| Thu 4 Oct 2007, 12:17 | | BFS - Blue Financial Services - Announcement |
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BFS
BFS
BFS - Blue Financial Services - Announcement
Blue Financial Services Limited
(Registration number 1996/006595/06)
JSE code BFS
ISIN ZAE000083655
("Blue" or "the company")
AMENDED FINANCIAL EFFECTS RELATING TO THE ISSUE OF SHARES FOR CASH TO THE
INTERNATIONAL FINANCE CORPORATION ("the IFC cash issue") AND RECTIFICATION OF
INFORMATION CONTAINED IN THE COMPANY`S PRE-LISTING STATEMENT DATED 11 OCTOBER
2006.
Amended financial effects of the IFC cash issue
The financial effects relative to the IFC cash issue were published on SENS on
25 June 2007. Subsequently, the company`s financial statements for the year
ended 28 February 2007 were re-stated. Accordingly the financial effects of
the IFC cash issue have been amended as set out below:
The unaudited pro forma financial effects of the IFC cash issue, 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 IFC cash issue
had taken effect on 1 March 2006 and on net asset value and net tangible asset
value per share as if the IFC cash issue 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:
Pro forma
Before After the
the IFC IFC cash Percentage
cash issue change
issue (Note 3)
(Note 2)
Earnings per share (cents) 10.37 9.63 (7.1)
Headline earnings per share (cents) 11.81 10.96 (7.2)
Diluted earnings per share (cents) 8.77 8.28 (5.6)
Diluted headline earnings per share
(cents) 9.89 9.33 (5.7)
Net asset value per share (cents) 125.13 136.22 8.9
Tangible net asset value per share
(cents) 31.36 48.50 54.7
Weighted average number of shares in
issue (`000) 309 139 332 977
Fully diluted weighted average number
of shares in issue (`000) 397 689 421 528
Shares in issue at end of year (`000) 345 632 369 470
Notes:
1. The unaudited pro forma financial effects were prepared on the basis that
the IFC cash issue was completed on 1 March 2006.
2. The "Before the IFC cash issue" column has been extracted without
adjustment from the re-stated audited results of Blue for the year ended
28 February 2007.
3. No adjustments have been made to reflect any benefit (income or interest
earned / saved) to be derived from the proceeds of the IFC cash issue, in
terms the "Guide on Pro Forma Financial Information" issued by the South
African Institute of Chartered Accountants in September 2005. Management
is nevertheless of the opinion that the proceeds of the IFC cash issue
will be used in a manner which will be to the benefit of shareholders.
Pre-Listing Statement rectifications
Blue has issued a circular, dated 4 October 2007, which contains, inter alia,
details pertaining to the rectification of certain information disclosed in
the company`s Pre-Listing Statement dated 11 October 2006. Copies of this
circular are available for collection and/or inspection at Blue`s registered
office, Building 10, 107 Haymeadow Street, Boardwalk Office Park, Faerie Glen,
Pretoria as well as being available on its website (wwww.blue.co.za).
Pretoria
4 October 2007
Designated Adviser
Ernst & Young Sponsors (Pty) Limited
(Registration number 2000/031843/07)
Date: 04/10/2007 12:17:09 Produced by the JSE SENS Department.
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