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BFS
BFS
BFS - Blue - Financial Effects relating to the Acquisition of Bonus Finance
Namibia (Pty) Limited and Related Businesses
Blue Financial Services Limited
(Registration number 1996/006595/06)
JSE code: BFS
ISIN ZAE000083655
("Blue" or "the company")
FINANCIAL EFFECTS RELATING TO THE ACQUISITION OF BONUS FINANCE NAMIBIA (PTY)
LIMITED AND RELATED BUSINESSES
1. Introduction
Shareholders were advised in a SENS announcement dated 5 September 2007 that
Blue had entered into a sale of shares and business agreement to acquire the
entire issued share capital of Bonus Finance Namibia (Pty) Limited ("Bonus
Finance") and the businesses conducted by NFIT 2 Trust, NFIT 3 Trust and NFIT 5
Trust ("the acquisition"). The financial effects of the acquisition are
presented below.
2. Pro forma financial effects of the acquisition
The unaudited pro forma financial effects of the acquisition, for which the
directors are responsible, are provided for illustrative purposes only to show
the effect thereof on earnings and headline earnings as if the acquisition had
taken effect on 1 March 2006 and on net asset value and net tangible asset value
per share as if the acquisition had taken effect on 28 February 2007. Because
of their nature, the unaudited pro forma financial effects may not give a fair
presentation of the group`s financial position and performance. The unaudited
pro forma financial effects have been compiled from the re-stated audited
consolidated financial statements for the year ended 28 February 2007 published
on 16 August 2007 and are presented in a manner consistent with the format and
accounting policies adopted by Blue and have been adjusted as described in the
notes below:
Before the Pro forma
acquisition after the
acquisition
Cents per Cents per % change
share share
Earnings per share 10.37 10.28 -0.9%
Headline earnings per share 11.81 11.71 -0.8%
Diluted earnings per share 8.77 8.70 -0.8%
Diluted headline earnings per 9.89 9.82 -0.7%
share
Net asset value per share 125.13 125.13 0.0%
Tangible net asset value per 31.36 28.05 -10.6%
share
Weighted average number of 309 139 309 139
shares in issue (`000)
Fully diluted weighted average 397 689 397 689
number of shares in issue
(`000)
Shares in issue at end of year 345 632 345 632
(excluding treasury
shares)(`000)
Notes:
1. The unaudited pro forma financial effects were prepared on the basis that
the acquisition was completed on 1 March 2006.
2. The "Before the issue" column has been extracted without adjustment from
the re-stated audited results of Blue for the year ended 28 February 2007.
3. The "Pro forma after the transaction" earnings per share, diluted earnings
per share, headline earnings per share and diluted headline earnings per
share have been adjusted to include an estimated increase in pre taxation
operating profit of R2.322 million and an estimated increase of pre
taxation finance costs of R2.762 million. The estimated increase in pre
taxation finance costs include a R2.058 million interest charge, on the
assumption that the acquisition was funded by borrowings at the current
South African prime overdraft rate of 13%.
Pretoria
17 September 2007
Designated Advisor
Ernst & Young Sponsors (Pty) Limited
(Registration number 2000/031843/07)
Date: 17/09/2007 15:39:14 Produced by the JSE SENS Department.
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