| Thu 16 Feb 2012, 17:05 | | SBL - Sable Holdings Limited - Financial effects pertaining to the disposal |
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SBL
SBL
SBL - Sable Holdings Limited - Financial effects pertaining to the disposal
of Fairlands Shopping Centre and continuation of cautionary announcement
SABLE HOLDINGS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER: 1968/010636/06)
("SABLE" OR "THE GROUP")
SHARE CODE: SBL ISIN: ZAE000006383
FINANCIAL EFFECTS PERTAINING TO THE DISPOSAL OF FAIRLANDS SHOPPING CENTRE
AND CONTINUATION OF CAUTIONARY ANNOUNCEMENT
1. Introduction and terms
Shareholders are referred to the announcement released on SENS on 26
January 2012 wherein Sable advised that it has, through its wholly
owned subsidiary, Sable Place Properties 106 Proprietary Limited ("the
seller"), entered into a Sale of Letting Enterprise Agreement ("the
Agreement") with Erf 712 Fairland Proprietary Limited ("the Purchaser")
in terms of which the seller will dispose of Erf 712, Portion 1 of Erf
713 and the Remaining Extent of Erf 713 ("the Property") situated in
Fairland Township for a consideration of R16,850,000 (the
Consideration") to the Purchaser. ("the Disposal")
2. Financial effects
The unaudited pro-forma financial effects of the Disposal, based on the
published audited group results of Sable Holdings Limited "Sable" for
the year-ended 30 June 2011 are set out below. The unaudited pro-forma
financial effects have been prepared for illustrative purposes only to
provide information on how the Disposal may have impacted on the
results and financial position of Sable. Preparation of the unaudited
pro-forma financial effects is the responsibility of the directors. Due
to their nature, the pro-forma financial effects may not fairly present
Sable`s financial position after the Disposal or the effect on future
earnings:
(1) (2)(4)
Audited Adjustments
financial before the
information Disposal
30 June 2011
Earnings/(loss) 221.7 (1.3)
(cents per share)
Headline earnings/(loss) 55.4 (7.1)
(cents per share)
Net asset value and net 4 363 (4)(1)
tangible asset value
(cents per share)
Weighted average number 9 175 424 9 175 424
of shares in issue net
of treasury shares
Number of shares in 9 967 400 9 967 400
issue
(3)(5)
After Change%
disposals
Earnings(cents per 219.9 (0.8%)
share)
Headline profit 54.9 (0.9%)
(cents per share)
Net asset value and net 4 361 (0.1%)
tangible asset value
(cents per share)
Weighted average number 9 175 424 0%
of shares in issue net
of treasury shares
Number of shares in 9 967 400 0%
issue
Notes:
1. The "audited financial information" earnings and headline earnings per
share have been extracted without adjustment from the audited,
published financial statements of Sable. The "audited financial
information" net asset value and net tangible asset value per share
have been calculated from the financial information presented in the
published audited financial results of Sable.
2. The "adjustments before the disposal" earnings and headline earnings
per share have been adjusted to exclude the income and expenditure
relating to the Property which has been disposed of. These adjustments
result in the "adjustments before the Disposal" financial information
reflecting the financial position of Sable as if the disposal had taken
place on 1 July 2010.
3. The earnings and headline earnings per share included in the "after
disposals " column have been adjusted for the following:
a. include the adjustments noted above in point two;
b. to exclude the after tax income and expenditure relating to
the Property for the year ended 30 June 2011;
c. to include the loss on sale of R650,000 of the disposal of
the Property;
d. to include the commission on sale expense of the Property
amounting to R250,000; and
e. to include the interest saving due to the application of
the proceeds of the disposal against debt at an average
after-taxation interest rate of 5,29%.
4. The "adjustments before the disposal" net asset value and net tangible
asset value per share have been adjusted to exclude the income and
expenditure relating to the Property which has been disposed of. These
adjustments result in the "adjustments before the Disposal" financial
information reflecting the financial position of Sable as if the Disposal
had taken place on 1 July 2010.
5. The net asset value and net tangible asset value per share included in
the "after disposals " column have been adjusted for the following:
a. include the adjustments noted above in point four;
b. to exclude the assets and liabilities relating to the
Disposal;
c. to include the cash consideration received amounting to
R5,929,556 net of debt;
d. to reinvest the net proceeds as noted in point 6(b) in
interest bearing borrowings net of tax;
e. to include the loss on sale of the Disposal amounting to
R650,000;
f. to include the commission on sale expense of the Property
amounting to R250,000; and
g. to include the net capital gains taxation credit effect
arising on the Disposal amounting to R541,970.
6. FURTHER ANNOUNCEMENT
A further announcement providing outstanding information on the Disposal
including the relevant valuation information will be published on
fulfillment of the conditions precedent disclosed in paragraph three above.
7. CONTINUATION OF CAUTIONARY
Shareholders are advised that as a all the information required in terms of
the JSE Listings Requirements has not yet been announced, caution is still
required when dealing in Sable shares until the outstanding information is
published.
16 February 2012
Designated Advisor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 16/02/2012 17:05:59 Produced by the JSE SENS Department.
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