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BCX
BCX
BCX - Business Connexion Group Limited - Correction - Pro forma financial
effects of the disposal of Destiny Electronic Commerce (Proprietary) Limited on
BCX Shareholders
Business Connexion Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1988/005282/06)
Share code: BCX
ISIN: ZAE000054631
("BCX" or "the company")
CORRECTION - PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL OF DESTINY ELECTRONIC
COMMERCE (PROPRIETARY) LIMITED ON BCX SHAREHOLDERS
In the SENS announcement dated 2 June 2011 the financial effects in terms of
headline earnings per share and diluted headline earnings per share were
incorrectly stated. Below are the correct financial effects.
Before After the % Change
the Disposal
Disposal (2)
(1)
Headline earnings per share 43.3 38.7 (10.6)
(cents)
Diluted headline earnings per 38.4 34.3 (10.7)
share (cents)
Basic earnings per share (cents) 43.1 47.3 9.7
Diluted earnings per share 38.2 41.9 9.7
(cents)
NAV per share (cents) 514.7 522.6 1.5
Net tangible asset value per 370.9 412.7 11.3
share (cents)
Number of shares in issue 404 912 404 912 -
(`000`s)
Weighted average number of shares 362 097 362 097 -
in issue (000`s)
Diluted weighted average number 408 879 408 879 -
of shares (000`s)
Notes and assumptions:
1) The financial information in the "Before the Disposal" column has been based
on the pro forma financial effects in the Circular to BCX Shareholders dated 9
March 2011.
2) The "After the Disposal "column has been prepared by excluding the audited
financial management accounts of Destiny for the year ended 30 September 2010 as
included in the Circular to BCX Shareholders dated 9 March 2011. The market
value attributed to Destiny by BCX as part of the UCS Acquisition Transaction
was R123.4 million while the book value of Destiny was R36.4 million. The net
profit after tax attributable to Destiny for the year ended 30 September 2010
was R23.8 million.
3) The pro forma income statement effects of BCX have been prepared assuming
that BCX made the Disposal with effect from 1 September 2009.
4) The pro forma balance sheet effects of BCX have been prepared assuming that
the Disposal was effected on 31 August 2010, adjusted for the UCS Acquisition
Transaction.
Midrand
3 June 2011
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 03/06/2011 11:40:01 Produced by the JSE SENS Department.
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