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CBH
CBH
CBH - Country Bird Holdings - Disposal Of An Interest In Soveriegn Food
Investments Limited ("Sovereign")
Country Bird Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2005/008505/06)
Share code: CBH & ISIN: ZAE000094835
("CBH")
Disposal of an interest in Soveriegn Food Investments Limited ("Sovereign")
1. INTRODUCTION
Investec Bank Limited is authorised to announce that following the
termination of negotiations with Sovereign, CBH has disposed of its entire
interest in Sovereign, namely 7 570 570 Sovereign shares for 779 cents per
share amounting to R59 million.
2. RATIONALE FOR THE DISPOSAL
The shares were initially bought in the open market over a period of time
between December 2008 and May 2009, when CBH identified Sovereign as a
potential take-over target. Following unsuccessful negotiations between the
parties Sovereign proceeded with a rights issue which was not supported by
CBH and talks were therefore terminated. Following these developments the
CBH board has decided that it was in the best interest of CBH to sell its
investment in Sovereign and apply the cash flow to CBH`s requirements.
3. PRO FORMA FINANCIAL EFFECTS OF THE Disposal
The table below sets out the unaudited pro forma financial effects of the
disposal on CBH`s earnings per share ("EPS"), headline EPS, net asset value
("NAV") per share and tangible NAV per share.
The unaudited pro forma financial effects have been prepared to illustrate
the impact of the disposal on the latest published unaudited results of CBH
for the six months ended 31 December 2009.
The unaudited pro forma financial effects have been prepared using
accounting policies that comply with International Financial Reporting
Standards and that are consistent with those applied in the unaudited
results of CBH for the interim period ended 31 December 2009. The
unaudited pro forma financial effects, which are the responsibility of the
directors, are provided for illustrative purposes only and, because of
their pro forma nature may not fairly present CBH`s financial position,
changes in equity, results of operations or cash flow.
Before the After the Percentage
disposal disposal change (%)
EPS (cents) 19.27 17.72 (8)
HEPS (cents) 19.22 19.22 0
NAV per share 214.82 213.27 (0.7)
(cents)
TNAV per share 164.23 162.68 (0.9)
(cents)
Weighted average 187 099 187 099 0
number of shares
in issue (000`s)
Notes:
1. The amounts in the "Before the disposal" column have been extracted
from the results of CBH for the interim period ended 31 December 2009.
2. The amounts in the "After the disposal" column reflect the financial
effects of the disposal on CBH.
3. The effects on EPS and HEPS are calculated based on the assumption
that the disposal was effected on 1 July 2009 whilst the impact on NAV
and TNAV assumes the disposal took place on 31 December 2009.
4. CATEGORISATION OF THE DISPOSAL
The disposal has been categorised as a category 2 transaction in terms of
section 9.5(a) of the JSE Listings Requirements.
Johannesburg
12 February 2010
Sponsor: INVESTEC BANK
Date: 12/02/2010 08:19:07 Produced by the JSE SENS Department.
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