| Thu 27 Sep 2012, 17:49 | | IFA HOTELS AND RESORTS LIMITED - Amended Unaudited Pro Forma Financial Effects of the Disposal by IFA |
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IFH 201209270082A
Amended Unaudited Pro Forma Financial Effects of the Disposal by IFA
IFA HOTELS AND RESORTS LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1919/001318/06)
SHARE CODE: IFH
ISIN: ZAE000075669
(“IFA” OR “THE GROUP”)
AMENDED UNAUDITED PRO FORMA FINANCIAL EFFECTS OF THE DISPOSAL BY
IFA BOSCHENDAL INVESTMENTS (PTY) LIMITED (“IFA BOSCHENDAL”) TO
CANOMBYS LIMITED.
IFA shareholders are referred to the announcement released on
SENS on 6 September 2012 relating to the financial effects of
the Disposal by IFA Boschendal to Canombys Limited (“the
Transaction”).
Shareholders are advised that the pro forma financial
information of the Transaction has been amended due to the
restatement of the audited published year end results for the 18
months ended 31 December 2011 as announced on 26 September 2012
arising from the proactive-monitoring by the JSE Limited.
The preparation of the pro forma financial information is the
responsibility of the Directors. The unaudited pro forma
financial effects have been prepared to illustrate the impact of
the Transaction on the audited financial information of IFA for
the 18 months ended 31 December 2011.
The unaudited pro forma financial effects have been prepared
using accounting policies that comply with IFRS and that are
consistent with those applied in the audited results of IFA for
the 18 months ended 31 December 2011.
The unaudited pro forma financial information has been presented
for illustrative purposes only and, because of its nature, may
not give a fair reflection of IFA’s financial position and
results after the Transaction.
Before After
Pro forma
31 December Adjustments2
20111 ,3
%
(cents) (cents) Change4
(Loss) per ordinary share (62.32) (59.20) 5.00%
(cents)
Headline profit / (loss) (64.61) (50.95) 21.14%
per share
Net asset value per share (26.07) (29.00) 11.24%
(cents)
Net tangible asset value (27.13) (30.06) 10.80%
per share (cents)
Number of ordinary shares 218 210 680 218 210 680 0
in issue /Weighted average
number of ordinary shares
in issue
Notes:
1. The “Before” basic loss and headline loss per share have been
calculated in accordance with the restatement of result
arising from the proactive-monitoring as announced on 26
September 2012 for the 18 months ended 31 December
2011. The “Before” net asset value and tangible net asset value
per share have been calculated from the financial Information
presented in the audited, published results of IFA for the 18
months ended 31 December 2011.
2. The “After pro forma adjustments” loss per share and headline
loss per share assumes:
– recognition of the loss on disposal of shares and claims in
Boschendal, being the excess of the carrying value
of the investment and claims in Boschendal over the expected
proceeds on the Disposal. This will not have
a continuing effect on IFA’s financial results;
– transaction costs of R934 306 directly relating to the
transaction. This will not have a continuing effect on IFA’s
financial results;
– reduction in interest income not accrued from the loan
provided to Boschendal at an interest rate of 8%, as a result
of the Disposal of the claims in Boschendal and the reversal of
the tax effect at a company tax rate of 28%. This
will have a continuing effect on IFA’s financial results;
– reversal of IFA’s share of the Boschendal loss for the 18
months ended 31 December 2011. This will have
a continuing effect on IFA’s financial results; and
– reduction in interest expense not accrued on loans repaid from
the proceeds of the Disposal, at an interest rate
of 8%, and the reversal of the tax effect at a company tax rate
of 28%. This will have a continuing effect on IFA’s
financial results.
3. The “After pro forma adjustments” net asset value and net
tangible asset value per share assumes:
– reversal of the carrying value of the loan to Boschendal;
– raising of R80.0 million, in cash, received as consideration
for the disposal of the shares and claims in Boschendal;
– payment of transaction costs of R934 306 directly related to
the transaction;
– repayment of loans provided by group companies of an amount of
R10.5 million;
– repayment of the loan provided by Nedbank Limited, secured by
IFA Boschendal, of an amount of R53.8 million;
and
– recognition of the loss on disposal of the shares and claims
in Boschendal.
4. Measured as the “After pro forma adjustments” column as a
percentage of the “Before” column.
27 September 2012
Sasfin Capital
(a division of Sasfin Bank Limited)
Date: 27/09/2012 05:49:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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