| Thu 22 Dec 2011, 12:08 | | KIR - Kairos Industrial Holdings Limited - Financial effects of the Brokrew |
|
KIR
KIR
KIR - Kairos Industrial Holdings Limited - Financial effects of the Brokrew
Liquidation and withdrawal of cautionary announcement
Kairos Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002927/06)
Share code: KIR ISIN: ZAE000011284
("the company" or "the Group")
FINANCIAL EFFECTS OF THE BROKREW LIQUIDATION AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
The cautionary announcements published on 19th August 2011, 14th November 2011
and Trading Statement published on 15th December 2011 relating to the
liquidation of Brokrew Industrial (Pty) Ltd refer.
FINANCIAL EFFECTS OF THE BROKREW LIQUIDATION
The unaudited pro forma financial effects resulting from the liquidation of
Brokrew are based on the reviewed unaudited results of Kairos for the six months
ended 31 August 2011. The unaudited financial effects are presented for
illustrative purposes only, to provide information on how the liquidation may
have impacted on the results and financial position of Kairos. The unaudited pro
forma financial effects are the responsibility of the Kairos` directors. It has
been assumed for the purpose of determining the financial effects that the
liquidation was effected on 31 August 2011. The financial effects do not purport
to be indicative of what the financial results would have been, had the
liquidation not taken place. The unaudited pro forma financial information has
been presented in a manner consistent in all respects with IFRS and Kairos`
accounting policies applied consistently throughout the period.
The financial effects of the liquidation are set out below:
After the Before the % change
liquidation liquidation
Basic earnings/(loss) per (2.93) (118.29)
share (EPS) (cents) 16.02
Headline loss per share (30.24) (5.45) 81.98
(HEPS) (cents)
Net asset value per share (9.37) (28.32) (202.24)
(NAV) (cents)
Tangible net asset value (9.37) (29.43) (214.09)
(TNAV) (cents)
Shares in issue (000`s) 224,554 224,554
Weighted average number 224,554 224,554
of shares in issue(000`s)
Notes:
1 The EPS and HEPS in the "After" column of the table are based on the
reviewed, unaudited statement of comprehensive income of Kairos for the
interim period ended 31 August 2011 and 224,554,000 Kairos ordinary shares
in issue (being the weighted number of ordinary shares in issue for the
period ended 31 August 2011).
2 The EPS and HEPS in the "Before" column of the table are based on
224,554,000 Kairos ordinary shares in issue and the assumptions that the
liquidation became effective on 31 August 2011.
3 The NAV per share and TNAV per share in the "After" column of the table are
based on the unaudited statement of financial position of Kairos at 31
August 2011 and 224,554,000 Kairos ordinary shares in issue.
4 The NAV per share and TNAV per share in the "Before" column of the table
are based on the assumptions that the liquidation only took place on 31
August 2011.
5 The pro forma financial effects have not been reviewed by Kairos` auditors.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Following the disclosure of financial effects of the Brokrew liquidation, the
cautionary announcement relating to the liquidation of Brokrew is hereby
withdrawn.Shareholders are also referred to the reviewed, unaudited, interim
results of Kairos for the period ended 31 August 2011, published on SENS on 22
December for a more detailed discussion of the impact of the Brokrew liquidation
on the financial position of Kairos.
22 December 2011
Pretoria
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 22/12/2011 12:08:36 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.
