| Wed 16 Sep 2009, 17:00 | | DLV - Dorbyl Limited - Disposal: Posting Of Circular Notice Of |
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DLV
DLV
DLV - Dorbyl Limited - Disposal: Posting Of Circular, Notice Of
General Meeting And Revised Pro Forma Financial Effects
DORBYL LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number: 1911/001510/06)
(Share Code: DLV ISIN: ZAE000002184)
("Dorbyl" or "the Company")
DISPOSAL OF PROPERTIES SITUATED IN STRUANDALE AND UITENHAGE: POSTING OF
CIRCULAR, NOTICE OF GENERAL MEETING AND REVISED PRO FORMA FINANCIAL EFFECTS
Shareholders are referred to the announcement released on SENS and in the
press on 14 August 2009 detailing the disposal by Dorbyl of the properties
situated in Struandale and Uitenhage (Port Elizabeth) to Slip Knot Investments
777 (Proprietary) Limited for a total cash consideration of R65 million ("the
disposals").
Shareholders are hereby advised that a circular containing details of the
disposals and notice of a general meeting, convened for Thursday, 1 October
2009 at 11h00 at the Company`s registered office, being 13 Lincoln Road,
Industrial Sites, Benoni South, was posted to shareholders on 15 September
2009.
Subsequent to the pro forma financial effects released on SENS and in the
press on 24 August 2009, the Company has, for purposes of additional
disclosure, prepared revised pro forma financial effects to reflect the impact
of the disposals on the Company`s net income.
The table below sets out the revised unaudited pro forma financial effect of
the disposals on the loss per share and headline loss per share:
Audited Pro forma Change
Before the After the
disposals(1) disposals
(cents) (cents) (%)
Loss per share(2),(3) (701.4) (553.2) 21.1%
Headline loss per share(2), (3) (316.8) (330.0) (4.2%)
Weighted average number of shares in 33 924 33 924 -
issue (`000)
Actual number of shares in issue 33 924 33 924 -
(`000)
Notes:
(1) Extracted from the published audited consolidated financial statements of
Dorbyl for the year ended 31 March 2009.
(2) Adjustments to reflect the once-off effects of the disposals, namely:
disposal consideration of R65 million, book value of the fixed asset sold
of R75 million (inclusive of revaluation of R64.7 million) as at 31 March
2009, interest earned at an after-tax return of 7%, which is the current
rate at which interest is earned on funds placed on call, totalling R4.6
million for the financial year ended 31 March 2009 and transaction costs
of R0.6 million. Adjustments to reflect the ongoing effects of the
disposals, namely: rental income foregone of R1.2 million and R5.2
million (as extracted from the signed lease agreements) and property
expenses saved of R0.7 million and R0.5 million (as extracted from
unaudited management accounts) in respect of the Uitenhage and Struandale
properties respectively, and, going forward, external rental payable of
R3.3 million in respect of the Uitenhage property (based on the signed
lease agreement).
(3) Calculation based on a weighted average of 33,924 million shares in issue
during the financial year ended 31 March 2009.
Johannesburg
16 September 2009
Corporate Advisor and Sponsor: PSG Capital (Proprietary) Limited
Reporting Accountants and Auditors: KPMG Inc
Date: 16/09/2009 17:00:01 Produced by the JSE SENS Department.
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