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1TM
1TM
1TM - 1time - Financial Effects Of The Acquisition Of A 72% Interest In Safair
Technical (Pty) Limited
1time Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/017536/06)
(JSE code: 1TM & ISIN: ZAE000102026)
("1time" or "the company")
FINANCIAL EFFECTS OF THE ACQUISITION OF A 72% INTEREST IN SAFAIR TECHNICAL (PTY)
LIMITED
1. INTRODUCTION
Shareholders are referred to the announcement issued on 23 February 2009 where
it was announced that 1time had acquired a 72% interest in Safair Technical
(Pty) Limited.
The financial effects of this transaction are set out below.
2. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION
The unaudited pro forma financial effects set out below are provided to
illustrate how the acquisition may have impacted on 1time`s results and
financial position. The pro forma financial effects have been prepared in
accordance with International Financial Reporting Standards. Due to the nature
of the unaudited pro forma financial information, it may not give a fair
presentation of the company`s results and financial position after the
acquisition. The unaudited pro forma financial effects are based on the reviewed
interim financial information of 1time for the six months ended 30 June 2008.
The directors of 1time are responsible for the preparation of the unaudited pro
forma financial effects.
Before the Pro forma Change
acquisition after %
the
Reviewed acquisition
30-June-08 30-June-08
Earnings per share (cents) (3.01) 1.33 144.30%
Headline earnings per share (3.01) 1.33 144.30%
(cents)
Weighted average number of
shares in issue 210 000 000 210 000 000
Net asset value per share 47.88 53.18 11.06%
(cents)
Net tangible asset value per 46.91 51.79 10.40%
share (cents)
Number of shares in issue 210 000 000 210 000 000
Notes:
(1) The "Before the acquisition" column has been extracted without adjustment
from the reviewed results of 1time for the six months ended 30 June 2008.
(2) The "After the acquisition" earnings and headline earnings per share have
been based on Safair Technical`s management accounts for the six months
ended 30 June 2008, assuming that 90% of the purchase price was funded by
debt.
(3) The earnings and headline earnings per share were calculated as if the
acquisition was effected on 1 January 2008.
(4) The net asset value and net tangible asset value per share were calculated
as if the acquisition was effected on 30 June 2008.
(5) Goodwill of R858 525 will arise from the acquisition.
(6) Included in net asset value and net tangible asset value per share is a
contingent consideration of approximately R4.5 million which relates to the
additional purchase consideration due of USD 500 000 for achieving the
profit target.
Johannesburg
6 March 2009
Designated Adviser
Exchange Sponsors
Date: 06/03/2009 13:37:01 Produced by the JSE SENS Department.
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