| Wed 29 Aug 2007, 17:00 | | MLA - Mittal Steel - Capital distribution to share |
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MLA
MLA
MLA - Mittal Steel - Capital distribution to shareholders and Mittal Steel to
change name and re-brand to Arcelormittal South Africa Limited
Mittal Steel South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1989/002164/06)
Share Code: MLA
ISIN: ZAE000064044
("Mittal Steel" or "the Company" or "the Group")
CAPITAL DISTRIBUTION TO SHAREHOLDERS AND MITTAL STEEL TO CHANGE NAME AND RE-
BRAND TO ARCELORMITTAL SOUTH AFRICA LIMITED
Capital Distribution
Introduction
Shareholders are referred to Mittal Steel`s Reviewed Group interim financial
results for six months ended 30 June 2007("the results") which were released on
SENS on 1 August 2007, in which announcement shareholders were advised that the
Board had resolved to declare a capital distribution of R6 350 million (1 425
cents per share) out of stated capital, to Mittal Steel shareholders, by way of
a specific return of stated capital ("the capital distribution"). The balance
of the R6 350 million, being R1 800 million will be distributed to shareholders
in terms of a specific authority which will be sought at a general meeting of
shareholders.
Financial effects
The capital distribution will have no effect on the issued share capital of
Mittal Steel and no effect on the number of Mittal Steel shares in issue.
The table below sets out, for illustrative purposes only, the pro forma
financial effects of the capital distribution on Mittal Steel`s earnings per
share, headline earnings per share, fully diluted earnings per share and fully
diluted headline earnings per share for the six months ended 30 June 2007, and
net asset value per share and net tangible asset value per share at 30 June
2007. The directors of Mittal Steel are responsible for the preparation of the
unaudited pro forma financial effects. Due to the nature of the pro forma
financial effects, they may not fairly present Mittal Steel`s financial
position, changes in equity, results of operations or cash flows.
Reviewed(1)(2 Pro forma(3)
) After the
Notes Before the capital Percentage
capital distribution change
distribution
Earnings per Mittal Steel 4 668 656 (1.84)
share (cents)
Headline earnings per 4 668 656 (1.84)
Mittal Steel share (cents)
Fully diluted earnings per 4 666 654 (1.84)
Mittal Steel share (cents)
Fully diluted headline 4 666 654 (1.84)
earnings per Mittal Steel
share (cents)
Net asset value per Mittal 5 4 612 4 209 (8.75)
Steel share (cents)
Net tangible asset value 5 4 601 4 197 (8.78)
per Mittal Steel share
(cents)
Net number of Mittal Steel 445 752 445 752
shares in issue (`000)
Weighted average number of 445 752 445 752
Mittal Steel shares in
issue (`000)
Fully diluted net number of 446 943 446 943
Mittal Steel shares in
issue (`000)
Fully diluted weighted 446 943 446 943
average number of Mittal
Steel shares in issue
(`000)
Notes:
The unaudited pro forma financial effects of the capital distribution on Mittal
Steel are calculated on the following bases:
1. Based on 445 752 132 Mittal Steel shares in issue at 30 June 2007.
2. Extracted from the reviewed financial results for the six months ended
30 June 2007 adjusted for the financial effect of the first distribution
released on 1 August 2007 on SENS.
3. Pro forma financial effects after the capital distribution. The income
statement effect was determined based on actual interest rates over the
period, adjusted for the statutory tax rate of 29%.
4. The headline earnings and earnings per share were calculated assuming
that the capital distribution had been effective 1 January 2007.
5. The net asset value per share and the tangible net asset value per
Mittal Steel share were calculated assuming that the capital
distribution had been effective 30 June 2007.
Change of name of Mittal Steel
While the integration process between the two companies Arcelor SA and Mittal
Steel Holdings N.V. is ongoing, the Group Management Board has seen it befitting
to convey to our stakeholders and to the world, ArcelorMittal`s unique profile
and values through a new brand. This brand demonstrates the strength of the
combined company, the vision to provide the leadership that will transform
tomorrow`s steel industry and the values- Sustainability, Quality and
Leadership.
The basic concept of the new brand architecture is that there is only one
company, one name, and one brand: ArcelorMittal. The intention is to encourage
this `one company` feeling throughout the Group because doing so supports the
business strategy.
The new brand exists not only to symbolise what ArcelorMittal stands for, but
also to bring the different parts of the Company together into a stronger whole.
This brand is communicated by a new logo, consisting of the brand name together
with a dynamic new signature symbol.
Following from the above and the advancement of the process of integration, all
subsidiaries of ArcelorMittal have been requested to start with the process of
changing their registered names to reflect the above intent. For Mittal Steel
it means a change to ArcelorMittal South Africa Limited
Salient dates and times 2007
Last day to lodge forms of proxy for the general Monday, 1 October
meeting by 11:30
General meeting to be held at 11:30 Wednesday, 3 October
Results of general meeting released on SENS Wednesday, 3 October
Results of general meeting published in the press Thursday, 4 October
Last day to trade "cum" the capital distribution and Friday, 19 October
in the name of Mittal Steel
Mittal Steel shares trade "ex" the capital Monday, 22 October
distribution
Trade under the new name "ArcelorMittal South Africa Monday, 22 October
Limited" under the JSE code ACL and ISIN ZAE000103453
from commencement of trading
Record date for the capital distribution and change of Friday, 26 October
name
New share certificates reflecting the change of name Monday, 29 October
posted by registered post to Mittal Steel certificated
shareholders who have surrendered their documents of
title on or before 12:00 on the record date
Dematerialised Mittal Steel shareholders` accounts Monday, 29 October
updated by their CSDP or broker
Capital distribution transferred or posted to Mittal Monday, 29 October
Steel shareholders
Notes:
1. Mittal Steel shares may not be dematerialised or rematerialised between
22 October 2007 and 26 October 2007, both days inclusive.
2. The above dates and times are subject to amendment. Any amendments to
the dates and times will be released on SENS and published in the South
African press.
Circular and General Meeting
A circular has been posted to shareholders today, 29 August 2007, including a
notice convening a general meeting of Mittal Steel shareholders, to be held at
11:30 on Wednesday, 3 October 2007 at The Park Hyatt Hotel, Room 191, At The
Park, Ground Floor, 191 Oxford Road, Rosebank, Johannesburg for the purpose of
considering and, if deemed fit, passing, with or without modification, the
special and ordinary resolutions necessary to approve and implement the capital
distribution and change of name.
Vanderbijlpark
29 August 2007
Sponsor to Mittal Steel:
Deutsche Securities (SA) (Proprietary) Limited
Date: 29/08/2007 17:00:02 Produced by the JSE SENS Department.
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