| Fri 1 Oct 2010, 16:14 | | AMA - Amalgamated Appliance Holdings Limited - General Payment out of the Share |
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AMA
AMA
AMA - Amalgamated Appliance Holdings Limited - General Payment out of the Share
Premium Account
Amalgamated Appliance Holdings Limited
(Registration number 1997/004130/06)
(Incorporated in the Republic of South Africa)
Share code: AMA & ISIN: ZAE000012647
("AMAP" or "the Company")
GENERAL PAYMENT OUT OF THE SHARE PREMIUM ACCOUNT
The board of directors has approved a general payment by way of a reduction of
capital out of the share premium account, of 8 cents per share, in lieu of a
dividend for the year ended 30 June 2010, to AMAP shareholders recorded in the
register on Friday, 19 November 2010 ("the Distribution").
The payment of the Distribution is subject to the passing of the requisite
ordinary resolutions at the annual general meeting to be held at 09:00, on
Friday, 5 November 2010. The annual report containing full details of the
Distribution and convening the annual general meeting will be posted to
shareholders on or about the 30 September 2010. In compliance with the
requirements of Strate, the electronic settlement and custody system used by the
JSE Limited, the Company has determined the following salient dates for the
payment of the Distribution:
2010
Finalisation announcement Friday, 5 November
released on SENS
Finalisation announcement Monday, 8 November
published in the press
Last day to trade cum the Friday, 12 November
Distribution
Shares commence trading ex the Monday, 15 November
Distribution
Record date Friday, 19 November
Payment date Monday, 22 November
AMAP ordinary shareholders will not be permitted to dematerialise/rematerialise
their shares between Monday, 15 November 2010, and Friday, 19 November 2010,
both days inclusive.
The illustrative pro forma financial effects of the Distribution set out below
have been prepared to assist AMAP shareholders in assessing the impact of the
Distribution of capital out of share premium on the Net Asset Value per share
("NAV") and Net Tangible Asset Value per share ("NTAV"). The material
assumptions are set out in the notes following the table. The pro forma
financial effects are the responsibility of the directors and are provided for
illustrative purposes only.
Note Impact of Pro
Actual the forma
before the proposed After
specific specific the
payment payment specific
payment
Assets
Cash and cash equivalents (R`000) 1 2 204 377 (16 975) 187 402
Equity attributable to ordinary 1 2 465 135 (16 975) 448 160
shareholders (R `000)
Note 1 & 2
NAV (Cents per share) 1 4 219 (8) 211
NTAV (Cents per share) 1 4 218 (8) 210
Notes:
1. As per the published reviewed results for the year ended 30 June 2010.
2. Adjustments to cash and cash equivalents and equity attributable to
ordinary shareholders were made on the assumption that the Distribution was
paid on 30 June 2010.
3. Equity attributable to ordinary shareholders comprises the following line
items below
Note Actual Impact of Pro forma
before the After the
the proposed specific
specific specific payment
payment payment R`000
R`000 R`000
Ordinary share capital 3 2 122 - 2 122
Share premium 3 94 841 (16 975) 77 866
Treasury shares 3 (22 698) - (22 698)
Accumulated profits 3 384 789 - 384 789
Share-based payment reserve 3 6 081 - 6 081
Total equity attributable to 3 465 135 (16 975) 448 160
ordinary shares
Notes:
4. The calculation of NAV per share and NTAV per share as at 30 June 2010 has
been based on the number of ordinary shares in issue of 212 189 169.
5. For income tax purposes, shareholders are advised that the Distribution may
be regarded as a return of capital and therefore consideration should be
given to the potential capital gains tax consequences. Amap shareholders
are, therefore, advised to consult their tax advisors with regard to how
they may be impacted by the Distribution.
Johannesburg
Sponsor: Bridge Capital Advisors (Pty) Limited
01 October 2010
Date: 01/10/2010 16:14:10 Produced by the JSE SENS Department.
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