|
HWN
HWN
HWN - Howden Africa - Purchase By Howden Africa (Proprietary) Limited
(HAPL), A Wholly-Owned Subsidiary Of Hahl, Of The Remaining 50.01%
Shareholding Of Bateman Howden South Africa (Proprietary) Limited ("BHSA")
Howden Africa Holdings Limited
(Incorporated in the Republic of South Africa
Registration number 1996/002982/06)
Share code: HWN & ISIN: ZAE000010583
("HAHL")
PURCHASE BY HOWDEN AFRICA (PROPRIETARY) LIMITED (HAPL), A WHOLLY-OWNED
SUBSIDIARY OF HAHL, OF THE REMAINING 50.01% SHAREHOLDING OF BATEMAN HOWDEN
SOUTH AFRICA (PROPRIETARY) LIMITED ("BHSA")
1. Introduction
Shareholders are advised that pursuant to an agreement reached on 6
July 2007 between HAPL and Bateman Projects Limited ("Bateman"), HAPL
has acquired from Bateman the remaining 50.01% shareholding of BHSA
that it does not own ("the Acquisition") with effect from 30 June 2007,
for a cash consideration of R 26 320 000. The Acquisition is subject to
the terms and conditions indicated in paragraph 2 below.
BHSA is a business involved in designing, selling, servicing and
maintaining gas cleaning systems used in the coal fired Power Station
Industry in South Africa and other African markets.
2. Terms and conditions pertaining to the Acquisition
The Acquisition is subject to terms and conditions typical in
transactions of this nature.
The cash funds required for the Acquisition will be funded from
internal resources from normal operations.
3. Pro forma financial effects
The unaudited pro forma financial effects of the Acquisition set out
below are the responsibility of the directors of HAHL. These unaudited
pro forma financial effects have been presented for illustrative
purposes only and because of their nature may not give a fair
reflection of HAHL`s financial position nor of the effect on future
earnings post the implementation of the Acquisition.
Before1 Pro forma Percentage
After2 Change
Earnings per share (cents)3 25.17 26.85 6.7
Headline earnings per share 25.25 26.93 6.7
(cents)3
Net asset value per share 39.81 39.81 -
(cents)4
Net tangible asset value per (16.44) (43.02) (161.68)
share (cents)4
Weighted average shares (`000) 65 729 65 729
Number of Shares (`000) 65 729 65 729
Notes:
1. Based on the audited annual financial statements of HAHL for the
year ended 31 December 2006.
2. Represents the pro forma financial effects of HAHL after the
Acquisition.
3. Pro forma earnings per share and headline earnings per share
effects have been calculated on the following assumptions:
- the Acquisition was effective 1 January 2006; and
- interest has been assumed on the consideration paid of
ZAR26,3 million at an average rate of 11.12% per annum.
4. Pro forma net asset value per share and net tangible asset value
per share effects have been calculated on the assumption that the
Acquisition was effective 1 January 2006.
In terms of the company`s accounting policies, the Acquisition is
treated as a transaction with parties external to the group,
whereby the difference between the consideration and the carrying
value of the interest acquired from the minorities is reflected as
goodwill.
4. Categorisation of the Acquisition
The Acquisition is classified as a Category 3 transaction in terms
of the Listing Requirements of the JSE Limited.
Sponsor to HAHL:
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Transaction advisors and attorneys to HAHL:
Webber Wentzel Bowens
Transaction advisors and attorneys for Bateman
Marieta Pretorius Attorney
George Klopper Attorney
6 July 2007
Date: 06/07/2007 14:56:35 Produced by the JSE SENS Department.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
