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Altech - Disposal of interest in AAT
ALLIED TECHNOLOGIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1946/020415/06)
Share code ALT ISIN ZAE000015251
("Altech")
Disposal of Altech`s 40% shareholding in Alcatel Altech Telecoms (Pty)
Limited ("AAT") ("the disposal")
1. INTRODUCTION
Shareholders are referred to the cautionary announcements published on 22
February 2002, 7 March 2002 and 17 May 2002 in relation to the exercise by
Altech of the option it had in terms of the AAT shareholders` agreement to
"put" all of its 40% shareholding in AAT to Alcatel CIT ("Alcatel").
2. DISPOSAL PRICE
The price payable by Alcatel for Altech`s shares in AAT is R335 484 900.
This price was determined based on R39 238 000 (a figure derived from a
formula in the AAT shareholders` agreement) multiplied by 8,55. The latter
is a figure determined in accordance with the AAT shareholders` agreement,
by Rand Merchant Bank Corporate Finance (an independent expert selected by
the advisers of Altech and Alcatel), to be the average of the PE multiples
of JSE Securities Exchange South Africa listed companies carrying on
business in South Africa as similar as possible to the business of AAT.
3. CONDITION PRECEDENT TO THE DISPOSAL
The transaction has received the approval of the South African
Competition authorities, is now unconditional and will be implemented
accordingly.
4. FINANCIAL EFFECTS OF THE DISPOSAL
The pro forma effects of the disposal on Altech`s headline earnings per
share ("HEPS"), net asset value per share ("NAV") and net tangible asset
value per share ("NTAV") are as follows:
Before After
(cents per (pro forma cents Percentage
share) per share) change
Headline earnings per share 268,1 (1) 288,4 (2) +7,6
Net asset value per share 872,0 (3) 1 183,5 (4) +35,7
Net tangible asset value per
share 833,5 (3) 1 145,0 (4) +37,4
Notes:
1. The "Before" HEPS is Altech`s audited HEPS for the year ended 28
February 2002.
2. The "After" HEPS assumes that the disposal became effective on 1 March
2001 and that Altech earned interest on the disposal price at an after-tax
rate of 6,8% for the year ended 28 February 2002.
3. The "Before" NAV and NTAV are Altech`s audited NAV and NTAV as at 28
February 2002.
4. The "After" NAV and NTAV assume the disposal was effected on 28 February
2002.
Johannesburg
19 June 2002
Investment bank
Nedcor Investment Bank
Independent expert
Rand Merchant Bank
A division of FirstRand Limited
Corporate finance
Sponsor
HSBC
Date: 18/06/2002 05:06:00 PM Produced by the SENS Department
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