Comparex Holdings Limited
(Registration number 1994/002506/06)
("Comparex" or "the Company")
Disposal of Dimension Data Holdings plc ("Dimension Data") shares
1. INTRODUCTION
Rand Merchant Bank is authorised to announce that Comparex has disposed of the
remaining 16,6 million Dimension Data shares it held at 30 November 2000 ("the
disposal").
2. THE DISPOSAL
2.1. Rationale
At a shareholders' meeting held on 2 October 2000, Comparex shareholders
granted the Company the authority to sell its remaining Dimension Data shares.
The proceeds from the disposal will be used by the Company to further its
organic and acquisitive growth.
2.2. Details of the disposal
The disposal has been effected via the open market over the period 1 December
2000 to 7 May 2001. The net proceeds (after costs) of the disposal amount to
approximately R714 million, which represents an average price of R43,01 per
Dimension Data share.
3. FINANCIAL EFFECTS
The table below sets out the pro forma financial effects of the disposal on the
unaudited group results of Comparex for the six months ended 30 November 2000:
Actual Pro forma
Before the After the Increase/ Increase/
disposal disposal (Decrease) (Decrease)
(cents) (cents) (cents) (%)
Headline earnings
per share 41,4 48,9 7,5 18,1
Fully diluted headline
earnings per share 39,7 47,0 7,3 18,4
Net asset value
per share 1 154,1 1 106,5 (47,6) (4,1)
Fully diluted net
asset value
per share 934,5 895,9 (38,6) (4,1)
The financial effects were calculated on the following basis:
- the earnings related calculations are based on the assumption that the
proceeds received for the disposal were invested at a net after tax rate of 7%
per annum;
- for the purposes of the earnings related calculations, it was assumed that
the disposal was carried out on 1 June 2000;
- for the purposes of the net asset value related calculations, it was -assumed
that the disposal was carried out on 30 November 2000; and
- the Dimension Data shares were reflected in the Company's interim financial
results published on 15 February 2001 at a value of R52,50 per share.
Midrand
8 May 2001
RAND MERCHANT BANK
CORPORATE FINANCE
A Division of FirstRand Bank Limited
Merchant bank and sponsor
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