PTMN Petmin

    RNS Number : 1129D
  Petmin Limited
  10 September 2008
   


 For Immediate Release    10 September 2008

    JSE: PET
    AIM: PTMN

    Petmin Limited

    ("Petmin" or "the Company")

    TRADING UPDATE & RENEWAL OF CAUTIONARY ANNOUNCEMENT


    Petmin Limited announces a trading update for the year ended 30 June 2008, in accordance with the JSE's listing requirements, which
stipulate that a company has to publish a trading statement if an increase or decrease of more than 20% (compared with the previous
reporting period) in its basic earnings per share and headline earnings per share is expected.  

    Shareholders of Petmin are hereby advised that headline earnings per share for the year ended 30 June 2008 are expected to be
approximately 15 cents per share, up from 5.28 cents per share for the year ended 30 June 2007, an increase of 184%. This growth in headline
earnings per share was achieved as a result of:

1.      the anthracite division delivering increased production from the Somkhele Colliery which was successfully brought into production in
June 2007;
 
2.      an improved performance from the Springlake Colliery; and
 
3.      a consistently good performance from the SamQuarz silica mine.
    
 
    Basic earnings per share for the year ending 30 June 2008 are expected to be greater than 70 cents per share, up 334% from 16.14 cents
per share for the year ended 30 June 2007. The difference between the headline and basic earnings per share is due to the IFRS fair value
valuation on acquisition of 25% of Veremo Holdings Limited ("Veremo"), resulting in a share of profit of equity accounted investee of R303
million being recognised. 

    As previously announced, Veremo is a large scale iron ore mining and pig iron beneficiation project situated in the province of
Mpumalanga.

    This trading statement and SENS announcement has not been reviewed or audited by the Company's auditors. 
    Further to the cautionary announcement dated 15 August 2008, shareholders are advised that negotiations are still in progress which, if
successfully concluded, may have a material effect on the price of Petmin's securities.
    Accordingly, shareholders are advised to continue exercising caution when dealing in the company's securities until a further
announcement is made. 
    It is anticipated that a further announcement and Petmin's results to 30 June 2008 will be published before 30 September 2008.

    For further information, please contact:

 Petmin Limited                          +27 82 459 7818
 Bradley Doig, Chief Operating Officer

 Nominated Adviser 
 Numis Securities Limited               +44 20 7260 1000
 John Harrison/Stuart Skinner

 UK Broker
 Numis Securities Limited               +44 20 7260 1000
 James Black

 RSA Public Relations Advisors
 Russell & Associates                    +27 11 880 3924
 Shelagh Blackman

 UK Public Relations Advisors
 Parkgreen Communications               +44 20 7933 8780
 Sue Scott/Leah Kramer







This information is provided by RNS
The company news service from the London Stock Exchange
 
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