Zeder Investments Ltd. restated earnings results for the period ended August 31, 2014. The comparative results for the six-month period ended 31 August 2014 have been restated following Capespan Group Limited's change in the accounting treatment of an existing lease arrangement, as well as the early adoption of amendments to its accounting for bearer plant biological assets. For the financial period ended August 31, 2014, the recurring headline earnings per share amounts to 14.9 cents instead of 16.4 cents, headline earnings per share amounts to 14.5 cents instead of 16.0 cents and attributable earnings per share amounts to 13.7 cents instead of 15.1 cents. The restatements were already accounted for in Zeder's audited financial results for the year ended 28 February 2015.

The company provided earnings guidance for the six-month period ended August 31, 2015, the recurring headline earnings per share from investments will be between 21 cents and 22 cents, being between 9.4% and 14.6% higher than that of the six-month period ended 31 August 2014, recurring headline earnings per share will be between 15.2 cents and 15.6 cents, being between 2.0% and 4.7% higher than that of the six-month period ended 31 August 2014, headline earnings per share will be between 5.9 cents and 6.3 cents, being between 56.6% and 59.3% lower than that of the six-month period ended 31 August 2014 and attributable earnings per share will be between 4.2 cents and 4.6 cents, being between 66.4% and 69.3% lower than that of the six-month period ended 31 August 2014. The increase in recurring headline earnings per share was due to improved earnings contributions from the majority of Zeder's underlying investments, off-set by the higher base management fee payable following Zeder's increased market capitalization in the six-month period under review. Zeder's headline earnings per share decreased due to the higher non-recurring performance fee incurred during the period under review following Zeder's share price outperformance of its benchmark hurdle being the GOVI-index yield plus 4%, adjusted for dividends. In addition, Zeder incurred marked-to-market losses on equity securities during the period under review as opposed to significant marked-to-market gains during the comparative period in the prior year, relating predominantly to Zeder's direct interest in Pioneer Food Group Limited, which has subsequently been reclassified to investments in associates following the Agri Voedsel Limited merger. Attributable earnings per share decreased by a higher percentage than headline earnings per share mainly because of non-headline losses incurred on the impairment and disposal of equity securities underlying the Pioneer Foods B-BBEE scheme.