and other once-off items. For the period under review, PSG Group's headline earnings per share increased by 359% to 135.9 cents per share. The main contributors to these earnings are the marked-to-market movements in Thembeka Capital's and PSG Corporate's listed share portfolios. In contrast PSG's headline earnings for the previous reporting period, for the year ended 28 February this year was 65 cents per share, a then decline of 78%. Mouton said PSG Group's structure was further refined and is now well defined in 5 predominant investments, with earnings diversified across a broad spectrum of the economy.

A stellar performance was delivered by retail bank, Capitec in which PSG has a 34.9% interest. Its earnings for the period under review increased by 50% and contributed R62-mn to PSG's earnings. The bank remains on solid footing with R1.5-bn in own equity against R4.3-bn of assets (excluding cash) and it is in a position to repay all retail call deposits on demand. Mouton said the performance can be attributed to Capitec's strong management as well as its positioning in a growing market segment. Capitec now has more than 2-mn clients - a 31% increase from a year ago.

Taking cognisance of the current economic environment and the effect on its clientele, PSG Konsult delivered reasonable results with its contribution to PSG's headline earnings down by 17% to R29-mn. However, total fees increased by 3% to R373-mn and funds under administration increased from R50-bn to R63-bn aided by the acquisition of T-Sec's private client stockbroking clients. PSG Konsult, a 73% subsidiary of PSG Group, remains well positioned with growth prospects through a strong distribution network of around 200 offices and more than 500 advisors serving 120 000 clients, Mouton said. In addition to its 41% stake, PSG also manages Zeder. Its contribution to PSG's recurring earnings was R36.4-mn, an increase of 30% mainly as a result of PSG increasing its shareholding and following its rights in a R495-mn rights issue by Zeder. Paladin listed on the AltX in September 2009 and raised R150-mn by means of a renounceable rights issue to PSG shareholders earlier in October.

Mouton said Paladin, which is managed by PSG Group, remains PSG Group's preferred investment vehicle in industries other than the financial and agri related sectors with its investment portfolio currently comprising of 13 investments. Paladin's contribution to recurring headline declined by 21% to R30.1-mn as a result of a loss contribution from tanker manufacturer, GRW, who was severely affected by the downturn in the economy. Paladin's R68.1-mn contribution to PSG's to non recurring headline earnings was lead by Thembeka Capital through the favourable marked-to-market movements of its investments in JSE Ltd and Capitec.

Anglo American notes announcement by Xstrata

The Board of Anglo American plc notes the statement made by Xstrata plc that it has withdrawn its proposal for a combination of the two companies.
Anglo American Chairman, Sir John Parker, said: "The Board continues to have full confidence in the value inherent within the Group's unique asset base and the additional value that we can drive from it. I look forward to working with the management team to deliver this value for our shareholders."

SABMiller plc Trading Update

SABMiller plc today provided an update regarding trading during the six-month period ended 30 September 2009, which is the first half of its financial year. The calculation of the organic growth rates below excludes the effects of acquisitions and disposals.

Lager volumes for the first six months, on an organic basis, declined by 1% compared to the prior year, reflecting difficult trading conditions across many of our markets, while soft drinks volumes were 1% ahead. During the period, group revenue was supported by price increases taken in the prior year. Financial performance for the half year was in line with our expectations.

In Latin America, lager volumes for the first half declined by 1%. Lager volumes in Colombia were 2% below the prior year which benefited from increased sales in September 2008 ahead of a 1 October price increase. However, year to date volumes through to 13 October were approximately level with the prior year. Against strong prior year comparative growth, lager volumes in Peru declined by 2% although we gained significant market share in a declining market as the effects of a weak economy were compounded by social disruption and transportation strikes during the second quarter. Ecuador continued to perform well with lager volumes growing 7% due to higher consumer disposable income together with marketing and distribution initiatives. Panama's lager volumes were 2% above the prior year. In Honduras, total volumes were level with the prior year.

Europe lager volumes were down 6% on an organic basis as adverse economic conditions in the region continued to depress consumer spending. In Poland, volumes were down 4% for the half year but we increased market share and delivered marginal volume growth in the second quarter. In the Czech Republic, domestic volumes declined 3%, with performance improving in the second quarter, driven by higher levels of trade investment and growth in off premise share. The economic environment continued to deteriorate in Romania and, despite improved market share, organic volumes for the half declined 12% following strong prior year comparative growth of 24%. In Russia, weakening consumer spending resulted in the beer market declining 6%, and our volumes were down 12% on an organic basis as our portfolio was impacted by down trading. In a weak market, volumes for the UK grew 15% on a like for like basis.

In the six months ended 30 September 2009, MillerCoors U.S. domestic volume sales to retailers ("STRs") were down 1.0% on a pro forma1 basis. For the second quarter, MillerCoors STRs were down 1.3% against the prior year with equal trading days in the period. Premium light brand volumes were down low single digits in the quarter due to a mid single digit decline in Miller Lite and a slight decline in Coors Light partially offset by continued strong growth of MGD 64. The craft and import portfolio grew slightly during the quarter, driven by high single digit growth of Blue Moon. The below premium portfolio grew low single digits with double digit growth from Keystone Light and continued growth in Miller High Life. Domestic sales to wholesalers ("STWs") were down 0.7% against the prior year for the second quarter.
MillerCoors pro forma figures are based on the comparable volumes for Miller and Coors' US and Puerto Rico operations for the six months ended September 2008.

Africa delivered lager volume growth of 3% on an organic basis. Soft drinks sales in Africa grew 5% on an organic basis with good performances across the region. Uganda continued its strong performance with lager volumes 18% ahead of the prior year supported by capacity commissioned during the second quarter, while lager volumes in Zambia grew 23% assisted by the excise reduction in March 2009. Mozambique lager volumes grew 7% reflecting increased distribution and marketing initiatives. Our associate Castel continued to perform well, particularly in Angola. Tanzania held market share although lager volumes were 6% below the prior year as we cycled strong comparative growth and the effects of a soft economy were compounded by drought in the north. Botswana continued to be impacted by the 30% social levy on alcohol introduced in November 2008 which, combined with an economic slowdown, drove lager volumes down 47%.
Lager volumes in Asia increased by 9% on an organic basis. In China, CR Snow continued to deliver strong performance with lager volumes growing 12% during the first half and market share increasing further, although wet weather and flooding in the Central and Southern regions slowed momentum in the second quarter. Our lager volumes in India were 22% below the prior year due largely to disputes over pricing and excise increases in some regions.

In South Africa, our lager volumes were 3% down and market share declined marginally during the period, in a market that continued to be impacted by reduced consumer spending and lower sales in the Western Cape, as a result of the restrictions on the sale of alcoholic beverages. Soft drinks volumes were down 2%, in line with the market.

BHP Billiton and Rio Tinto update on proposed iron ore production joint venture

On 5 June 2009, BHP Billiton and Rio Tinto signed a non-binding agreement to establish a production joint venture covering the entirety of both companies' Western Australian iron ore assets. Under the terms of the agreement up to 15 per cent of production was proposed to be sold by the joint venture, independent of BHP Billiton and Rio Tinto.
Following discussions between the two companies, BHP Billiton and Rio Tinto have decided not to proceed with the joint venture marketing activity.
As a result, all production from the proposed joint venture would be marketed separately by BHP Billiton and Rio Tinto.
The two companies believe that this change will clarify the nature of the JV for customers and emphasise its focus on realising significant production and development synergies. BHP Billiton and Rio Tinto are pleased with progress towards definitive JV agreements and expect to finalise these agreements on schedule.

BJM

Stock brokers Barnard Jacobs Mellet Holdings Limited (BJM) said on Tuesday it is expecting headline earnings per share for the 6 months ended September of between 11c and 14c compared to 10.9c for the previous comparable half-year. Earnings per share are expected to be between 14c and 16c versus 10.4c previously.
The company said that following the implementation of strict cost containment, management is able to report that all of the group's major business units are operating profitably. "Furthermore, management is resolute in ensuring that the group retains its market position across its key disciplines," it added. But it said the slowdown in agency trading activity following the deterioration in both local and global market conditions experienced during the previous financial year end continued into the current reporting period and has left profitability under pressure.
The company's interim results for the 6 months ended September 30 2009 will be announced on or about November 12 2009. BJM also issued a cautionary on Tuesday saying that it has entered into discussions, which, if successfully concluded, may have a material effect on the price of the company's securities.

Old Mutual - Mutual and Federal

Old Mutual has taken further steps to entrench its grip on its South African assets with a buy-out offer to minority shareholders in short-term insurer Mutual & Federal (M&F). The multi-national financial services group announced on Wednesday it will be buying up the remaining shares in issue in M&F for R1.8-bn. Old Mutual already holds about 73.5% of the stocks in issue. It will acquire equity at a price of 2 125c per share - a 21.2% premium to the 30-day moving average up to October 13.
The transaction will be settled with the issuing of new Old Mutual shares. Commenting on the transaction, group CEO Julian Roberts said: "This is a major step towards driving value creation between our South African businesses, which is one of our key strategic priorities. "We have identified specific business development opportunities and our increased ownership will enhance our ability to improve M&F's operational performance. It also removes any remaining uncertainty about the future of the business for staff and customers."
The move will not come as a surprise to the market, as speculation has been mounting that Old Mutual would take out the stake. Since taking the helm in late 2008, Roberts has been on a mission to simplify the structure of the business. He has emphasised getting maximum return out of South African assets including M&F, Nedbank Group and Old Mutual South Africa, all of which have remained highly profitable throughout the financial crisis.

Datatec

IT firm Datatec Ltd posted a decline in headline earnings per share for the 6 months to end August, in line with its own forecasts, and said it is looking for expansion opportunities.
The company, which is listed in London and Johannesburg and is a distributor for companies such as Cisco, said in a statement headline EPS fell to US4.9c in the 6 months to the end of August from US17.6c for the same period the previous year. It said diluted headline EPS came in at US4.8c compared to US17.4c in the previous period. The company said earnings were affected by the effects of the fair value adjustments of the put option liabilities. It added that excluding put option fair value adjustments, headline EPS would be US8.5c.
The group earnings before interest, tax, depreciation and amortisation (EBITDA) was down to $44.6-mn, which included unrealised foreign exchange losses of $0.6-mn and realised foreign exchange losses of $5-mn. The company said it expects both earnings per share and headline earnings per share for the 2010 financial year to be about US23c.

Astrapak

Plastic packaging group Astrapak on Monday said that headline earnings per share (Heps) from continuing operations increased by 824% to 47.1 cents for the 6 months ended August 31, from 5.1 cents in 2008. Fully diluted Heps increased by 845%, and earnings per share from continuing operations were up 821%. Revenue for the period was down 3.7%, to R1.26-bn, and profit from continuing operations was at R52.1-mn, from a loss of R14.2-mn earlier. Ebidta from continuing operations was up 14%, according to Astrapak.
Astrapak said the results in the comparative period were negatively impacted on by certain once-off items of expenditure and a reversal of a number of deferred tax assets totalling approximately R20-mn.
"During the past 12 months Astrapak engaged in a strategic review of its portfolio of operations, target markets, management structures, capital structures and its underlying growth strategies. The information extracted during this review was analysed and used to redefine the future strategy for the Group," Astrapak said.
The group said it had resolved to focus and invest in it's core Film and Rigid divisions. "The profile of the group has therefore changed significantly from that reported in previous periods. The group is now best described as a manufacturer and distributor of an extensive range of rigid and film plastic packaging products," it said. The Board decided not to declare an interim dividend in order to preserve funding for the Group's strategic growth options, it said.
Looking ahead, the packaging group said that uncertainty around current economic conditions, local and foreign, would continue to impact negatively on consumer confidence. "The steep increase in the cost of electricity and other cost increases are of further concern and need to be monitored and managed on a continuing basis."

Zeder

PSG-owned agri-business investor Zeder has topped up its stake in the Paarl-based liquor group from 26.2% to 31.1% after underwriting a R150-mn rights issue, it was disclosed on Monday afternoon.
KWV, which recently separated out its stake in Distell, raised R150-mn in new capital to fortify its balance sheet in the prevailing tough trading conditions. Zeder and VinPro were the underwriters for the rights offer in the ratio of 78.6% to 21.4%. VinPro's stake in KWV has increased from 7.3% to 8.5%. KWV's rights offer pitched 24.2-mn new shares in the ratio of 54 new rights at 623c/share for every 100 KWV shares already held.
The rights price represented a substantial discount on KWV's latest traded OTC (over-the-counter) price of around 800c and an even bigger discount on the last stated net asset value of 2 400c/share. Despite the seemingly attractive rights offer pitch, KWV announced that shareholders subscribed for 20-mn shares or 83% of the rights offer. That meant Zeder's underwriting commitments secured 3.2-m new KWV shares and VinPro almost 900 000 shares.
Zeder, which owns stakes in a number of unlisted agribusinesses, has previously indicated a willingness to build its stake in KWV closer to the 35% shareholding level.

Sasol

Petrochemicals group Sasol on Monday reported a 33% drop in full-year headline earnings and said it expects earnings for the 2010 financial year to fall year-on-year. The world's top maker of motor fuel from coal said headline earnings per share for the year to end-June fell 33% to R25.42, hit by lower oil and product prices and a stronger Rand to the US Dollar. The result came at the lower end of its own forecast of a fall between 32% and 37%. "While there has been some recovery in the markets of late, the crude oil price and Rand/US Dollar exchange rate remains volatile," it said in a statement.
Sasol said the average oil price achieved during the year was cushioned by the effect of its oil hedge which resulted in a realised gain of R5.056-bn. "Taking into account the overall market conditions and our assumptions in respect of crude oil and product prices... the earnings for the 2010 financial year are expected to reflect a reduction compared to the 2009 financial year."
Sasol said it had re-prioritised capital expenditure for the next 2 years to about R15-bn per annum. The company declared a final cash dividend of R6 per ordinary share. Headline EPS strips out certain one-off, financial and non-trading items.

Huge Group

Telecommunication supplier Huge Group on Monday advised that its headline earnings per share and earnings per share for the half-year ended 31 August 2009 are expected to be 110% to 130% lower than the 26.18 cents reported for the previous comparative period. Huge Group said main reasons for the decrease in EPS and HEPS could be attributed to a reduction in cellular airtime and other revenue of R14-mn from R262-mn for the 1st half of this year to R253-mn for the f1st half of 2010.
Weighted average daily cellular airtime revenue was down by R75 000 per average calling day from R1.9-mn per average calling day to R1.8-mn per average calling day. There were 131.5 weighted calling days during 1HY10 versus 132 weighted calling days during 1HY09, which had the effect of reducing gross profit by R2.8-mn based on current discounts received from the mobile network operators, with the after tax impact on earnings amounting to R2-mn, according to Huge. "An increased focus on sales coupled with the appointments of a managing director: Sales and a managing director: Channel and Distribution at Huge Telecom, should result in an improvement during 2HY10," it said. Huge added that the contractual seasonality or timing patterns of mobile network contracts, with a contract period of 24 months, had the effect of reducing connection incentive bonuses earned during 1HY10 by R13-mn from R43-mn in 1HY09 to R29-mn during the period under review.

Calgro M3

Calgro M3 wishes to advise shareholders that the company's earnings per share for the 6 months ended 31 August 2009 is expected to be between 77% and 97% higher than those reported on in the previous corresponding period.
Headline earnings per share for the 6 months ended 31 August 2009 is expected to be between 108% and 128% lower than those reported on in the previous corresponding period.
The variation between EPS and HEPS is attributable to the profit made on the disposal by Calgro M3 Land (Proprietary) Limited of 30% of its equity interest in and cession of its claims against Fleurhof Extension 2 (Proprietary) Limited, as detailed in the circular dated 7 April 2009. The financial information on which this trading statement is based has not been reviewed or reported on by the company's auditors.

Spanjaard

Spanjaard, a manufacturer of specialised lubricants and allied chemical products, on Thursday reported a 95% fall in its 1st half earnings and headline earnings per share. Releasing its results for the 6 months to end August, the company said earnings and headline earnings per share were 1.4 cents compared with 28.9 cents in the same period last year. A half-year profit of R117,000 was posted against last year's 1st half profit of R2.4-mn. Revenue dropped 16% to R40.8-mn from R48.4-mn, partly due to the weak local industrial market, but also as a result of export sales being affected by weak market conditions. "We have invested R1.3-mn in the acquisition of new equipment to improve normal capacity," the company said in a statement to the JSE.
Looking ahead, the company said historically the 2nd half of the financial year has produced better results than the first. "We have the expectation of ending the financial year comfortably in positive territory," the company added.

Taste Holdings

Taste Holdings expected interim earnings per share (EPS) to fall by up to 85%, the franchise holding firm said yesterday. Headline EPS would shed up to 50% compared with the 6 months to August last year. Headline EPS were knocked by the rise in the weighted average number of shares in issue as well as added finance costs and amortisation charges recognised this year as a result of the Natal Wholesale Jewellers acquisition and conversion of BJ's sites to Maxi's.

Anglo American Plc

Anglo American highlights progress on the development of its world class key strategic growth projects.

Anglo American is hosting a visit to South America for international investors and analysts from 6th to 8th October. The visit includes a number of presentations on Anglo American's three key strategic growth projects in Brazil and Chile, namely the Minas Rio iron ore project, the Los Bronces copper expansion project and the Barro Alto nickel project.

Anglo American has established a portfolio of world class operating assets and development projects, with a clear strategy to deploy capital towards commodities and projects that deliver long term, through-the-cycle returns. Anglo American has a $17 billion pipeline of approved projects across the most structurally attractive commodities of platinum, iron ore and copper, in addition to making targeted high quality investments in nickel.

Anglo American has prioritised investment in the development of its three key near term strategic growth projects during the economic downturn in order to position the Group to capitalise on the next phase of global economic growth. Excellent progress has been made at all three projects which remain on track to enter production from 2011 onwards and will be well placed on their respective industry cost curves, with long resource lives and positioned to allow the Group to benefit from a growing commodity demand environment.

Minas Rio (iron ore)
The Minas Rio iron ore project in Brazil is a rare multi-billion tonne resource in the highly attractive seaborne iron ore market with the benefit of an integrated logistics system and low production costs expected to be firmly in the first quartile of the cost curve. Since the acquisition of Minas Rio, Anglo American has undertaken considerable geological work to increase confidence in the resource estimates, resulting in the increase of resources from 1.2 billion tonnes at the time of acquisition in 2007 to 4.6 billion tonnes, a nearly fourfold increase, with further resource potential.
The beneficiation test work performed to date has produced excellent results, with pilot sample iron grade (Fe) above 69%. The anticipated product Fe grade over the life of the mine is expected to be above 68%, with extremely low alumina, silica and phosphorus contaminants. With such quality characteristics, Minas Rio pellet feed will rank as a top quality product in an industry that is expected to continue to experience declining ore grades. Across Anglo American's iron ore interests, the Group has the potential to increase iron ore production to in excess of 150 Mtpa within 10 years.

There has also been excellent progress made on the delivery of the first phase of project development. Anglo American has obtained a series of important licences since acquisition in August 2008 and the overall licensing process is on track. The construction of the port at Acu is well advanced and the earthworks for the beneficiation plant and pipeline are progressing towards first production in the second quarter of 2012, with ramp-up to 26.5 Mtpa. Due to the size of the ore body and the dedicated logistics infrastructure, Minas Rio has considerable expansion potential, with planning underway to increase production in a second phase to 80 Mtpa.

Los Bronces (copper)
Anglo American's 100% owned Los Bronces copper mine in Chile is well advanced in its expansion project, with engineering work more than 80% complete. Using proven technology, development is now well progressed into the execution phase with first production on target to be delivered in the fourth quarter of 2011.Production is scheduled to increase to an average of 415 ktpa over the first ten years of full production (490 ktpa over the first three years). At peak production levels, Los Bronces is expected to be the fifth largest producing copper mine in the world, with highly attractive cash operating costs of $0.70 per pound and reserves that support a mine life of 30 years. Resource and mineralisation studies carried out by Anglo American's technical teams support further potential expansion.

In addition to the Group's attractive copper growth options in other established mining jurisdictions, namely Peru and the US, Anglo American has announced two very significant and high quality new discoveries at Los Sulfatos and San Enrique Monolito close to its Los Bronces mine in Chile. These two new copper prospects together increase the Group's copper resources(excluding reserves)by approximately 50%.

Barro Alto (nickel)
The Barro Alto nickel project is progressing well, with overall development more than 70% complete, remaining on track for start up in the first quarter of 2011. This project leverages an existing operation and proven technology and will produce an average 36 ktpa of nickel in full production (41 ktpa over the first five years), with a cost position in the lower half of the curve. Further asset optimisation initiatives are underway which are expected to improve cost positioning further.
Barro Alto has an approved life of mine of more than 25 years with further upside potential from its extensive resource base. When Barro Alto reaches full production in 2012, Anglo American's nickel production will reach 60 ktpa, while additional potentially world class projects in the pipeline could increase production to 140 ktpa, with further upside potential, leveraging the Group's considerable nickel laterite technical expertise.

Minas Rio, Los Bronces and Barro Alto are three projects which demonstrate Anglo American's ability to deliver high quality, low cost projects that are well timed to deliver in a period of expected cyclical upturn as a result of consistent and focused investment through the cycle. In terms of production, Anglo American's $17 billion pipeline of approved projects is expected to deliver organic growth of one third by 2013.

SecureData

SecureData Holdings, a provider of information security and risk management products, on Wednesday reported diluted headline earnings per share of 2.9 cents for the year ended July 31, from 4.7 cents earlier. The group reported diluted earnings per share of 2.9 cents, from 4.7 cents earlier, while adjusted EPS was at 11.7 cents per share from 10.9 cents in 2008. Revenue increased 71% to R464.6-mn, from R271.3-mn previously. Profit from operations was at R42.4-mn from R27.7-mn earlier. EBITDA was up 57% to R57.3-mn, SecureData said.
The SecureData CEO said: "I believe this is a solid performance after a poor 1st half. Although the economic operating environment remains volatile, the company has historically proven to be resilient to the economic cycle. SecureData is firmly positioned to exploit its advantages in its selected markets."
Looking ahead, SecureData said it continues to gain market share in the markets in which it trades, and has become a significant IRM presence in the Europe/Africa region. "Debt levels have decreased to more comfortable levels and operating margins are improving. Cash and working capital management continue to be focus areas and the group remains cash generative". "The board believes the group is well positioned to take advantage of attractive opportunities within the IRM sector well into the future," it concluded.

PSG Group

PSG Group said on Wednesday that headline earnings for the 6 months ended August will be between 134c and 137c per share or between 352.7% and 362.8% higher. Recurring headline earnings after funding and secondary tax on companies (i.e. reportable headline earnings before marked-to-market profits/losses and abnormal items not necessarily of a recurring nature) will be between 78c and 85c per share or between 5.7% and 15.2% higher. Attributable earnings will be between 111c and 114c per share or between 266.3% and 276.2% higher than that for the 6 months ended August 31 2008.

"The increase in headline and attributable earnings per share is mainly as a result of marked-to-market profits," the group stated. The results for the 6 months ended August 31 2009 will be published on October 14 2009. PSG Group has investments in Capitec Bank, Zeder Investments and Petmin.

US Awash In Red Ink

US Federal budget deficit triple to a record $1.4 trillion in fiscal 2009 that ended last week. Previous record was $459 billion in 2008. Big drop in tax revenues due to the recession. $245 billion in emergency spending on Wall Street bailouts. $200 billion in cost from economy stimulus package.

Commodities

Gold gained to a record on Thursday for a 3rd day driven by mounting concern that currencies including the Dollar will lose value after governments boosted spending to combat the global recession, fuelling demand for the metal. Gold for immediate delivery traded at $1,050.63 an ounce at 11.25am in Singapore. Gold for December delivery in New York gained as much as 0.8% to $1,052.50 an ounce, also a record. Among other precious metals, silver jumped to a 14-month high of $17.89 an ounce, platinum rose 0.5% to $1,333.50 an ounce and palladium added 0.4% to $314 an ounce.

Altech

JSE-listed telecommunications group Allied Technologies' (Altech's) wide portfolio of services has been the key to sustaining growth in a tough environment, an analyst says. "Altech is trying to provide converged communication services and has a very focused approach, even though it is involved in a number of sectors in the market," said Frost & Sullivan ICT industry analyst Lindsey Mc Donald. The comments come as Altech reported an 11% revenue increase to R9.1-bn from R8.2-bn for the year to end-February on Thursday. Operating profit rose 32% to R874-mn, and net asset value per share increased by 15% to 2 328c. A dividend of 323c per share was declared, representing a 12% increase.
Altech, a member of the Allied Electronics (Altron) Group, is involved in the telecommunications, multimedia and information technology industries and owns brands like vehicle-tracker Netstar and service provider Autopage Cellular. Altech's purchase of internet service provider Lateral Technology Concepts is an example of its increasing portfolio of services, Mc Donald said. Technology Concepts offers a full range of internet service provider (ISP) products, services and solutions which are developed and managed in-house. With this acquisition, Altech is able to offer services in the broadband internet sector.

Datacentrix

The financial performance of IT company Datacentrix remained flat during its previous financial reporting period, although the group's targeted growth areas showed encouraging signs. The company reported a marginal increase in earnings over the 6 months to end-August 2009, making R52.5-mn profit compared to R52.3-mn in the previous comparable period. Headline earnings per share remained the same at 26.8c. The company experienced good performance in its newly identified growth areas, the Managed Printing Services (MPS) and Outsourcing and Resourcing businesses. MPS won a number of deals in the period under review, including its involvement in the Fifa Confederations Cup. However, Datacentrix remained cautious on the future. "While there has been much talk of 'green shoots', the macroeconomic environment remains challenging and uncertain," the company said in its results statement on Tuesday. Datacentrix said it expects to maintain its market share in the present environment.

The company declared an interim dividend of 13.4 cents, consistent with its policy of two times cover on headline earnings per share.

AdaptIT Holdings

JSE-listed IT firm AdaptIT Holdings reported growth of 60% in its interim revenue, but a soaring cost-of-sales margin meant profit remained almost unchanged. AdaptIT reported R60.5-mn revenue income for the 6 months to end-August 2009, compared to R37.8-mn for the comparable period in 2008. However, the company ended up with a R4.8-mn profit after taxation, from R4.5-mn in the same period in 2008. This is mainly due to its cost-of-sales margin, which increased to 59% from 49% in 2008. While the group did not give an explanation for the rise, a once-off transaction cost relating to AdaptIT's acquisition of ITS Holdings and difficult trading conditions seemed to have contributed. "The tough market conditions prevailing mainly in manufacturing and mining sectors have reduced operating profit of the AdaptIT and ApplyIT operating segments," the company said.

AdaptIT's strategy is to pursue growth through both organic and acquisitive means. So far, it seems to be paying off with ITS contributing a profit before tax of R0.7-mn for 2 months. AdaptIT's existing segment ApplyIT contributed R0.1-mn for 6 months. This is compared to R2.2-mn in the comparable period. "Notwithstanding the current economic situation, we are positive about the prospects of the group," AdaptIT said.

Altron

Electronics equipment group Allied Electronics Corporation on Monday reported adjusted diluted headline earnings per share of 100c for the 6 months ended August 31, versus 179c previously, representing a 44% decline. Altron revealed a decline in revenue of 8% to R12.1-bn from R13.2-bn earlier. Ebitda declined by 28% with Ebitda margins declining from 10.0% to 7.9%. The group reported operating profit of R731-mn against R1.1-bn previously, a decline of 35%. "As a result of lower finance income and greater earnings attributable to minorities due to the increased contribution from Altech East Africa as well as the Powertech Transformers BBBEE transaction, adjusted diluted headline earnings per share declined by 44%. This level of decline represents the comparison between what Altron believes is the bottom of the cycle and the peak that we saw in the 1st half of last year," the group said.

Looking ahead, Altron said that the recent economic data indicated that the bottom of the economic cycle may have been reached and there are tentative signs of recovery. "This is consistent with the trends we have seen in our businesses, many of which have reported improved results over the last couple of months. Nevertheless, demand levels in the economy remain weak compared to those seen at the peak of the cycle and any recovery is expected to be gradual," Altron said. Visibility going forward continues to be limited and the strength of the Rand is of serious concern given the impact this has on the translation of results from foreign operations, export markets and competition from foreign imports. "Compared to the first half, it is expected that the 2nd 6 months should provide an improved performance reflecting better trading conditions and realising the benefits of the rationalisation programs undertaken during the period under review," the group concluded.

Stefanutti Stocks Holdings

Engineering and construction group Stefanutti Stocks Holdings on Monday advised that its interim results for the 6-month period ended August 31, being earnings and headline earnings per share, are expected to be between 15% to 25% higher than the previous period.

30% premium can clinch deal

Xstrata would need to offer a 30 percent premium for a "friendly" takeover of Anglo American, a analyst said yesterday. The nil-premium, £25.2 billion (R308bn) deal proposed by Xstrata probably was not possible, he said. A 30 percent premium might be high enough, he said but still, such a premium "would be a negative for Xstrata shareholders" and Xstrata would instead likely walk away, get "stronger" and make another offer for Anglo next year. Xstrata must make a formal bid by October 20.

Phumelela Gaming and Leisure

Phumelela Gaming and Leisure on Friday reported a 20% decline in diluted headline earnings per share for the year ended June 2009 from 116.89c to 93.67c. This was despite total revenue increasing by 3% to R804.3-mn (2008: R782.6-mn) with the increase derived mainly from international operations which was up 19%. The group said that totalisator betting income contracted in the 2nd half of the year impacted by the negative economic climate and concomitant decline in consumer spending patterns. Despite the tough trading conditions revenue from local operations ended marginally up on the previous year at R693.6-mn (2008: R689.7-mn). Other operating income that includes, inter alia, bookmakers levies, stable rentals, local and international broadcasting levies/fees and a R27.8-mn profit on disposal of the Bloemfontein racecourse in the previous year decreased by 8% to R221.5-mn (2008: R239.8-mn). Excluding the profit on sale of Bloemfontein racecourse, other operating income increased by 5%. Total operating expenses and overheads increased by 7% to R679-mn (2008: R634.7-mn). Excluding stakes operating costs increased by 6%. Earnings before interest, taxation, depreciation and amortisation excluding the profit on sale of Bloemfontein racecourse in the previous year decreased by 8% to R120-mn (2008: R130.9-mn). Headline earnings decreased by 21% to R70.9-mn (2008: R89.4-mn) and HEPS decreased by 20% to 93.67c per share (2008: 117.20c per share). The group declared a final dividend of 43c per share which, together with an interim dividend of 25c, brings to 68c the total dividend per share for the year - which is unchanged from last year. Phumelela said that trading conditions both locally and internationally are expected to remain challenging in the short to medium term. "Continued emphasis will be on cost containment, growing local revenues through the use of technology and the introduction of new bet types and expanding our international customer base," the group added.

Anglo American notes Takeover Panel deadline

Anglo American plc notes today's announcement by the Takeover Panel Executive that it has imposed a deadline of 5.00pm on 20 October 2009, by which time Xstrata plc must, unless the Takeover Panel Executive consents otherwise, either announce a firm intention to make an offer for Anglo American under Rule 2.5 of the UK Takeover Code or announce that it does not intend to make an offer for Anglo American.
If Xstrata announces that it does not intend to make an offer for Anglo American, Xstrata and any person acting in concert with it will, except with the consent of the Takeover Panel Executive, be bound by the restrictions contained in Rule 2.8 of the Code for six months from the date of such announcement. On 22 June, the Board of Anglo American unanimously rejected Xstrata's proposal as not being in the best interests of its shareholders. The Board stated that it considered the strategic case for the combination to be unattractive for Anglo American and, furthermore, the terms proposed by Xstrata to be totally unacceptable. Nothing since then has changed the Board's view and the Board reiterates its emphatic rejection of Xstrata's approach.
By 20 October, Xstrata will have had four months to either announce a formal offer or withdraw and Anglo American believes it is in the interests of the Group and its shareholders that this period of uncertainty is brought to an end.
Sir John Parker, Chairman of Anglo American said: "Having reviewed with management and advisors the value creation potential at Anglo American relative to Xstrata's merger proposal and having met our shareholders in the UK, South Africa and USA, we have reaffirmed our conclusion that Xstrata's proposal is not in the interests of our shareholders. We have made our position on Xstrata's proposal very clear and we welcome the Panel's decision today."
As required by the Code, Anglo American confirms that this announcement is not being made with the agreement or approval of Xstrata. A further announcement will be made in due course.

Hulle se dat Xstrata gaan nie 'n aanbod maak op die 20 Oktober, hulle gaan eers wag dat Anglo American se bestuur weer opslip. Ek is nie so seker, hou maar die 20ste dop.

Goud onder $1000 per ons

Die 30 September 2009 het iemand gese dat jy nooit meer goud vir onder $1000 per ons sal kry, wel sy woorde was nie eers 24 uur oud toe kan jy goud vir onder $1000 kry.

Daar is so baie geld geprint/geskep deur die Sentrale banke en IMF om die wereld uit die finansieele krisis te kry, Inflasie is oppad dit is slegs 'n kwessie van tyd. Goud sal op die langtermyn in prys toeneem, ie meer geld in omloop.

Every day, in every way, I'm getting better and better

"Every day, in every way, I'm getting better and better"

Émile Coué de Châtaigneraie (February 26, 1857 – July 2, 1926)

http://en.wikipedia.org/wiki/Émile_Coué