|
RBA
RBA
RBA - RBA Holdings Limited - Financial effects of the acquisition of properties
for development purposes and withdrawal of cautionary announcement
RBA Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/009701/06)
(JSE code: RBA ISIN: ZAE000104154)
("RBA" or "the company")
FINANCIAL EFFECTS OF THE ACQUISITION OF PROPERTIES FOR DEVELOPMENT PURPOSES AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1 INTRODUCTION
Shareholders are referred to the announcement released on SENS on 09
December 2010, where it was announced that a wholly owned subsidiary of RBA
has entered into an agreement with Clayville Garden City Housing Company
(Proprietary) Limited for the acquisition of nine properties in Clayville
Extension 28 Township for an amount of R14.5 million excluding VAT ("the
acquisition").
2 UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE ACQUISITION
The unaudited pro forma financial effects set out below are provided for
illustrative purposes only to provide information about how the acquisition
may have impacted on RBA`s results and financial position. Due to the
nature of the unaudited pro forma financial information, it may not give a
fair presentation of the company`s results and financial position after the
acquisition. The unaudited pro forma financial effects are based on the
interim financial information of RBA at 30 June 2010. The directors of RBA
are responsible for the preparation of the unaudited pro forma financial
effects.
Before the Pro forma After % Change
acquisition the acquisition
reviewed unaudited
interim 30 June 2010
30 June 2010
Earnings per share (cents) (3.35) (3.35) 0%
Headline earnings per share (3.35) (3.35) 0%
(cents)
Net asset value per share 14.87 14.87 0%
(cents)
Net tangible asset value per 13.36 13.36 0%
share (cents)
Weighted average shares in 310 000 310 000
issue (`000)
Shares in issue at period end 310 000 310 000
(`000)
Notes:
(1) The unaudited pro forma financial effects on the results were prepared
on the basis that the acquisition was completed on 1 January 2010.
However, as the acquisition relates to land held for development, no
income streams are expected until the development is completed.
(2) The unaudited pro forma financial effects on the financial positions
were prepared on the basis that the acquisition was completed on 30
June 2010.
(3) The "Before the acquisition" column has been extracted without
adjustment, from the interim results of RBA for the six months ended
30 June 2010.
(4) The "After the acquisition" net asset value and net tangible asset
value per share have been adjusted to include the following:
- The acquisition cost of the land, which will be held for the
development of trading properties, has been recorded under
current assets;
- Attorney and bond registration costs were capitalised against the
-acquisition cost;
- The acquisition will be fully funded through a long term loan;
- No goodwill arose on the acquisition.
3 OUTSTANDING CONDITIONS PRECEDENT
The agreement is subject to various conditions precedent which are
customary in transactions of this nature, inter alia the granting of a loan
to be secured by a first mortgage bond
4 FURTHER ANNOUNCEMENT
Shareholders will be notified once the transaction becomes unconditional.
5 WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Caution is no longer required to be exercised by shareholders when dealing
in their RBA securities.
Johannesburg
10 December 2010
Designated Adviser
Exchange Sponsors
Date: 10/12/2010 12:23:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
