| Wed 27 Feb 2008, 16:36 | | PCN - Paracon Holdings Limited - Results of annual |
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PCN
PCN
PCN - Paracon Holdings Limited - Results of annual general meeting and capital
reduction distribution
Paracon Holdings Limited
Incorporated in the Republic of South Africa
(Registration Number 1997/008181/06)
Share code: PCN ISIN: ZAE000029674
("Paracon")
RESULTS OF ANNUAL GENERAL MEETING AND CAPITAL REDUCTION DISTRIBUTION
Results of annual general meeting
Shareholders are advised that, at the annual general meeting of Paracon held
today, all the resolutions were passed by the requisite majority of shareholders
present and represented by proxy with the exception of Ordinary resolution
number 2, "Approval to issue ordinary shares, and to sell treasury shares, for
cash" which was not approved.
The special resolution will be submitted for registration at the Registrar of
Companies in due course.
Capital reduction distribution
Shareholders are further advised that a dividend and a capital reduction
distribution totalling 10 (ten) cents per ordinary share (2007: capital
distribution of 8 (eight) cents per ordinary share paid out of share premium)
will be made as follows:
- a dividend of 5 (five) cents per ordinary share; and
- a capital reduction distribution of 5 (five) cents per ordinary share,
Pro forma financial effects
The table below sets out the pro forma financial effects of the distribution out
of share premium on Paracon`s financial results for the year ended 30 September
2007. The pro forma financial effects, which are the responsibility of the
directors, have been prepared for illustrative purposes only, and, because of
their nature, they may not give a true reflection of Paracon`s financial
position or results.
Per Paracon ordinary share Before After Percenta
the the ge
distribu distribu change
tion out tion out %
of share of share
premium premium
1
Net asset value (cents) 64,3 59,12 (8,1)
Net tangible asset value (cents) 37,6 32,5 2 (13,6)
Headline earnings (cents) 17,6 17,3 3 (1,7)
Basic earnings (cents) 17,9 17,6 3 (1,7)
Shares in issue net of treasury 375 276 375 276 -
shares 598 598
Weighted average shares in issue 375 276 375 276
upon which earnings per share and 598 598 -
headline earnings per share are
based 4
Notes:
1. Based on the published consolidated audited results for the year ended 30
September 2007, this pro forma financial information before adjustment is
subject to note 4 below.
2. Based on the assumption that the distribution out of share premium was
effected on 30 September 2007.
3. Based on the assumption that the distribution out of share premium was
effected on 1 October 2006. Cash resources earned an after-tax return of
6,04% during the period.
4. Weighted average shares in issue takes into account treasury shares held by
a subsidiary and includes 1 156 000 new shares issued after the Balance
Sheet date.
Salient dates
The salient dates applicable to the distribution out of share premium are set
out below:
Last day to trade Friday, 7 March 2008
Shares trade ex- Monday, 10 March 2008
distribution
Record date Friday, 14 March 2008
Payment date Monday, 17 March 2008
Share certificates may not be dematerialised or rematerialised between Monday,
10 March 2008 and Friday, 14 March 2008, both days inclusive.
27 February 2008
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 27/02/2008 16:36:01 Produced by the JSE SENS Department.
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