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BIK
BIK
BIK - Brikor - Financial Effects Of The Acquisition By Brikor And Withdrawal Of
The Cautionary Announcement
BRIKOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013247/06)
JSE code: BIK
ISIN: ZAE000101945
("Brikor" or "the company")
FINANCIAL EFFECTS OF THE ACQUISITION BY BRIKOR OF DONKERHOEK QUARTZITE
(PROPRIETARY) LIMITED ("DONKERHOEK") AND THE BUSINESS OF LEOPONT 365 PROPERTIES
(PTY) LIMITED ("LEOPONT") (COLLECTIVELY "THE DONKERHOEK ACQUISITION") AND
WITHDRAWAL OF THE CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Shareholders are referred to the announcement released on 20 May 2008 relating
to the Donkerhoek acquisition, which announcement did not contain the financial
effects pertaining to that acquisition.
UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE DONKERHOEK ACQUISITION
The unaudited pro forma financial effects set out below are provided for
illustrative purposes only to assist the shareholders of Brikor to assess the
impact of the Donkerhoek acquisition on the earnings per share ("EPS"), headline
earnings per share ("HEPS"), net asset value per share ("NAVPS") and net
tangible asset value per share ("NTAVPS") of Brikor. These unaudited pro forma
financial effects have been disclosed in terms of the JSE Listings Requirements
and because of their nature may not give a fair presentation of Brikor`s results
and financial position after the Donkerhoek acquisition. The unaudited pro forma
financial effects are the responsibility of the directors of Brikor and are
presented in a manner consistent with the accounting policies adopted by Brikor.
Notes Audited Unaudited Change
Before the Pro forma
Donkerhoek After the
acquisition Donkerhoek
acquisition
EPS (cents) 1&2 13.0 13.4 3.1%
HEPS (cents) 1&2 11.9 12.3 3.4%
NAVPS(cents) 1&3 64.7 64.7 -
NTAVPS (cents) 1&3 60.4 52.7 (12.7%)
Weighted average 560 228 560 228 -
number of shares
in issue (000)
Shares in issue 637 095 637 095 -
at period end
(000)
Notes:
1. The EPS, HEPS, NAVPS and NTAVPS, as set out in the "Audited Before the
Donkerhoek acquisition" column, have been extracted from Brikor`s audited
results for the year ended 29 February 2008.
2. EPS and HEPS effects are based on the following assumptions and
information:
- the transaction was effective 1 March 2007;
- the purchase price of R70 million was paid in cash to the sellers on 1
March 2007, which cash payment was financed through borrowings of R70
million incurring interest at 15% per annum (pre tax); and
- the final payment of R70 million is subject to profit warranties; and
- the total after tax profit attributable to Donkerhoek and Leopont is
R9.9 million for year ended 29 February 2008 based on the management
accounts for that period.
3. NAVPS and TNAVPS effects are based on the following assumptions and
information:
- the transaction was effective 29 February 2008;
- the purchase price of R70 million was paid on 29 February 2008 in the
manner described in note 2 above;
- the final payment of R70 million is subject to profit warranties;
- estimated transaction costs of R3.5 million have been capitalised as
part of the purchase consideration; and
- the revaluations and allocations that may arise from the application
of IFRS 3 (Business Combinations) have not been made as this will only
be finalised in due course. The pro forma financial information has
thus been prepared on the basis that the excess of the purchase price
over the net asset value of the Donkerhoek acquisition will comprise
goodwill of R48.9 million, which goodwill is not amortised.
WITHDRAWAL OF THE CAUTIONARY ANNOUNCEMENT
Pursuant to the release of the financial effects of the Donkerhoek acquisition,
the cautionary announcement is hereby withdrawn.
24 June 2008
Designated Adviser
Vunani Corporate Finance
Auditors and Reporting Accountants
RSM Betty & Dickson (Tshwane)
Date: 25/06/2008 07:05:05 Produced by the JSE SENS Department.
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