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BAW BAWP
BAW
BAW / BAWP - Barloworld - South African Tax Considerations Regarding The
Unbundling Of Shares In Freeworld Coatings Limited ("Freeworld Coatings")
Barloworld Limited
(Incorporated in the Republic of South Africa)
(Registration number 1918/000095/06)
(Ordinary share code: BAW)
(ISIN: ZAE000026639)
(Preference share code: BAWP)
(ISIN: ZAE000026647)
("Barloworld")
SOUTH AFRICAN TAX CONSIDERATIONS REGARDING THE UNBUNDLING OF SHARES IN
FREEWORLD COATINGS LIMITED ("FREEWORLD COATINGS")
INTRODUCTION
In the circular issued to Barloworld shareholders on 8 November 2007,
Barloworld informed its shareholders of the proposed unbundling and
distribution of the shares held by Barloworld in Freeworld Coatings
("Freeworld Coatings distribution shares") to Barloworld ordinary
shareholders recorded in the register at the close of business on
7 December 2007 ("the record date"), to be effected by way of a
distribution in specie on 10 December 2007 in terms of section 46 of the
Income Tax Act, 1962 (Act 58 of 1962), as amended, in the ratio of one
Freeworld Coatings distribution share for every Barloworld ordinary share
held on the record date.
The purpose of this announcement is to advise Barloworld ordinary
shareholders of the closing prices of the Freeworld Coatings distribution
shares and the Barloworld ordinary shares on 11 December 2007, the day
after the distribution of the Freeworld Coatings distribution shares, and
the ratio in which the expenditure incurred and/or the valuation date value
of the Barloworld ordinary shares (or the deemed expenditure incurred
and/or deemed valuation date value after taking into account the effect of
the unbundling of Pretoria Portland Cement Company Limited on 16 July 2007)
must be allocated to the Freeworld Coatings distribution shares and the
Barloworld ordinary shares ("the apportionment ratio").
Shareholders are advised in all circumstances to seek their own advice
regarding taxation.
APPORTIONMENT RATIO
The apportionment ratio is 91.4% relating to a Barloworld ordinary share
and 8.6% relating to a Freeworld Coatings distribution share based on the
share prices of Barloworld and Freeworld Coatings as at 17:00 on
11 December 2007 of R114.40 and R10.75, respectively.
Johannesburg
12 December 2007
Investment bank and transaction sponsor
Standard Bank
Attorneys
Bowman Gilfillan
Reporting accountants, tax advisors and independent auditors
Deloitte
Sponsor
JP Morgan
Date: 12/12/2007 15:48:28 Produced by the JSE SENS Department.
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