AFRICAN HARVEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/013827/06)
("African Harvest" or "the Company")
(ISIN Code: ZA000013538)
(Share code: AHV)
PROPOSED CASH DISTRIBUTION TO SHAREHOLDERS
Introduction
African Harvest Capital (Pty) Limited is authorised to announce that further
to the announcement dated 13 November 2001 in which African Harvest reported
its results for the year ended 30 September 2001, and in which it was
indicated that a cash distribution of approximately R280 million to African
Harvest shareholders was being considered, the directors have now proposed,
subject to the approval of shareholders in general meeting, a cash
distribution to African Harvest shareholders of R281 804 657, equivalent to
100 cents per share ("the cash distribution"). R264 196 371 will be paid by
way of a reduction of the company's share premium account and the balance of
R17 608 286 will be paid out of retained income.
Salient dates for the cash distribution
Shareholders of African Harvest are informed that the last date to trade in
the Company's shares for purposes of entitlement to the cash distribution
will be Friday, 15 February 2002. The shares will commence trading ex-
distribution on Monday, 18 February 2002 and the record date will be Friday,
22 February 2002. The cash distribution will be paid on Monday, 25 February
2002.
Financial effects of the cash distribution
Based on the audited financial results for the year ended 30 September 2001,
- the effect on headline earnings per share and earnings per share, had the
cash distribution been effected on 1 October 2000; and
- the effect on net asset value per share and tangible net asset value per
share, had the cash distribution been effected on 30 September 2001,
are as follows:
Before the After the
cash cash
distribution distribution
(cents) (cents)
Headline earnings per share 16.75 10.42
Earnings per share 0.30 (6.03)
Net asset value 302 202
Tangible net asset value 295 194
Documentation
African Harvest has prepared a circular to its shareholders containing full
details of the cash distribution, in accordance with the JSE Securities
Exchange South Africa Listing Requirements, which was posted to shareholders
on 16 January 2002. The proposal will be presented for shareholders'
consideration at a general meeting to be held on 8 February 2002.
Cape Town
18 January 2002
Corporate advisor and joint sponsor
African Harvest Capital (Pty) Limited
Joint sponsor
Deutsche Securities (SA) (Pty) Limited
Attorneys
Deneys Reitz
Auditors
Deloitte & Touche
Gobodo
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