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TDH
TDH
TDH - Tradehold - Disposal of part of Tradehold`s shareholding in Instore Plc
and withdrawal of cautionary announcement
TRADEHOLD LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1970/009054/06)
Share code: TDH & ISIN: ZAE000026902
("Tradehold")
DISPOSAL OF PART OF TRADEHOLD`S SHAREHOLDING IN INSTORE PLC ("INSTORE") AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Further to the announcement made on 26 April 2007, Tradehold hereby advises
that, through its wholly owned subsidiary Tradegro Limited ("Tradegro"), it
has on 23 May 2007, sold 68 million shares in Instore to Seaham Investments
Limited, a company incorporated in the United Kingdom ("Seaham") which
represents 29.8% of the shares in Instore. The consideration received by
Tradehold is ?9.959 million in cash and is equivalent to a price of 14.642
pence per Instore share ("the transaction"). The transaction is effective
from 23 May 2007. Tradegro has retained a 34.7% interest in Instore.
Seaham and Tradegro ("the parties") have entered into a shareholders agreement
which provides for the votes attached to the parties` shares in Instore to
be exercised on a consensus basis. In addition, Tradegro has agreed to
extend a loan of ?10,000,000 to Instore on commercial terms if Seaham and
Tradegro agree it is appropriate to do so. The loan undertaking will
subsist for a period of four years from 23 May 2007. In addition, Seaham
has agreed to extend, through an associated company, to Instore a trade
credit facility to the value of ?10,000,000.
Seaham has expertise in retailing in the United Kingdom environment and its
association with Instore will provide further impetus toward the refocusing
and streamlining of the operations of Instore.
The financial effects of the transaction on the earnings and net asset value and
tangible net asset value of Tradehold are as follows:
Notes Before After Increase/ % change
Cents per share (Decrease)
Headline loss 1 (20.4) (9.4) 11.0 53.9
Net asset value 2 234.6 223.0 (11.6) (4.9)
Tangible net asset
value 2 212.9 211.3 (1.6) (0.8)
Notes:
1. Based on the audited financial statements for the year ended on 28
February 2007 and assuming that the transaction had been effective for
the full year ending 28 February 2007, at average exchange rates and
that the cash had earned a 4.8% average investment rate.
2. Based on the audited financial statements at 28 February 2007 and
assuming that the transaction had been effective on 28 February 2007.
The cautionary announcement is hereby withdrawn and shareholders no longer need
to exercise caution in dealing in their Tradehold shares.
Cape Town
25 May 2007
Adviser
Javelin Capital Limited
(Reg. no. 2000/010500/06)
Sponsor
Barnard Jacobs Mellet Corporate Finance (Pty) Ltd
(Reg no 2000/023249/07)
Date: 25/05/2007 13:41:13 Produced by the JSE SENS Department.
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