Rainbow — change in year end
Shareholders are herewith advised that the Board of Rainbow has approved the change in financial year-end of the company from 31 March to 30 June, with effect from the current financial year.
The rationale for the change in year- end is to align the year-end with that of its holding company Remgro Limited, which announced a change in financial year-end on 16 March 2011. It should be noted that the JSE Limited has approved the change in year-end, but approval from the Companies and Intellectual Property Registration Office (“CIPRO”) is still pending.
Rainbow will publish and distribute a second set of interim results to shareholders for the twelve month period ending 31 March 2011, with comparative figures to the previous year, by no later than 30 June 2011. Rainbow will then also publish and distribute financial results for the fifteen months ending 30 June 2011, by no later than 30 September 2011, as well as publishing annual financial statements for the extended financial period to 30 June 2011.
As a result of the change in year-end, Rainbow”s final and interim dividends will now be paid during September and April of each year respectively, compared to June and January previously. In respect of the fifteen month-period ending 30 June 2011, the final dividend will be based on earnings for the fifteen months and will be paid in September 2011. For subsequent financial years, the final dividend will again be based on earnings for the twelve months under review.