| Wed 3 Aug 2011, 16:58 | | GPL - Grand Parade Investments Limited - Proposed restructure - changes to |
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GPL
GPL
GPL - Grand Parade Investments Limited - Proposed restructure - changes to
pro forma financial effects, update regarding circular to shareholders and
other matters
GRAND PARADE INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/003548/06)
Share code: GPL
ISIN: ZAE000119814
("GPI" or "the Company")
PROPOSED RESTRUCTURE - CHANGES TO PRO FORMA FINANCIAL EFFECTS, UPDATE
REGARDING CIRCULAR TO SHAREHOLDERS AND OTHER MATTERS
Shareholders are referred to the Company`s detailed announcement on 16 May
2011 on SENS and on 17 May 2011 in the press ("the Announcement") regarding
a proposed transaction between GPI and Sun International Limited ("SIL"),
defined in the Announcement and referred to below as "the Proposed
Restructure".
UPDATE REGARDING THE CIRCULAR TO SHAREHOLDERS
GPI is currently in the process of finalising the circular ("the Circular")
to shareholders in respect of the Proposed Restructure and it is anticipated
that the Circular will be posted to GPI shareholders during August 2011.
CHANGES TO PRO FORMA FINANCIAL EFFECTS OF THE PROPOSED RESTRUCTURE
The pro forma financial effects of the Proposed Restructure, as disclosed in
the Announcement, have been updated and in terms of section 9.17 of the JSE
Listings Requirements, the following updated pro forma financial effects are
required to be disclosed:
Unaudited Pro Forma
Before After Change
(cents) (cents) (%)
Earnings/(loss) per share 4.75 3.52 (26%)
Headline earnings/(loss) per share 11.56 12.91 12%
The assumptions on which the updated pro forma financial effects are based,
remain in line with those set out in the Announcement, save that transaction
costs and breakage fees are now estimated to be R14.6 million, R4 million
less than previously estimated.
Detailed pro forma financial effects will be disclosed in the Circular.
RELATED PARTY
Since the Announcement was made, the JSE has indicated that it considers GPI
and SIL to be related parties for purposes of the JSE Listings Requirements
as SIL is a material shareholder of SunWest International (Pty) Limited, in
which GPI in turn holds 50.01% of the voting rights of the issued share
capital. Accordingly, the JSE views the Proposed Restructure as a related
party transaction.
NO FURTHER SIGNIFICANT CHANGES
Save as set out above, there has been no significant change affecting any
matter contained in the Announcement and no other significant matter has
arisen that would have been required to be mentioned in the Announcement, if
it had arisen at the time of the preparation of the Announcement.
Cape Town
3 August 2011
Sponsor
PSG Capital (Pty) Limited
Date: 03/08/2011 16:58:09 Produced by the JSE SENS Department.
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