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OLG
OLG
OLG - Onelogix Group Limited - Financial Effects And Withdrawal Of Cautionary
Announcement
Onelogix Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/004519/06)
JSE code: OLG & ISIN: ZAE000026399
("OLG")
FINANCIAL EFFECTS AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Shareholders are referred to the announcement released on SENS on 11 March 2009
regarding the acquisition by OLG of the equity in each of PM Hire (Proprietary)
Limited, RFB Logistics (Proprietary) Limited and Lynx Investments (Proprietary)
Limited (collectively "the RFB group").
Set out below are the pro forma financial effects of the acquisition of the RFB
Group.
PRO FORMA FINANCIAL EFFECTS
The pro forma financial information set out below has been prepared for
illustrative purposes only, to provide information on how the transaction may
have impacted on the historical results and financial position of OLG.
Because of its nature, the pro forma financial information may not give a fair
reflection of OLG`s financial position after the transaction, or the effect of
the transaction on OLG`s future earnings.
The calculation of the pro forma financial information is the responsibility of
the directors.
Before After
acquisition acquisition
of the RFB of the RFB % change
Group Group
(cents) (cents)
Earnings and headline earnings per 8.3 9.6 17
share
Diluted earnings and headline 8.3 9.6 17
earnings per share
Net asset value per share 71.6 71.6 -
Tangible net asset value per share 50.3 44.8 (11)
Notes and assumptions:
- The figures set out in the "Before acquisition of the RFB Group" column
above have been extracted from the unaudited interim results for the six
months ended 30 November 2008.
- The figures set out in the "After acquisition of the RFB Group" column
above have been extracted from the unaudited management accounts of the RFB
Group for the six months ended 30 November 2008.
- The acquisition of the RFB Group is assumed to have been implemented on 1
June 2008 for earnings and headline earnings per share purposes and on 30
November 2008 for net asset and tangible net asset value per share
purposes.
- It is assumed that:
- the maximum purchase consideration payable of R22 500 000 is paid,
settled as to R13,000,000 in cash on the implementation date (assumed
31 May 2009) and R9,500,000 in cash on 1 March 2010;
- the cash portion is settled out of existing cash resources and the
resultant reduction in finance income has been calculated at 9%;
- the deferred payment accrues interest at 15% per annum;
- taxation has been provided for at 28%;
- there are 210 million ordinary OLG shares in issue before and after
the transaction.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are advised that caution is no longer required to be exercised when
dealing in their OLG shares.
1 April 2009
Designated Advisor
Java Capital (Proprietary) Limited
Date: 01/04/2009 13:42:03 Produced by the JSE SENS Department.
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