Trading Statement

Trading Statement

By Huge Group - Thursday, April 24, 2008

24 April 2008


(formerly Vanquish Fund Managers Limited)
(Registration number 200/023587/06)
Share code: HUG & ISIN: ZAE000102042
("Huge" or "the Group" or "the company")

In terms of paragraph 3.4(b) of the JSE Limited Listings Requirements, a listed company is required to publish a trading statement as soon as it is satisfied that a reasonable degree of certainty exists that the financial results for the period to be reported upon next will differ, by at least 20%, from a profit forecast previously provided to the market in relation to such period.

Shareholders are referred to the SENS announcement published on 4 October 2007 in which the directors of Huge revised the profit forecast that was included in the prospectus published on 1 August 2007 (in which the earnings per share for the twelve month period ended 29 February 2008 was forecast at 16.42 cents) reflecting an increased expectation of earnings and headline earnings per share of 34.77 cents in order to include the effects of the shorter reporting period of Huge for the year ended 29 February 2008 (being a seven month period and not a twelve month period to 29 February 2008) as well as the potential effects of the acquisition of CentraCell (Proprietary) Limited ("CentraCell").

Huge`s financial results for the year ended 29 February 2008 (reflecting a seven month trading period) are expected to be announced on or about 26 May 2008. Shareholders are advised that a reasonable degree of certainty exists that the company's earnings per share and headline earnings per share are expected to be 10% to 20% higher than the 34.77 cents more recently forecast in the revised profit forecast published on SENS on 4 October 2007. Although the acquisition of CentraCell only became effective on 15 February 2008 (resulting in a contribution of one month of trading results), the improved performance is primarily due to the increase in contracted annuity income from organic growth of the Company`s principal subsidiary Huge Telecom (Proprietary) Limited (previously TelePassport (Proprietary) Limited), the generation of additional operating efficiencies as well as certain taxable benefits derived from the utilisation by the Group of certain assessed losses available in CentraCell. This trading statement has not been reviewed or reported on by the Company`s external auditors.
Designated Advisor: Arcay Moela Sponsors (Proprietary) Limited
Corporate advisor: Manhattan Equity Corporate Finance (Pty) Limited

Date: 24/04/2008 08:53:00
Produced by the JSE SENS Department.

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