| Wed 18 Jul 2012, 11:55 | | RBA HOLDINGS LIMITED - DISPOSAL OF ERF 1188 BEVERLY EXTENSION 64 CITY OF JOHANNESBURG |
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RBA
DISPOSAL OF ERF 1188, BEVERLY EXTENSION 64, CITY OF JOHANNESBURG
RBA Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1999/009701/06)
JSE Share Code: RBA ISIN: ZAE000104154
("RBA" or "the company")
DISPOSAL OF ERF 1188, BEVERLY EXTENSION 64, CITY OF JOHANNESBURG
1. INTRODUCTION
RBA Executive Homes (Pty) Ltd, a subsidiary of RBA, has accepted an offer on 12 July 2012 to sell Erf
1188, Beverly Extension 64, City of Johannesburg ("the property") ("the disposal") to Shell SA Marketing
(Pty) Ltd ("Shell")("the purchaser").
2. RATIONALE FOR DISPOSAL
The property was originally acquired for residential development but over time the property has become
better suited for commercial purposes, which is not RBA's core business and therefore has been
disposed of. The proceeds from the sale will provide a cash flow injection and will be utilised to settle
certain liabilities.
3. DESCRIPTION OF THE PROPERTY
The property is situated along William Nicol Drive, Fourways, Johannesburg.
4. TERMS AND CONDITIONS OF THE DISPOSAL
4.1 RBA has agreed to dispose of the property to Shell for R6 500 000.
4.2 The purchase price is exclusive of VAT.
4.3 The disposal is subject to the following conditions:
4.3.1 the successful conclusion of a formal sale agreement;
4.3.2 confirmation that RBA is the owner of the property;
4.3.3 approval of the sale by the Shell board.
5. UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL
The unaudited pro forma financial effects set out below are provided for illustrative purposes only to provide
information about how the disposal may have impacted on RBA's results and financial position. The pro
forma financial effects have been prepared in accordance with International Financial Reporting Standards.
Due to the nature of the unaudited pro forma financial information, it may not give a fair presentation of the
company's results and financial position after the disposal. The unaudited pro forma financial effects are
based on the audited financial information of RBA for the year ended 31 December 2011. The directors of
RBA are responsible for the preparation of the unaudited pro forma financial effects.
Before the Pro forma After the
disposal audited disposal unaudited
31 December 31 December 2011
2011 Change
Earnings per share (cents) 1.18 1.59 34.75%
Headline earnings per share (cents) 2.16 2.16 0%
Net asset value per share (cents) 15.36 15.77 2.67%
Net tangible asset value per share (cents) 13.12 13.53 3.13%
Weighted average shares in issue 337 878 022 337 878 022
Number of shares in issue at year end 340 000 000 340 000 000
Notes:
(1) For the purpose of calculating the earnings and headline earnings per share, it is assumed that the disposal
was implemented on 1 January 2011 and for the purpose of calculating the net asset value and the net
tangible asset value per share, it is assumed that the disposal was implemented on 31 December 2011.
(2) The "Before the disposal" column has been extracted without adjustment, from the audited results of RBA for
the year ended 31 December 2011.
(3) The "After the disposal" earnings per share includes a profit on the disposal of R1,6 million. This profit has
been deducted for the calculation of headline earnings per share.
(4) The "After the disposal" net asset value and net tangible asset value per share have been adjusted to
exclude the value of the property.
6 CATEGORISATION OF THE DISPOSAL
The disposal is categorised, in terms of the JSE Limited's Listings Requirements, as a Category 2
transaction and does not require shareholders' approval.
7. FURTHER ANNOUNCEMENT
Shareholders will be notified once a formal agreement has been finalised and signed.
18 July 2012
Johannesburg
Designated Adviser
Exchange Sponsors
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