| Tue 21 Dec 2010, 14:33 | | ACT/ACTP - AfroCentric - General Payment by way of a Capital Reduction out of |
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ACT ACTP
ACT
ACT/ACTP - AfroCentric - General Payment by way of a Capital Reduction out of
share premium account
AFROCENTRIC INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1988/000570/06)
JSE Code: ACT, ACTP ISIN: ZAE000078416, ZAE000082269
("AfroCentric or "the Company" or "the Group")
General Payment by way of a capital reduction out of share premium account
Shareholders are referred to the audited Group results announcement dated 29
September 2010 wherein it was stated that the board of directors had proposed
the Group`s maiden distribution in the form of a capital reduction out of share
premium of 7,5 cents per ordinary share, subject to shareholder approval at the
Annual General Meeting on 15 December 2010, which approval has been obtained.
Preference shareholders participate in distributions on the basis that they are
entitled to 15% of the aggregate distribution payable to preference and ordinary
shareholders ("the capital distribution").
Holders of AfroCentric preference shares are advised that a payment by way of a
capital reduction out of the Company`s share premium account of 21.08 cents per
preference share has been declared in terms of the Company`s Articles of
Association.
In compliance with the requirements of Strate, the electronic settlement custody
system used by the JSE Limited, the Company has determined the following salient
dates for the payment of the capital distribution for ordinary and preference
shareholders.
Last day to trade "Cum" the capital
distribution Friday,7 January 2011
Ordinary and preference shares trade Monday, 10 January 2011
"Ex" "capital distribution"
Record date to participate in the
capital distribution Friday, 14 January 2011
Payment date to shareholders in
respect of the capital distribution
Monday, 17 January 2011
No ordinary and preference share certificates may be dematerialised or
rematerialised between Monday, 10 January 2011 and Friday, 14 January 2011, both
dates inclusive.
The unaudited table below sets out the pro forma financial effects of the
capital distribution based on the audited financial results of Afrocentric for
the 12 (twelve) months ended 30 June 2010.
Published After the %
results before capital change
the capital distribution
distribution
Earnings per share(cents) (2.53) (2.53) 0.00%
Headline earning per share 29.78 29.78 0.00%
(cents)
Net Asset value per 244.66 235.83 (3.61)%
share(cents)
Tangible asset value per 228.34 219.51 (3.87)%
share(cents)
Number of shares in issue at 262 433 262 433 0.00%
30 June 2010(`000)
Weighted average number of 259 670 259 670 0.00%
shares in issue at 30 June
2010(`000)
Note:
1. The financial information has been extracted from the published audited
annual financial statements of the Group for the 12 month period ended 30
June 2010.
2. The pro forma earnings figure illustrates the possible effects if the cash
distribution had been paid on 30 June 2010.
3. The calculations above have been based on the issued ordinary shares as at
30 June 2010.
Board of Directors
Johannesburg
21 December 2010
Sasfin Capital
(division of Sasfin Bank Limited)
Date: 21/12/2010 14:33:03 Produced by the JSE SENS Department.
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