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MVG
MVG
MVG - Mvelaphanda Group Limited - Disposal of remaining interest in
Mvelaserve Limited
Mvelaphanda Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1995/004153/06
Ordinary share code: MVG
Ordinary share ISIN: ZAE000060737
("Mvela Group" or "the Company")
DISPOSAL OF REMAINING INTEREST IN MVELASERVE LIMITED ("Mvelaserve")
1. THE TRANSACTION
Shareholders of Mvela Group are advised that the Company has disposed of
its remaining interest in Mvelaserve, consisting of 8 960 060 ordinary
shares in Mvelaserve Limited ("the sale shares") on the market during
the period 3 February 2012 to 22 February 2012 ("the Disposal") for a
total cash consideration of R93 705 357.
2. BUSINESS CARRIED ON BY MVELASERVE LIMITED
Mvelaserve is a leading provider of outsourced business support services
in South Africa.
3. RATIONALE
The disposal is part of Mvela Group`s value unlocking strategy in order
to realise value for its shareholders.
4. APPLICATION OF PROCEEDS
The sale proceeds will be utilised in the most appropriate manner as
determined by the board.
5. CONSIDERATION RECEIVED
The total cash consideration received in respect of the Disposal was R93
705 357.
6. JSE CATEGORISATION
In terms of the JSE Listings Requirements, the disposals have been
aggregated and therefore the Disposal a category 2 disposal.
7. FINANCIAL EFFECTS
The unaudited pro forma financial effects of the Disposal as set out
below, have been prepared to assist Mvela Group shareholders in
assessing the impact of the Disposal on the Company`s historical
earnings per share, headline earnings per ordinary share, net asset
value per ordinary share and net tangible asset value per ordinary
share.
Unaudited Pro Forma Change (%)
before the after the
Disposal Disposal
(Cents per (Cents per
share) share)
Basic earnings per 16.7 17.3 3.6%
share
Basic headline 16.7 17.3 3.6%
earnings per share
Net asset value per 423.9 425.0 0.3%
share
Net tangible asset 423.9 425.0 0.3%
value per share
Notes and assumptions:
1. The basic earnings per share and basic headline earnings per share
figures in the "Pro Forma after the disposal" column have been
calculated on the basis that the disposal was effected on 1 July
2011.
2. The net asset value per share and the tangible net asset value per
share figures in the "Pro Forma after the disposal" column have
been calculated on the basis that the disposal was effected on 31
December 2011.
3. Interest on the purchase consideration received has been calculated
based on the ruling prime interest rate from time to time. The
taxation rate applicable is assumed to be 28%.
4. The basic earnings per share and basic headline earnings per share
figures are calculated based on weighted average number of shares
in issue of 529 426 000 shares as at 31 December 2011.
5. The net asset value per share and net tangible asset value per
share have been calculated based on 529 708 365 shares in issue as
at 31 December 2011.
29 February 2012
Johannesburg
Sponsor: PSG Capital
Date: 29/02/2012 16:09:02 Produced by the JSE SENS Department.
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