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I do not like the following statement...

Furthermore, the effects of the corrective action
referred to above are unlikely to yield significant improvement in the short term .... ? short term? how long is a string

Gold 1296

my buy high sell low philosophy does not allow me to do it

@100ways - Nice ... good luck ... b@lls of steel, but I think u gonna coin it...

with real money..

@ Luna - Real shares or Comp - ABL ?

High lights:-

AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered bank)
(Registration number 1975/002526/06)
Company code: BIABL
("African Bank")

Quarterly operational update for the third quarter ended 30 June 2014, changes to the board, trading
statement and cautionary announcement

Operational performance
The Group continues to face tough trading conditions, against a deteriorating economic environment negatively
impacted by lowered GDP growth expectations, increasing inflation, and loss of customer income through
strike action and increased unemployment at 25.5% for the quarter ended June 2014, as reported by Stats SA.
ABIL customers‘ disposable income and their ability to service debt continues to be under pressure, driven by
a combination of above inflationary cost of living increases, higher relative debt servicing costs and lower
growth in their gross income.

Banking unit
Non-performing loan ("NPL") formation for the quarter ended June 2014 decreased by 7.1% from the quarter
ended March 2014. The business written post June 2013 continues to perform better than the business written
during 2012 as it more closely tracks that of 2011. This level of improvement was, in the opinion of the Board,
not adequate to achieve the targeted returns, particularly against the deteriorating economic outlook. ABIL has
therefore implemented further risk cutbacks in this reporting quarter and will continue to assess the need to
implement further risk mitigation steps as necessary. These cutbacks are expected to restore the risk yield
relationship as the pre June 2013 business rolls off. This is anticipated to result in a combined credit and
insurance claims charge of below 40% of total gross income earned by financial year 2018.

Disbursements for the nine months ended June 2014 declined to R14.1 billion, 20% lower than disbursements
of R17,7 billion for the comparable period. The lower sales are a result of risk cutbacks implemented in June
2013 and further cutbacks implemented during May and June 2014, in combination with a lower customer
credit appetite.

The average net loan size decreased to R13 331 in this quarter compared with R13 868 for the first half of
2014. Average term for the third quarter decreased to 50 months, relative to 54 months for the first half of
2014, and reduced further to 45 months in June 2014. This decline has been primarily driven by the reduction
in the maximum loan term from 84 to 60 months. Further risk cutbacks were made that are expected to
contribute to a restoration of the risk/yield relationship to less than 40% over the longer term and a reduction in
disbursements of between 17% to 22% at an average loan term of below 45 months in the near term.

Gross advances experienced muted growth of 2% to R60.1 billion over the nine months since September 2013
while performing loans have decreased by 3% to R41.1 billion over the same period. NPLs as a percentage of
gross advances remain unchanged from 31.7% at March 2014 to June 2014 as a result of lower sales and
increased write-offs as NPL migrations continue to remain at the previously reported elevated levels. The
income yield has consequently decreased to 31.7% of average advances for the nine months ended 30 June
2014 from 32.2% for the six months ended 31 March 2014 due to increased suspension of income on NPL
migration. Gross incoming yields on new business written in June 2014 have increased by approximately
1.5%.

Retail unit
Ellerine Holdings Limited ("Ellerines") recorded merchandise sales of R2.8 billion for the nine months ended 30
June 2014, a 12% decline relative to the comparative period. Retail sales were negatively impacted by further
credit risk reduction measures, lower customer demand for credit and the impact of a continuing tough
consumer environment.

Cash sales have increased by 9% to R1.3 billion compared to R1.2 billion in the comparative period. Credit
sales amounted to R1.5 billion, a 25% decline relative to the comparable period in 2013. The credit sales mix
for the nine months at 54% is significantly lower than the 63% in the comparable period.

The reduced sales volumes and its high fixed cost base continue to put pressure on Ellerines profitability which
remains loss making.

 continue to believe that the ultimate outcome of the revised regulations will result in a fairer, better and
more equitable unsecured lending industry going forward, adequately balancing the interests of credit
providers, customers and regulators.

ABIL Board and Executive Committee appointments
The Board regrets to announce that Leon Kirkinis, the Group Chief Executive Officer, managing director of
African Bank and one of the founders of ABIL has resigned with immediate effect after 23 years in the
business. The Board owes a huge debt of gratitude to Leon for his vision and leadership during the growth of
African Bank and wishes him every success for the future.

 

Trading Statement

Adcock Ingram Holdings Limited
(Registration number 2007/016236/06)
(Incorporated in the Republic of South Africa)
Share code: AIP
ISIN: ZAE000123436
(“Adcock Ingram” or “the Company”)

TRADING STATEMENT

In terms of paragraph 3.4(b) of the JSE Limited (JSE) Listings Requirements, an issuer is
required to publish a trading statement as soon as the issuer and its directors are satisfied
that there is a reasonable degree of certainty that the financial results for the next reporting
period will differ by at least 20% from those of the previous corresponding period.

Shareholders of Adcock Ingram (“Shareholders”) are referred to the announcements
published on the Stock Exchange News Service (SENS) on 20 and 27 May 2014, wherein
Shareholders were advised that the financial year end of the Company was changed from
30 September to 30 June and that substantive structural and other changes were being
effected within the business. Pursuant thereto, a final assessment on the extent of the
financial impact of providing for these corrective actions remains work in progress.

The board of directors of Adcock Ingram (“Board”) has concluded with absolute certainty
that the financial results for the nine-month period ended 30 June 2014 will result in a basic
and headline loss per share, indicating a significant reversal in the Company’s operating
performance compared to the corresponding nine-month period ended 30 June 2013 and
the year ended 30 September 2013. Furthermore, the effects of the corrective action
referred to above are unlikely to yield significant improvement in the short term. The Board
however remains optimistic about the Company’s long term prospects.

The Board is mindful of the disappointment with which this Trading Statement is likely to be
received, but it is important that the information be released to Shareholders as soon as it
became known. A detailed Trading Statement will be published on SENS in due course.

The financial information on which this Trading Statement is based has not been reviewed
or reported on by the Company's external auditors. The Company's Audited Financial
Results for the nine-month period ended 30 June 2014 are expected to be released on SENS
on or about 28 August 2014.

Midrand
5 August 2014