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Quyn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1998/012245/06)
(Share code: QUY)
(ISIN: ZAE 000017257)
("Quyn")
SPECIFIC REPURCHASE OF SHARES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
INTRODUCTION
Shareholders are referred to the announcement dated 15 February 2002
regarding the specific repurchase of shares ("share repurchase") and the
disposal of a 50% interest in the property and facilities management
operations of Colliers RMS (Pty) Limited ("Colliers") to an empowerment
consortium ("proposed disposal").
PROPOSED DISPOSAL
As advised to shareholders in the interim results announcement dated 29 May
2002, the empowerment consortium has failed to furnish the agreed guarantees
in respect of the purchase price. The directors of Quyn have sought legal
advice regarding the non-performance by the empowerment consortium and as a
result of such advice regard the proposed disposal agreement as cancelled.
Notwithstanding the foregoing, the directors of Quyn and Colliers are
actively investigating alternative empowerment proposals regarding Colliers.
SHARE REPURCHASE
The share repurchase will proceed as originally announced on 15 February
2002, save for the fact that Quyn and Quyn Sure (Pty) Ltd, a wholly-owned
subsidiary of Quyn, will repurchase 3 167 994 and 6 922 314 Quyn ordinary
shares respectively.
The 3 167 994 Quyn ordinary shares repurchased by Quyn will be cancelled by
way of a capital reduction ("the cancellation").
FINANCIAL EFFECTS
The pro forma financial effects have been provided for illustrative purposes
only and because of their nature may not give a fair reflection of Quyn's
financial position.
The table below sets out the financial effects on the loss, headline loss,
net asset value and net tangible asset value per Quyn share for the six
months ended 31 March 2002 of the share repurchase and the cancellation:
Per share Before After Change
(cents) (cents)
(cents) (%)
Loss (1) (2.0) (2) (2.7) (0.7) (35)
Headline loss (1) (1.3) (2) (1.9) (0.6) (46)
Net asset value (1) 28.1 (3) 29.9 1.8 6
Net tangible asset value (1) 33.7 (3) 36.5 2.8 8
Shares in issue (000) 72 391 * 62301
* Excludes the 6 922 314 treasury stock shares
1. The "Before" financial information is based on the unaudited results of
Quyn for the six months ended 31 March 2002;
2. The "After" loss and headline loss per share have been adjusted to take
into account the secondary taxation on companies ("STC") of 12.5% arising on
the excess of the repurchase price over the nominal value of the Quyn shares
repurchased and the increase in the interest charge, calculated at an after
tax rate of 9.45%, which would have resulted, on the assumption that the
share repurchase and cash payment was made on 1 October 2001; and
3. The "After" net asset value and net tangible asset value per share have
been calculated on the assumption that the share repurchase and the
cancellation took place as at 31 March 2002 and after taking into account
the cash paid and reduction in the share capital and the provision for STC
of 12.5% arising on the excess of the repurchase price over the nominal
value of the Quyn shares being repurchased.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
The cautionary announcement dated 29 May 2002 is accordingly withdrawn.
Shareholders will be kept informed of further developments.
CIRCULAR TO SHAREHOLDERS
A circular to shareholders of Quyn, setting out full details of the share
repurchase and the cancellation and including a notice of general meeting,
will be posted shareholders on or about 8 July 2002.
Illovo
1 July 2002
SPONSOR
KPMG
Date: 01/07/2002 05:05:00 PM Produced by the SENS Department
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