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ICC
ICC
ICC - Industrial Credit Company Africa Holdings Limited - Proposed disposal
of the assets of ICC and withdrawal of cautionary announcement
INDUSTRIAL CREDIT COMPANY AFRICA HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/010950/06)
Share code ICC ISIN ZAE000053203
("ICC" or "the company")
PROPOSED DISPOSAL OF THE ASSETS OF ICC AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
Shareholders are referred to the announcement released on 15 April 2008
regarding the proposed disposal of 100% of the issued share capital of ICC`s
wholly-owned subsidiary, Industrial Credit Company Limited (incorporated in
Zambia), to Vehicle Finance Limited ("the disposal").
The table below sets out the pro forma financial effects of the disposal on
ICC based on the reviewed financial statements of the company for the
financial year ended on 31 December 2007. The financial effects are the
responsibility of the directors of ICC, are prepared for illustrative
purposes only and, because of their nature, may not fairly present the
financial position, changes in equity, results of operations or cash flows of
the company after the disposal. The pro forma financial effects have been
prepared in accordance with International Financial Reporting Standards and
AC500 Standards as issued by the Accounting Practices Board or its successor.
Description Notes Reviewed Pro forma Percentage
before the after the change
disposal disposal
31 31 December
December 2007
2007
Loss per share (cents) 1 46.1 63.3 37.3%
Headline loss per 1 18.6 2.9 (84.4%)
share (cents)
Tangible net asset
value per share 2 (16.2) (8.8) 45.7%
(cents)
Net asset value per 2 (16.2) (8.8) 45.7%
share (cents)
Number of ordinary
shares in issue (`000) 116 667 116 667
Notes
On the assumption that the disposal was effective throughout the financial
year ended on 31 December 2007.
On the assumption that the disposal was effective on 31 December 2007.
Costs amounting to R730 000 have been taken into account in arriving at the
above figures.
A circular to the shareholders of ICC containing full details of the disposal
and containing a notice convening a general meeting of the company will be
posted to shareholders within 28 days of this announcement.
The cautionary announcement published on 25 April 2008 is hereby withdrawn.
By order of the board.
Sandton
9 June 2008
Corporate Advisor and Sponsor
Arcay Moela Sponsors (Proprietary) Limited
Reg No 2006/033725/07
Date: 09/06/2008 14:33:01 Produced by the JSE SENS Department.
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