| Tue 3 Apr 2012, 16:00 | | CDZ - Cadiz Holdings Limited - Special dividend and trading statement |
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CDZ
CDZ
CDZ - Cadiz Holdings Limited - Special dividend and trading statement
Cadiz Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1997/007258/06
ISIN: ZAE000017661
JSE Share code: CDZ
("Cadiz", "the group" or "the company")
SPECIAL DIVIDEND
Following the receipt of the proceeds of the BNP Paribas Cadiz Securities
transaction, the group undertook a prudent review of the capital requirements
of the group and its operating businesses.
Cadiz is committed to returning excess funds to shareholders and following
the completion of this capital review the directors have declared a special
dividend of 50 cents per ordinary share.
Shareholders should note that owing to the declaration of this special
dividend the group will not be declaring a final dividend for the 2012
financial year.
In compliance with the Listings Requirements of the JSE Limited the timetable
and additional information for the special dividend is set out below:
Last date to trade: Wednesday, 25 April 2012
Trading commences ex dividend: Thursday, 26 April 2012
Record date: Friday, 4 May 2012
Payment date: Monday, 7 May 2012
Share certificates may not be dematerialised or rematerialised between
Thursday, 26 April 2012 and Friday, 4 May 2012, both dates inclusive.
Gross dividend: 50 cents per share
Local dividends tax rate: 15%
Company tax reference number: 9398/002/71/8
Issued share capital at declaration date: 253 069 786 shares
STC (Secondary tax on companies) credits utilised and the net local dividend
amount in cents per share,as applicable, should be finalized and announced
by 18 April 2012
TRADING STATEMENT
Shareholders are advised that the basic and diluted earnings per share for
the year ended 31 March 2012 are anticipated to be substantially more than
the 20% threshold higher than last year. Basic and diluted headline earnings
per share are anticipated to be substantially lower than last year and the
group expects to break even for the year.
Further earnings guidance will be provided as soon as management has
reasonable certainty as to the 20% range by which headline earnings for the
year have declined.
The increase in earnings is attributable to the surplus on disposal of 60% of
the Securities business and the mark-to-market valuation of the group`s 40%
holding of the Securities business (now BNP Paribas Cadiz Securities).
The decline in headline earnings is attributable mostly to disappointing
performances from the main operating businesses.
Asset management was impacted by difficult market conditions leading to a
reduction in performance fees, lower average assets under management relative
to last year (currently R42 billion) and a high infrastructure cost for the
current asset base.
Management is focusing on reducing costs, improving investment performance
and increasing the asset base of Cadiz Asset Management to ensure the
business is sustainably profitable and competitive.
The performance of the securities segment for the seven months to October
2011 (prior to the 60% disposal) and for the months thereafter has been
impacted by low trading volumes and increased competition as well the
pressure placed on resources during the transaction discussions and
implementation.
Cadiz and BNP Paribas are committed to and focused on the integration, launch
and success of BNP Paribas Cadiz Securities. The business will combine the
respective strengths of Cadiz and BNP Paribas to market and sell South
African equity products to institutional investors locally and abroad.
The performance of the group`s investment and capital portfolio has improved
over the past year due to solid returns from the majority of its investments
and non-recurring losses of the previous year.
The group`s results for the year ended 31 March 2012 will be announced on
SENS on Monday 4 June 2012.
The financial information on which this trading statement is based has not
been reviewed or reported on by the group`s independent auditors.
Cape Town
3 April 2012
Sponsor: Investec Bank Limited
Date: 03/04/2012 16:00:20 Produced by the JSE SENS Department.
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