Northam Platinum has also reported a headline loss per share estimated to range between 167.3 cents per share and 196.3 cents per share, compared with the loss per share of 145.3 cents and headline loss per share of 140.9 cents reported for the year ended 30 June 2016.
These ranges expressed in percentage terms, are, in respect of a loss per share, an increase of between 15% and 35% per share and, in respect of headline earnings per share, an increase of 19% and 39% per share.
The anticipated loss is attributable to the higher Zambezi Platinum preference share dividends, which are consolidated in the group’s results in terms of the International Financial Reporting Standards.
The Zambezi Platinum preference shares accrue dividends at a cumulative variable dividend of 3.5% over the prime overdraft interest rate in South Africa.
Shareholders are reminded that 159 905 453 Northam Platinum shares are held for settlement of the Zambezi Platinum preference share liability in terms of the Northam Platinum guarantee and that the accrued dividends are consolidated into the Northam results as a non-cash item for Northam.
Northam Platinum’s total operating profit is estimated to be higher than the previous year, owing to an improved operational performances and well contained unit costs.
The weighted average number of Northam Platinum shares in issue for the year ended 30 June 2017 was 349 875 759 (30 June 2016: 349 875 759 shares).
The audited results for the year ended 30 June 2017 are anticipated to be published on or about 25 August 2017.
Feature image credit: Northam Platinum