| Fri 6 Aug 2010, 16:51 | | AWT - Awethu Breweries Limited - Pro forma financial effects of the disposal |
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AWT
AWT
AWT - Awethu Breweries Limited - Pro forma financial effects of the disposal,
salient dates & times & withdrawal of cautionary
AWETHU BREWERIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1992/004352/06)
Share Code: AWT
ISIN: ZAE000013769
("Awethu")
ANNOUNCEMENT REGARDING:
* THE PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL OF PROPERTY AND CERTAIN
MOVEABLE BREWERY ASSETS BY AWETHU UNDER SECTION 228 OF THE COMPANIES ACT,
1973 (ACT 61 OF 1973) AS AMENDED, TO UNITED NATIONAL BREWERIES SA (PTY)
LIMITED;
* NOTICE OF GENERAL MEETING OF AWETHU SHAREHOLDERS; AND
* WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT.
1 INTRODUCTION
Shareholders of Awethu ("Shareholders") are referred to the terms
announcement dated Thursday,11 February 2010 ("the February Announcement"),
and subsequent cautionary announcements whereby they were advised that
Awethu has concluded two separate sale agreements relating to (1) the sale
of Erf 4938 Township of Carletonville Extension 6, Registration Division
I.Q., The Province of Gauteng ("the Property") and (2) certain moveable
brewery assets situated on the Property to United National Breweries (SA)
(Pty) Limited ("the Purchaser") (collectively "the Transaction"), with
effect from the Completion Date, being the date on which transfer of the
Property from Awethu to the Purchaser is registered in the relevant Deeds
Office.
Shareholders are advised that the pro forma financial effects of the
Transaction have now been finalised and are set out below.
2 PRO FORMA FINANCIAL EFFECTS
Set out in the table below are the pro forma financial effects of the
Transaction based on Awethu`s published reviewed interim financial results
for the six months ended 31 December 2009. The pro forma financial effects
have been prepared for illustrative purposes only to provide information on
how the Transaction may have impacted on the results and financial position
of Awethu. Because of their nature, the pro-forma financial effects may not
fairly present Awethu`s financial position after the Transaction.
The existing accounting policies of Awethu have been used in calculating
the pro forma financial information.
The directors of Awethu are responsible for the preparation of the pro forma
financial effects.
Before the After the Percentage
Transaction - Transaction - change
31 December 31 December %
2009 2009
(cents) (cents)
Loss / Earnings per share (1) (2.61) 1.80 169
Headline loss per share (1) (2.61) (2.41) 8
Net asset value per share (2) (5.02) (0.81) 84
Net tangible asset value per (5.02) (0.81) 84
share (2)
Number of shares in issue 84 556 909 84 556 909 -
Weighted average number of 84 556 909 84 556 909 -
shares in issue
Notes:
1 The amounts in the "Before" column represent the reviewed loss and
headline loss per share as disclosed in the reviewed interim financial
results for the six months ended 31 December 2009. The amounts in the
"After" column represent the earnings and headline loss per share on
the assumption that the Transaction was effective from 1 July 2009.
2 The amounts in the "Before" column represent the net asset value and
net tangible asset value per share as disclosed in the reviewed
interim financial results for the six months ended 31 December 2009.
The amounts in the "After" column represent the net asset value and
net tangible asset value per share based on the reviewed interim
financial results for the six months ended 31 December 2009 adjusted
for the Transaction, had it been effected on 31 December 2009.
3 Transaction costs of R647 000 have been taken into account.
3 SALIENT DATES AND TIMES FOR THE GENERAL MEETING OF SHAREHOLDERS
A circular, containing full details of the Transaction, including a notice
of general meeting to consider, and if deemed fit, approve the Transaction
("the General Meeting"), will be posted to shareholders on or about Friday,
6 August 2010.
Below are the salient dates and times.
Circular posted to Shareholders on Friday, 6 August 2010
Last day to lodge forms of proxy with the Friday, 27 August 2010
Transfer Secretaries, Computershare Investor
Services (Pty) Limited for the general meeting
by 9:30 on
General meeting of Awethu shareholders to be Tuesday, 31 August 2010
held at 9:30 at 281 Celliers Drive, Glen
Austin Ext.1, Midrand on
Results of General Meeting released on SENS on Tuesday, 31 August 2010
Results of General Meeting published in the Wednesday, 1 September 2010
press on
Notes:
1. The salient dates and times in this announcement are subject to
amendment. Any such amendment will be released on SENS and published
in the press. Any reference to time is a reference to South African
time.
4 WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
As the pro forma financial effects of the Transaction have now been
announced, shareholders are advised that the cautionary announcement dated
Thursday, 1 July 2010 is hereby withdrawn.
Vanderbijlpark
6 August 2010
Sponsor
Deloitte & Touche Sponsor Services (Proprietary) Limited
Reporting Accountants
PKF (Jhb) Inc.
Attorneys
Vardakos Attorneys
Independent Advisor
PKF Corporate Finance (Proprietary) Limited
Independent Property Valuer
Asset Valuation Services CC
Independent Asset Valuer
Mr E.G. Bonini
Date: 06/08/2010 16:51:01 Produced by the JSE SENS Department.
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