Acceptances Of The Specific Repurchase Offer Of Sh
Aquila Growth Limited
(Registration number 1995/003158/06)
("Aquila" or "the company")
Acceptances of the specific repurchase offer of shares in Aquila
1. ACCEPTANCES OF THE SPECIFIC REPURCHASE OFFER
Further to the results of general meeting announcement dated 12 April 2001,
Real Africa Durolink Investment Bank Limited is authorised to announce that at
the close of the offer period, Aquila ordinary shareholders holding 26 815 656
Aquila ordinary shares, representing approximately 18% of the entire issued
share capital in Aquila, have elected to sell their ordinary shares in terms of
the circular to shareholders dated 19 March 2001. The tendered shares are to be
taken up as follows:
14 310 494 shares are to be acquired and held by Aquila Treasury Holdings
(Proprietary) Limited; and
12 505 162 shares are to be acquired by Aquila and are therefore to be
cancelled.
The directors of Aquila have resolved to accept all the Aquila ordinary shares
tendered to Aquila in terms of the specific repurchase offer.
2. FINANCIAL EFFECTS ON AQUILA
The pro-forma financial effects of the specific repurchase offer on asset value
and earnings per share, before and after the specific repurchase offer, are set
out below:
Before After
Notes (cents per (cents per
share) share) Change
Net asset value per share 1 176 187 6,3%
Earnings per share 2 (1,4) (2,6) (1,2 cents)
The above net asset value per share calculation is based on 151 563 000
ordinary shares in issue before the specific repurchase offer and 124 747 344
ordinary shares in issue after the specific repurchase offer. The above
earnings per share calculation is based on 155 365 000 ordinary shares in issue
before the specific repurchase offer and 128 549 344 ordinary shares in issue
after the specific repurchase offer. All the above calculations exclude the
ordinary shares which are cancelled and which are to be held in treasury.
Notes:
1. The amount in the "Before" column is based on the published unaudited
interim balance sheet of Aquila at 31 August 2000. The amount in the "After"
column is based on the assumption that the specific repurchase offer was
effective on that date.
2. The amount in the "Before" column is based on the published unaudited
interim results for the six months ended 31 August 2000. The amount in the
"After" column represents the earnings that would have accrued per Aquila
ordinary share had the specific repurchase offer been effective from 1 March
2000. The amount in the "After" column is based on the assumption that the
income on cash balances foregone accrued at an average interest rate of 10.5%
per annum before tax.
3. TERMINATION OF LISTING and posting of cheques
The listing of the Aquila ordinary shares repurchased by Aquila will be
terminated on Thursday, 10 May 2001.
Cheques payable to Aquila ordinary shareholders will be posted on Wednesday, 9
May 2001.
Bryanston
9 May 2001
Investment Bank and Corporate Adviser
Real Africa Durolink
Investment Bank Limited
(Registration number 1987/005258/06)
www.radbank.co.za
Attorneys
Vorster Pereira Inc
(Registration number 1993/002530/21)
Sponsor
Real Africa Durolink
Investment Bank Limited
(Registration number 1987/005258/06)
www.radbank.co.za
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