| Wed 6 Jul 2011, 17:00 | | EXL - Excellerate Holdings Limited - Further announcement regarding the disposal |
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EXL
EXL
EXL - Excellerate Holdings Limited - Further announcement regarding the disposal
by Excellerate of certain of its trading and distribution businesses and
withdrawal of cautionary announcement
EXCELLERATE HOLDINGS LIMITED
(Registration number 1997/009884/06)
JSE Code: EXL ISIN: ZAE000026092
(Incorporated in the Republic of South Africa)
("Excellerate" or "the Company" or "the Group")
FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY EXCELLERATE OF CERTAIN OF ITS
TRADING AND DISTRIBUTION BUSINESSES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Excellerate shareholders ("Shareholders") are referred to the announcement
published by the Company on 9 June 2011 and 10 June 2011 on SENS and in the
press, respectively, ("the Announcement") which set out details of the proposed
sale of the Group`s General Merchandise and Trading businesses being conducted
under the names, "Goldenmarc", "Louis Smiedt" and "Hypertrade" ("the
Businesses") to Cottonfield Trading 17 (Proprietary) Limited ("the Purchaser")
("the Transaction") and are advised that unaudited pro forma financial effects
of the Transaction ("Financial Effects") on Excellerate`s basic earnings per
share ("EPS"), headline earnings per share ("HEPS"), diluted EPS, diluted HEPS,
net asset value per share ("NAVPS") and net tangible asset value per share
("NTAVPS") are set out below.
FINANCIAL EFFECTS
The Financial Effects as set out below have been prepared for illustrative
purposes only to assist Shareholders in assessing the impact of the Transaction
on EPS, HEPS, diluted EPS, diluted HEPS, NAVPS and NTAVPS.
These Financial Effects have been disclosed in terms of the JSE Limited Listings
Requirements and, because of their nature, may not fairly present Excellerate`s
financial position, changes in equity, results of operations or cash flows. The
Financial Effects are the responsibility of Excellerate`s directors.
Before the After the Change %
Transaction Transaction (2)
(1)
EPS (cents) 9.8 8.7 (3), (4) & (11.2)
(5)
HEPS (cents) 10.3 10.0(3), (4) & (2.9)
(5)
Diluted EPS (cents) 9.6 8.6 (3), (4) & (10.4)
(5)
Diluted HEPS (cents) 10.1 9.8 (3), (4) & (3.0)
(5)
NAVPS (cents) 109.9 109.2 (4) (0.6)
NTAVPS (cents) 8.0 9.9 (4) 23.8
Weighted average number of shares
in issue during the Period (`000) 217 915 217 915 -
Fully diluted weighted average
number of shares in issue during 221 553 221 553 -
the Period (`000)
Shares in issue at 31 December 218 350 218 350 -
2010 (`000)
Notes:
1 Based on Excellerate`s unaudited results for the six months ended 31
December 2010 ("the Period").
2 Based on the assumption that the Transaction took place on 1 July 2010 for
statement of comprehensive income purposes and 31 December 2010 for
statement of financial position purposes.
3 After taking into account account the reversal of the Businesses`
contribution to earnings and headline earnings for the Period.
4 After taking into account the loss on sale of the Transaction of R1.319
million and the estimated costs of the Transaction of R347 776.
5 Cash received from the Transaction will be used to reduce the Group`s
current overdraft position and the after tax effect of the interest saving
for the Period has been taken into account. Further to this, after tax
interest at the prime interest rate on the R29.186 million vendor loan has
been taken into account for the Period.
WITHDRAWAL OF CAUTIONARY
Further to the publication of the Financial Effects, the cautionary statement
as set out in the Announcement is hereby withdrawn.
Sandton
6 July 2011
Sponsor
One Capital
Date: 06/07/2011 17:00:02 Produced by the JSE SENS Department.
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