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african bank investments-adr (AFRVY) Key Developments

African Bank Investments Limited Announces Unaudited Consolidated Earnings Results for the Six Months Ended March 31, 2014

African Bank Investments Limited announced unaudited consolidated earnings results for the six months ended March 31, 2014. For the period, the company reported income from operation of ZAR 10,937 million against ZAR 10,845 million a year ago. Loss before tax was ZAR 4,452 million against profit of ZAR 913 million a year ago. Loss for the period was ZAR 4,339 million or 337.6 cents per basic share against profit for the period of ZAR 646 million or 62.1 cents per basic share a year ago. Headline loss per share was 240.7 cents against earnings of 62.3 cents a year ago. Basic loss attributable to the ordinary shareholders was ZAR 4,381 million against basic earnings attributable to the ordinary shareholders of ZAR 602 million a year ago. Headline loss was ZAR 3,123 million against headline earnings of ZAR 2 million a year ago. Cash used in operating activities was ZAR 625 million against ZAR 3,800 million a year ago. Acquisition of property and equipments was ZAR 101 million against ZAR 170 million a year ago. Acquisition of intangible assets was ZAR 25 million against ZAR 15 million a year ago.

Abil May Sell Ellerine

African Bank Investments Limited (JSE:ABL) Chief Executive Officer Leon Kirkinis said that African Bank could raise capital in three ways - by selling Ellerine Holdings Ltd. through internal profit generation or via and strategic initiatives that would be announced at a later stage. Kirkinis told Business Day a rights issue was not off the table, but if the company sold Ellerines that would take care of the drag on capital. Analysts have said Abil will battle to sell Ellerines. Kirkinis disagrees, saying Abil will be able to find a buyer.

African Bank Investments Limited Declares Interim Preference Cash Dividend for the Six Months Ended 31 March 2014

African Bank Investments Limited announced preference shareholders are reported that the board of directors has declared an interim gross cash dividend of 349 cents per ordinary share (296.7 cents net of dividend withholding tax). The dividends have been declared from income reserves. A dividend withholding tax of 15% will be applicable to all shareholders who are not exempt from the tax.

African Bank Investments Limited, H1 2014 Earnings Call, May 19, 2014

African Bank Investments Limited, H1 2014 Earnings Call, May 19, 2014

African Bank Investments Limited, H1 2014 Earnings Call, May 20, 2014

African Bank Investments Limited, H1 2014 Earnings Call, May 20, 2014

 

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