| Fri 2 Jul 2010, 7:05 | | TLM - Telemasters Holdings Limited - Declaration Of Capital Distribution |
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TLM
TLM
TLM - Telemasters Holdings Limited - Declaration Of Capital Distribution
TELEMASTERS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2006/015734/06)
Share code: TLM ISIN Number: ZAE000093324
("TeleMasters" or "the Company")
DECLARATION OF CAPITAL DISTRIBUTION
A special resolution passed by shareholders at the Annual General Meeting held
on 1 April 2010 granted approval for the directors to make payments to
shareholders out of share capital.
In lieu of a third quarter dividend, the board of directors has resolved, to
declare a quarterly capital distribution out of share premium of 2 cents per
share, payable on 26 July 2010, to shareholders recorded in the register of the
Company as at 23 July 2010.
Due to the flux in the market and the cessation of Commission Incentive Bonuses,
the board of directors deem it to be prudent to decrease the Dividend per share
by 2 cents per share compared to the previous quarter to see the Company through
its transition to a full telecommunications provider.
Shareholders` attention are drawn to the fact that any general payments in terms
of this authority may not exceed 20% of the Company`s issued share capital and
reserves in any one financial year, measured at the beginning of the financial
year.
The table below illustrates the pro forma financial effects of the capital
distribution on the Unaudited condensed interim results of the Company for the 6
months ended 31 March 2010, the pro forma earnings figures illustrating the
possible financial effects if the capital distribution had been made on 1
October 2009 and the pro forma net asset values figures illustrating the
possible financial effects if the capital distribution had been made on 31 March
2010.
Before the After the
capital capital Percentage
distribution distribution change
Earnings per 8.68 8.68 No change
share (cents)
Headline earnings 8.79 8.79 No change
per share (cents)
Net asset value 63.14 61.14 (3.17%)
per share (cents)
Net tangible 53.80 51.80 (3.72%)
asset value per
share (cents)
Notes:
1 The "Before the capital distribution" column has been extracted from the
published unaudited condensed interim results for the six months ended 31
March 2010.
2 The "After the capital distribution" column shows the effect of the capital
distribution on the published unaudited condensed interim results for the
six months ended 31 March 2010.
The pro forma financial effects, which are the responsibility of the directors,
have been prepared for illustrative purposes only and, due to their nature, may
not fairly present TeleMasters` financial position, changes in equity, results
of operations or cash flows.
Shareholders are advised that the payment of the capital distribution is subject
to the Company`s designated advisor providing the JSE Limited with the necessary
report on the adequacy of the working capital of the Company in terms of the JSE
Listings Requirements prior to the payment being effected. The Company`s
designated advisor has issued the report to the JSE confirming the adequacy of
the working capital.
Shareholders attention is drawn to the following important dates:
Last day to trade "cum" the
capital distribution ("LDT"): Friday,16 July 2010
Date trading commences "ex"
the capital distribution: Monday,19 July 2010
Record date for payment of
the capital distribution: Friday,23 July 2010
Date of payment of the
capital distribution: Monday,26 July 2010
Share certificates may not be dematerialised or rematerialised between Monday,
19 July 2010 and Friday, 23 July 2010 both dates inclusive. Any changes in the
above dates will be announced on SENS.
For and on behalf of the Board:
01 July 2010
MB Pretorius
Chief Executive Officer
N Owen
Chief Financial Officer
Corporate information
Directors: DS van Der Merwe*, MB Pretorius, IG Bekker, N Owen, BR Topham*, J
Voigt* VI Beck*(* non-executive)
Company secretary: Brandon Topham Inc.
Registered address: Equity Estate Building 2, Masters House, Charles de Gaulle
Crescent, Highveld Park Ext 9, Centurion, (P.O. Box 2887, Montana Park, 0159)
Auditors: BDO, Block C, Riverwalk Office Park, 41 Matroosberg Avenue, Ashlea
Gardens, Pretoria
Transfer secretaries: Computershare Investor Services Limited, 70 Marshall
Street, Johannesburg, 2001 (P.O. Box 61051, Marshalltown, 2107)
Website: www.telemasters.co.za
Designated Advisor:
Arcay Moela Sponsors (Proprietary) Limited
Date: 02/07/2010 07:05:01 Produced by the JSE SENS Department.
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