| Fri 23 Jul 2010, 12:32 | | ITR - Intertrading Limited - Specific payment to shareholders by way of a |
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ITR
ITR
ITR - Intertrading Limited - Specific payment to shareholders by way of a
capital reduction out of the company`s share premium account
Intertrading Limited
(Incorporated in the republic of South Africa)
(Registration number 1987/004777/06)
Share code ITR ISIN ZAE 000015566
("Intertrading" or "the company")
SPECIFIC PAYMENT TO SHAREHOLDERS BY WAY OF A CAPITAL REDUCTION OUT OF THE
COMPANY`S SHARE PREMIUM ACCOUNT
The board of directors has approved a specific payment by way of a capital
reduction out of Intertrading`s share premium account of 30 cents per share, for
the year ended 28 February 2010, to Intertrading shareholders recorded in the
register on Friday, 17 September 2010
("the capital distribution").
The payment of the capital distribution by way of a capital reduction out of
Intertrading`s share premium account is subject to shareholders` approval at the
annual general meeting to be held at 14h00, on Thursday, 2 September 2010. The
annual report incorporating the notice of Annual General Meeting, which notice
contains full details of the capital distribution, will be posted on Friday,
6 August 2010.
In compliance with the requirements of Strate, the electronic settlement custody
system used by the JSE Limited, and subject to shareholder approval, the company
has determined the following salient dates for the payment of the capital
distribution.
Finalisation announcement published on SENS by no Friday, 3 September 2010
later than
Finalisation announcement published in the press by Monday, 6 September 2010
no later than
Last day to trade "CUM" the capital distribution Friday, 10 September 2010
Ordinary shares trade "EX" capital distribution Monday, 13 September 2010
Record date to participate in the capital Friday, 17 September 2010
distribution
Payment to shareholders in respect of the capital Monday, 20 September 2010
distribution.
No share certificates may be dematerialised or rematerialised between Monday, 13
September 2010 and Friday, 17 September 2010 both days inclusive.
Unaudited pro forma financial information
The table below sets out the unaudited, pro forma financial effects of the
capital distribution on the earnings, headline earnings, net asset value and
tangible net asset value based on the financial results of Intertrading for the
12 (twelve) months ended 28 February 2010.
The unaudited pro forma financial information provided is the responsibility of
the directors. The unaudited pro forma financial information is prepared for
illustrative purposes only, and, because of its nature, may not fairly reflect
the financial position of Intertrading or the net asset value and Tangible net
asset value per share after the capital distribution.
Published After the After the Change%
results before disposal capital
the capital (Note 2) distribution
distribution (Note 3)
(Note 1)
Basic loss per (15.1) (10.0) (12.1) (21)
share
Headline loss per (3.0) 2.2 (0.0) (100)
share
Net asset value per 47.2 47.2 17.0 (64.0)
share
Tangible net asset 47.2 47.2 17.0 (64.0)
value per share
Number of shares in 50 000 50 000 50 000 -
issue (`000)
Weighted average 50 000 50 000 50 000 -
number of shares to
calculate (`000)
Notes:
1. Extracted from the annual financial results of Intertrading for the
year ended 28 February 2010.
2. In an unrelated transaction, Intertrading disposed of all its
operating companies to Linkit (Pty) Ltd as described in the circular
to Intertrading shareholders dated 5 February 2010 with effect from 26
February 2010 ("the disposals"). The proceeds from the disposals will
fund the capital distribution. For purposes of calculating the pro
forma "After the disposals" column, the following has been assumed:
- The disposals took place on 1 March 2009
- Interest has been earned at an effective rate of 7% on cash
holdings of R23,114,368 for the entire year
- Operating expenses of R544,000 incurred by Intertrading in the
year ended 28 February 2010 will be continuing
- No tax charge has been provided for as Intertrading is not in a
tax paying position.
3. For purposes of calculating the pro forma "After the capital
distribution" column, the following has been assumed:
- The capital distribution took place on 1 March 2009
- Interest assumed to have been earned on the cash holdings of
R23,114,368, had the disposals been effected on 1 March 2009, has
been reduced by R1,058,020 as R15,114,571 of such cash holdings
would have been used to fund the capital distribution of
R15,000,000 and costs of R114,571
- Operating expenses of R544,000 incurred by Intertrading in the
year ended 28 February 2010 will be continuing
- No tax saving has been assumed as Intertrading is not in a tax
paying position.
4. The net asset value per share and the tangible net asset value per
share were calculated assuming that the disposals and the capital
distribution had been effected on 28 February 2010
5. Transaction costs of R114,571 in respect of the capital distribution
have been set off against share premium.
23 July 2010
Sponsor
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 23/07/2010 12:32:01 Produced by the JSE SENS Department.
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