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BEE
BEE
BEE - Beget - Bee Transaction and Withdrawal Of Cautionary Announcement
Beget Holdings Limited
Incorporated In The Republic Of South Africa
Registration Number: 2002/011635/06
Share Code: BEE & Isin Number: ZAE000044111
("Beget" Or "The Company")
- Bee Transaction
- Royalty Agreement With Smm Telematics (Proprietary) Limited
- Financial Effects
- Withdrawal Of Cautionary Announcement
1. Introduction
Shareholders Are Referred To The Announcement Dated 16 May 2007 Advising
That Beget Had Entered Into An Bee Agreement With Smm Telematics
(Proprietary) Limited ("Smm") Whereby Smm Place An Order For The Supply Of
5 000 Vehicle Management Systems Utilizing Biometric Driver Identification
With Relevant Suppliers. . Beget Will Provide The Intellectual Property
Rights Relating To The Gprs Biometric Identification Of Drivers At A Fixed
Royalty Fee To Smm. The Royalty Fee For This Transaction Will Amount To R7
200 000 Any Additional Orders Placed By Smm Will Be Supplied By Beget At A
Fixed Royalty Fee Of R1 440.00 Per Device. As Quid Pro Quo For Placing The
Orders, Beget Will Issue 196 000 000 Ordinary Shares At Their Par Value Of
0.0002 Cents Per Share To Smm, Collectively, "The Bee Transaction". In
Addition, Mr Mogashoa Has Agreed To Be Appointed As A Director Of Beget
With Effect From 1 June 2007.
Further, Smm Will Endeavour To Procure A Customer Order With Beget For The
Supply Of A Minimum Of 10 000 Asset Tracking Devices, Another Newly
Developed Product, On Or Before 1 December 2007.
The Issue Of The 196 000 000 Shares At Par Value Will Result In Smm Owning
Approximately 26% Of Beget`s Total Issued Share Capital.
2. Prospects
The Biometric Units Continue To Be Well Received By The Local Market And
Adoption Of The Biometric Technology Is Growing Consistently. Beget Has
Been Exposed To A Number Of New Biometric Application Requirements Across
Government And Industry. Revenues Are Expected To Continue To Grow As The
Management Stays Focussed On Building Sustainable Cash Generation From
Existing Divisions.
The Conclusion Of The Bee Deal Is Further Expected To Result In Positive
Financial Effects On The Business As Well As New Opportunities As A Result
Of The Transaction.
3. Financial Effects
The Unaudited Pro Forma Financial Effects Of The Transactions, Based On The
Reviewed Interim Results Of Beget For The 6 Months Ended 31 October 2006
Are Set Out Below. The Unaudited Pro Forma Financial Effects Have Been
Prepared For Illustrative Purposes Only To Provide Information On How The
Transactions May Have Impacted On The Results And Financial Position Of
Beget. Preparation Of The Unaudited Pro Forma Financial Effects Is The
Responsibility Of The Directors. Because Of Their Nature, The Pro Forma
Financial Effects May Not Fairly Present Beget`s Financial Position After
The Transactions Or The Effect On Future Earnings:
Before The After The % Change
Transaction(1) Transaction -
Pro Forma(3)
Earnings -0.36 0.75(2) 308.3
(Cents Per
Share)
Headline -0.36 0.75(2) 308.3
Earnings
(Cents Per
Share)
Net Asset 0.40 1.27(4) 217.5
Value (Cents
Per Share)
Net Tangible -2.07 -0.50(4) 75.8
Asset Value
(Cents Per
Share)
Weighted 508,413 713,163
Average Number
Of Shares In
Issue (000)
Number Of 521,892 726,642
Shares In
Issue (000)
Notes:
1. Based On The Reviewed Interim Results Of Beget For The Period Ended 31
October 2006.
2. The Earnings And Headline Earnings Were Calculated On The Assumption
That The Transaction Was Effected From 1 May 2006 Taking Into Account
The Following Assumption:
a. The Royalty Fee Which Will Amount To R7 200 000;
b. The Income Received Is Not To Be Weighted Over A Future Period,
As The Royalties Received Were In Respect Of The Once-Off Selling
Of The Rights Of Use Of The Intellectual Capital.
3. There Was No Calculation Done For Income Tax As The Company Has A
Calculated Assessed Loss For The Financial Year Ended 30 April 2006.
The Total Beget Ordinary Shares To Be Issued In Terms Of The
Transaction, Being 204 750 000.
4. The Number Of Shares In Issue For The Calculation For The Net Assets
Value Per Share And The Net Tangible Asset Value Per Share Was
Calculated As At 31 October 2006.
4. Withdrawal Of Cautionary And Further Documentation
Shareholders Are Advised That In The Light Of The Above, Caution Is No
Longer Required To Be Exercised By Shareholders When Dealing In Their
Securities.
A Circular Giving Full Details Of The Transaction Is Being Prepared And
Will Be Posted To Shareholders Shortly.
Pretoria
12 June 2007
Sponsor
Sasfin Capital
A Division Of Sasfin Bank Limited
Date: 12/06/2007 16:59:04 Produced by the JSE SENS Department.
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