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CAE
CAE
CAE - Cape Empowerment Trust - Disposal of investment in Rapiprop 159
(Proprietary) Limited) change to the board of directors and company
secretary
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/014606/06)
("CET" or "the company")
Share Code: CAE
ISIN: ZAE000016952
- DISPOSAL OF INVESTMENT IN RAPIPROP 159 (PROPRIETARY) LIMITED
("RAPIPROP")
- CHANGE TO THE BOARD OF DIRECTORS AND COMPANY SECRETARY
1. DISPOSAL OF INVESTMENT IN RAPIPROP
1.1 Shareholders are advised that CET has unconditionally disposed of its
investment in Rapiprop 159 (Proprietary) Limited ("Rapiprop"),with effect
from 1 February 2010, for R9 million in cash to Capespan (Proprietary)
Limited ("Capespan")("the disposal").
1.2 Rapiprop is an agricultural property-based fruit farming venture with
Capespan and Total Produce Plc.
1.3 Following a rights offer CET`s interest in Rapiprop was diluted to
10%. Further capital may be required from Rapiprop shareholders in the
future and meaningful dividend flow is not a focus in the short to medium
term. The disposal is therefore in line with the group`s stated strategy of
focusing on its core portfolio of investments.
1.4 The proceeds of the disposal will be applied to redeem interest
bearing debt.
1.5 The transaction is categorised as a category 2 transaction in terms of
the JSE Listings Requirements.
1.6 Pro forma financial effects
The unaudited pro forma financial effects of the transaction, based on the
published unaudited interim results of CET for the six months to 30 June
2009, are set out below. The preparation of these effects is the
responsibility of the directors of the company and it has been prepared for
illustrative purposes only to provide information on how the transaction
may have impacted on CET`s results and financial position.
Before After %Change
Loss per share (cents) 2.4 2.7 +12%
Headline loss per share (cents) 2.8 3.1 +10%
Net asset value per share (cents) 71.7 71.2 -1%
Tangible NAV per share (cents) 69.7 69.2 -1%
Weighted number of shares
In issue (`000) 338 276 338 276
Number of shares in issue (`000) 290 241 290 241
Notes
1. The numbers in the Before column is based on the published unaudited
interim results for the six months ended 30 June 2009.
2. The numbers in the After column is based on the following
assumptions:
a. The transaction was implemented and cash received with effect from 1
January 2009 for income statement purposes and from 30 June 2009 for
balance sheet purposes.
b. The proceeds of the disposal was utilised to redeem interest bearing
debt at an after-tax interest rate of 11%.
2. CHANGE TO THE BOARD OF DIRECTORS AND COMPANY SECRETARY
2.1 Shareholders are advised that Mr RJ McGregor has resigned as financial
director and company secretary with immediate effect.
2.2 Mr HB Dednam has been appointed as company secretary of CET.
2.3 The board will consider the appointment of a suitable group financial
director upon the completion of the proposed merger between CET and Dynamic
Cables RSA Ltd as announced on 15 December 2009. As an interim measure the
current managing director, Mr J de Villiers, will assume the role of acting
financial director.
Cape Town
27 January 2010
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Legal advisors
Cliffe Dekker Hofmeyr Inc
Date: 27/01/2010 11:13:01 Produced by the JSE SENS Department.
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