Amendment Of The Acceptances Of The Specific Repur
Aquila
Aquila Growth Limited
(Registration Number 1995/003158/06)
("Aquila" or "the company")
Amendment of the acceptances of the specific repurchase offer of shares in
Aquila
1. AMENDMENT OF THE ACCEPTANCES OF THE SPECIFIC REPURCHASE OFFER
It was announced on 9 May 2001 that at the close of the offer period, Aquila
ordinary shareholders holding 26 815 656 Aquila ordinary shares,
representing 18% of the entire issued share capital in Aquila, had elected
to sell their shares in terms of the circular to shareholders dated 19 March
2001.
After that announcement it became clear that there had been a
misunderstanding between Standard Bank Nominees (Transvaal) (Proprietary)
Limited ("SB") and Aquila's transfer secretaries, Mercantile Registrars
Limited, as to the number of shares which SB elected to sell.
After clarification of the misunderstanding, the final and amended
acceptances of the specific repurchase offer of shares in Aquila comes to 17
297 253 Aquila ordinary shares.
The revised number of shares tendered were taken up as follows:
14 310 494 shares were acquired and are held by Aquila Treasury Holdings
(Proprietary) Limited; and 2 986 759 shares were acquired by Aquila and were
cancelled.
2.FINANCIAL EFFECTS ON AQUILA
The pro-forma financial effects of the specific repurchase offer on net
asset value and earnings per share, before and after the specific repurchase
offer, are set out below:
Before Effects of specific Change
repurchase offer
Notes (cents per share) Before After
Amendment Amendment
(cents per (cents per
share) share)
Net asset value
per share 1 176 187 182 3,6%
Earnings per share 2 (1,4) (2,6) (2,1) (0,7
cents)
The above net asset value per share calculation is based on 151 563 081
ordinary shares in issue before the specific repurchase offer and
124 747 344 ordinary shares in issue after the specific repurchase offer but
before the amendment, and 134 265 747 ordinary shares in issue after the
specific repurchase offer and the amendment. The above earnings per share
calculation is based on 155 364 760 ordinary shares in issue before the
specific repurchase offer and 128 549 344 ordinary shares in issue after the
specific repurchase offer but before the amendment and 138 067 747 ordinary
shares in issue after the specific repurchase offer and the amendment. All
the above calculations exclude the ordinary shares which were cancelled and
those which are to be held in treasury.
Notes:
The amount in the "Before" column is based on the published unaudited
interim balance sheet of Aquila at 31 August 2000. The amounts in the
"Effects of specific repurchase offer" columns are based on the assumption
that the specific repurchase offer was effective on that date.
The amount in the "Before" column is based on the published unaudited
interim results for the six months ended 31 August 2000. The amounts in
the "Effects of specific repurchase offer" columns represents the earnings
that would have accrued per Aquila ordinary share had the specific
repurchase offer been effective from 1 March 2000. The amounts in the
"Effects of specific repurchase offer" columns are based on the assumption
that the income on cash balances foregone accrued at an average interest
rate of 10.5% per annum before tax.
Bryanston
07 June 2001
Investment Bank and Corporate Adviser
Real Africa Durolink
Investment Bank Limited
Attorneys
Vorster Pereira
Sponsor
Real Africa Durolink Investment Bank Limited
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