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PMV
PMV
PMV - Primeserv - Acquisition of the business of Staff Dynamix from Stafflex and
Withdrawal of Cautionary Announcement
Primeserv Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/013448/06)
("Primeserv Group")
Share code: PMV & ISIN: ZAE000039277
ACQUISITION OF THE BUSINESS OF STAFF DYNAMIX FROM STAFFLEX (PROPRIETARY) LIMITED
("STAFFLEX") AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. Introduction
Further to the announcement of 5 March 2007, Shareholders are hereby advised
that the Financial Effects of the Acquisition are set out below.
2. Financial Effects of the Acquisition
Set out in the table below are the pro forma financial effects of the
Acquisition based on Primeserv`s pro forma results for the 12 months ended 31
December 2006. The pro forma financial effects have been prepared for
illustrative purposes only, to provide information on how the Acquisition may
have impacted on the results and financial position of Primeserv. Because of
their nature, the pro-forma financial effects may not give a true picture of
Primeserv`s financial position after the Acquisition.
Before After Before vs.
After
Change
Basic earnings per share (cents) 4.24 5.22 23.1%
Headline earnings per share (cents) 4.13 5.16 24.9%
Net asset value per share (cents) 38 38 0%
Net tangible asset value share (cents) 38 28 -26.3%
The above table sets out the pro forma financial effects of the Acquisition
based on the pro forma, reviewed, unaudited results of Primeserv for the 12
months ended 31 December 2006 and the audited results of the Business for the
twelve months ended 28 February 2007 combined as if the Acquisition had taken
place on 1 January 2006 for income statement purposes and at 31 December 2006
for balance sheet purposes.
The figures in the "before" column have been extracted from the pro forma,
reviewed, unaudited results of Primeserv for the 12 months ended 31 December
2006.
The figures in the "after" column have been calculated using Primeserv`s figures
as indicated above adjusted by:
- the earnings of the Business for the twelve months ended 28 February 2007;
- the earnings of the Business are calculated exclusive of expenditure
related to excluded assets, expenditure related to individuals whose
employment is not transferred and expenditure related to unrelated
businesses carried on by Stafflex;
- the assets and liabilities taken over, as provided in the Acquisition
Agreement; and
- transaction costs and interest foregone associated with the Acquisition.
3. Shareholders are advised that the cautionary announcement which appeared on
SENS on 30 March 2007 and in the press on 2 April 2007 is hereby withdrawn.
Accordingly shareholders no longer need to exercise caution when dealing in
their Primeserv securities.
3 May 2007
Bryanston
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
(Registration number 1996/000034/07)
Date: 03/05/2007 11:00:01 Produced by the JSE SENS Department.
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