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JSE Equity Price

Name:   ASSORE LTD
JSE Code:    ASR
Last Trade:   37070

Intraday Graph

Equity Price

Name:   ASSORE LTD
JSE Code:    ASR
Close:   38250

News

ASSORE REPORTS RECORD FY EARNINGS - Megan Wait
20120904
Mining Weekly
ASSORE yesterday reported a 15% rise in headline earnings for the FY to end-Jun., boosted by higher iron ore sales volumes. The company said earnings had increased to R3.7bn for the period under review, up from R3.2bn y/y. ASSORE said the weaker rand/dollar exchange rate largely offset lower US dollar sales prices for all of its products, resulting in revenues from iron ore increasing substantially. ASSORE continued to invest significant amounts of capital at ASSMANG, spending more than R4.5bn on capital items for the year. It also spent R3bn on the development of the Khumani iron ore mine, and R1.3bn specifically on the Khumani expansion project. A final dividend of 300cps was declared. This news brief represents a summary of the original article.
 
ASSORE EXPECTS EARNINGS INCREASE - Sens
20120823
JSE Securities Exchange - SENS
ASSORE LIMITED yesterday advised that attributable earnings for the current financial year are expected to increase to R3.8bn-R4.2bn, compared to R3.2bn y/y. Sales volumes of iron ore for FY2012 were 47% higher y/y, resulting in an increase in the contribution to earnings from the sales of iron ore. ASSORE's third empowerment transaction was completed during the year under review, resulting in the entire BEE ownership of 26% becoming broad-based. In terms of the deal, 11.8% of the company's issued ordinary shares were acquired by a special-purpose vehicle on Aug. 19, 2011. EPS for the FY to end-Jun. are anticipated to increase to between 3 600c and 4 000c per share, from 2 691cps y/y. HEPS for the period will be between 3 300c and 3 700c per share, up from 2 690cps y/y. Results for the period will be published on Sep. 3. This news brief represents a summary of the original article.
 
ASSORE HEADLINE EARNINGS UP 48.5% - Sens
20120216
JSE Securities Exchange - SENS
ASSORE yesterday reported diluted HEPS of 1 921cps for the HY to end-Dec., from 1 163c y/y. The board recommended an interim dividend of 250cps, up from 200cps y/y. Headline earnings increased by 48.5% to R2.067bn mainly due to increased earnings for the period at ASSMANG, coupled with increased commissions earned on improved sales volumes of group commodities. Turnover was 40.2% higher at R6.4bn. ASSMANG's headline earnings increased by 57.2% to R3.949bn. ASSORE noted that market conditions for most of its commodities have deteriorated, mostly due to the sovereign debt crisis in Europe. Looking ahead, ASSORE said Chinese steel production has declined for the second consecutive quarter, while the crisis in Europe persists. Prices for iron ore seemed to have settled in a band lower than the high levels experienced in H2 of the previous financial year. ASSORE said it was difficult to predict the future performance of the group in H2 of the FY with any certainty. This news brief represents a summary of the original article.
 
ASSORE FORECASTS HIGHER PROFITS
20120201
Business Report
ASSORE says earnings for H1 of the financial year are expected to increase to between R1.997bn and R2.207bn, up from R1.393bn recorded y/y. The group said the increased earnings were anticipated to increase attributable EPS to between 1 855c and 2 050c for the HY to end-Dec., from 1 164c y/y. HEPS will be between 1 801c and 1 991c for the period, from 1 163c y/y. ASSORE noted that the European sovereign debt crisis continued to have a negative impact on demand for its commodities. As part of the first phase of ASSORE's third empowerment transaction, 11.8% of the group's issued ordinary shares were acquired by a special-purpose vehicle on Aug. 19, 2011, and were recognised as treasury shares in terms of IFRS. The second phase of the transaction was approved by shareholders in a general meeting in January, the company said. This news brief represents a summary of the original article.
 
ASSMANG BOOSTS ASSORE - Niel Joubert
20110826
Beeld
ASSMANG helped its listed owner, ASSORE, achieve good results in the FY to end-Jun. Strong growth in the group's manganese unit boosted earnings. ASSMANG's turnover for the year increased by 48% to R19.1bn, while its earnings rose by 111.8% to R5.8bn. ASSORE said the majority of its capital expenditure for the year occurred at ASSMANG - this amounted to R4.1bn. Most of this was spent in the iron ore and manganese divisions. Infrastructure development at the group's Khumani iron ore project amounted to R2.8m, and will enable the mine to boost production to 16mt/year as from Jul. 2012. ASSORE's net asset value per share increased 37% to R91/share. The group declared a final dividend of R2.50/share. This news brief represents a summary of the original article.
 
SHANDUKA WITHDRAWS WITH FAT PROFITS - Sake24
20110822
Beeld
SHANDUKA is continuing with its early withdrawal as ASSORE's empowerment partner in favour of a new trust. ASSORE on Friday announced that SHANDUKA's representatives, CYRIL RAMAPHOSA and MURRAY SMITH, had resigned from its board. The resignations followed the earlier approval by ASSORE's shareholders of proposed financial support for the new trust. The support includes a guarantee for a R2.7bn loan to the trust of STANDARD BANK. The trust will acquire SHANDUKA's 11.79% stake in ASSORE at around R163/share. The large discount on ASSORE's share price of R215 aims to compensate ASSORE. When SHANDUKA became ASSORE's BEE partner in 2005, it undertook not to sell its shares until 2014. SHANDUKA is still exiting with a huge increase on its initial investment - back in 2005 ASSORE shares traded at R28 each. ASSORE's share closed up 2.38% on the JSE at R215/share on Friday. This news brief represents a summary of the original article.
 
ASSMANG GETS NOT FOR TRYING TO COMPLY - Ingi Salgado
20110722
Business Report
ASSMANG yesterday showcased a R400m capex programme aimed to help bring its Cato Ridge works in compliance with environmental laws. But the company nevertheless shut down its crushing and screening plant at the Cato Ridge works for the day. An environmental inspector on site yesterday confirmed the Green Scorpions had identified dust problems at the plant during a 2007 visit, and that it still did not comply with regulations. ASSMANG's Cato Ridge plant senior GM CLIVE PADAYACHEE blamed yesterday's shutdown on "routine maintenance". The Cato Ridge plans was yesterday visited by Deputy Environmental Affairs Minister REJOICE MABUDAFHASI. The NUM claimed ASSMANG had shut down the plant for MABUDAFHASI's visit, but conceded that the company was trying to comply with stricter environmental laws. The deputy minister told ASSMANG CE JAN STEENKAMP that although the company was not completely compliant with laws, it was "aiming there". This news brief represents a summary of the original article.
 
ASSORE, SHANDUKA SEAL BEE DEAL
20110629
Fin24.com
ASSORE and SHANDUKA RESOURCES yesterday announced the conclusion of a R2.7bn B-BBEE transaction. SHANDUKA sold its 11.8% stake in ASSORE at a price of R163/share to MAIN STREET 343, a special purpose vehicle owned by two independent empowerment trusts set up by ASSORE. The transaction would be effected by warehousing the SHANDUKA equity block and would allow for greater speed and execution certainty for both ASSORE and SHANDUKA. ASSORE will ask its shareholders to approve the transaction in Aug. 2011. This news brief represents a summary of the original article.
 
NCUBE APPOINTED TO ASSORE BOARD - Creamer Media Reporter
20110504
Mining Weekly
ASSORE yesterday announced the appointment of DONALD NCUBE to the board of the group as an independent nonexecutive director with immediate effect. NCUBE is currently the MD of VULA MINING SUPPLIES, executive chair of BADIMO GAS and an independent nonexecutive director of GOLD FIELDS. ASSORE chair DES SACCO noted that NCUBE's extensive mining experience and diverse business interests would be an "enormous" asset to the group. This news brief represents a summary of the original article.
 
ASSORE PROFIT TREBLES, IRON-ORE GROWTH PROJECT SPOT ON - Martin Creamer
20110217
Mining Weekly
ASSORE trebled its interim profit to R1.3bn in the six months to end-Dec. The group said the markets for manganese and chrome were unlikely to change much in the second half. ASSORE CEO CHRIS CORY said the Khumani iron-ore growth project was both on schedule and on budget. Capital of R1.2bn had been spent on the expansion project in the period, to meet the timing of ASSMANG's increased export allocation on the Sishen-Saldanha iron-ore export line from 10mt/y to 14mt/y by mid-2012. Furnace rebuilds in ASSMANG's chrome and manganese divisions absorbed R216m. Although ASSMANG turnover improved 76.3% in the period, sales volumes were lower for all commodities, except chrome, following derailments on the Sishen-Saldanha line. An interim dividend of 200cps was declared, up from 100cps y/y.