ELE - ElementOne Limited - Announcement regarding the disposal of MTN shares
ELE
ELE
ELE - ElementOne Limited - Announcement regarding the disposal of MTN shares
ElementOne Limited
(Formerly Avusa Limited, formerly Johnnic Communications Limited)
(Incorporated in the Republic of South Africa)
(Registration number 1889/000352/06)
Share code: ELE ISIN: ZAE000115887
("ElementOne" or "the Company")
Announcement regarding the disposal of MTN shares
1. Introduction
Shareholders are advised that the Company has disposed of its entire holding of
1 093 210 MTN Group Limited ("MTN") shares for a total disposal consideration of
R164 844 502 ("the disposal"). The disposal took place over the period 29 and
30 May 2008 and the average price per share for the disposal was R150.79
(excluding brokerage costs).
2. Nature of business of ElementOne
Subsequent to the unbundling of ElementOne, details of which were set out in a
circular to shareholders dated 25 February 2008, and the conclusion of the
disposal, ElementOne`s remaining business is its direct and indirect investment
in Caxton & CTP Publishers and Printers Limited.
3. Rationale for the disposal
The rationale for the disposal includes the intention to realise value in the
MTN shares following a period of market volatility. The proceeds of the
disposal will be utilised towards a tax liability of the Company which is
payable later in the year.
4. Categorisation of the disposal
The disposal is a Category 2 transaction in terms of Section 9.5 of the JSE
Limited Listings Requirements and as such no action is required by ElementOne
shareholders.
5. Financial effects of the disposal
The financial effects of the disposal on ElementOne`s earnings per share,
headline earnings per share, net asset value per share and net tangible asset
value per share have not been disclosed as these effects are not material.
Johannesburg
4 June 2008
Investment Bank and Sponsor
Nedbank Capital
Date: 04/06/2008 14:26:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
