Shareholders are reminded that the Company has changed its year end to 30 September and accordingly the results for the year ended 30 September 2020 are compared to the 15 months ended 30 September 2019.
In accordance with paragraph 18.104.22.168 of the ZAR X Listings Requirements, shareholders are hereby advised that a reasonable degree of certainty exists that the profit after tax for the year ended 30 September 2020 will be materially higher (improved) than for the previous 15-month period ended 30 September 2019.
The increase is primarily due to the reversal of the deferred taxation liability of R89.2 million during the year ended 30 September 2020 as a result of Orion listing on ZAR X on 23 April 2020 and regaining its REIT status. For purposes of clarification, the deferred taxation liability was raised during the 15-month period ended 30 September 2019. The results have also improved due to increased operational efficiencies, lower gearing and a lower interest rate.
Orion expects to publish its financial results for the year ended 30 September 2020 on or about 11 December 2020.
BY ORDER OF THE BOARD
26 November 2020
AcaciaCap Advisors Proprietary Limited