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Zeltis Holdings Limited - Disposal Of Assets Owned By Rovic Diamonds
(Proprietary) Limited
ZELTIS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1905/021141/06)
("Zeltis")
Share code: ZLT
ISIN: ZAE000015939
DISPOSAL OF ASSETS OWNED BY ROVIC DIAMONDS (PROPRIETARY) LIMITED
1. THE DISPOSAL
The Janus Corporation (Pty) Ltd is authorised to announce that a wholly-owned
subsidiary of Zeltis, Rovic Diamonds (Proprietary) Limited ("Rovic"), has
concluded an agreement to sell its diamond related assets to African Acquisition
(Proprietary) Limited with effect from the close of business on 24 June 2002
("the disposal") on the terms and conditions as set out below.
The assets being disposed of comprise the diamond mining tailings on the farm
Damplaats 319, situated in the district of Boshof in Free State Province, mining
equipment and a cession of the mineral rights over various farms in the district
of Boshof in the Free State Province.
Zeltis had written off its investment in Rovic as at 30 June 2001. It is the
stated intention of Zeltis to dispose of assets that no longer form part of its
core business.
2.DISPOSAL CONSIDERATION
The disposal consideration for the sale of the assets is R1 950 000, which
amount was settled in cash on 11 July 2002.
The proceeds from this disposal will utilised in the working capital of Zeltis.
Zeltis has provided warranties as are usual for a transaction of this nature.
3. FINANCIAL EFFECTS
Had the disposal been effective at the beginning of the Zeltis financial year
commencing 1 July 2001, the effect on the Zeltis earnings and headline earnings
per share for the six months ended 31 December 2001 and the net asset value and
net tangible asset value per share as at 31 December 2001 would have been as
follows:
Unaudited Pro
Results forma
Six months Pro After
ended forma Increase / the Increase /
31/12/2001 after (Decrease) disposal (Decrease)
(cents) the (%) and (%)
disposal the
(cents) rights
offer
(cents)
Earnings per (1.0) (0.6) 40.3 (0.2) 78.3
share
Headline earnings
per share (0.4) 0.1 116.6 0.0 106.0
Net asset value
per share 22.3 29.3 31.3 20.2 (9.5)
Net tangible
asset value per (15.8) (8.8) 44.2 6.4 140.4
share
The financial effects as calculated have been based on the unaudited financial
results of Zeltis for the six months ended 31 December 2001 and on the
assumptions that:
the 148 698 692 shares in issue on 31 December 2001 had been consolidated into
29 739 738 shares;
the "Pro forma After the disposal" figures reflect the financial effects of
receiving the sale proceeds and earning interest thereon at an interest rate of
12,67% per annum before and after taxation; and
the "Pro forma After the disposal and the rights offer" figures reflect the
financial effects of the claw-back rights offer (that resulted in the raising of
R2,104 million in cash and the conversion of R5,742 million in debt into equity)
as if this had occurred on 31 December 2001 as well as the disposal, and the
consolidation of the share capital into 82 044 121 shares in issue.
Johannesburg
19 July 2002
Corporate adviser and sponsor
The Janus Corporation (Pty) Ltd
Date: 19/07/2002 03:34:36 PM Produced by the JSE SENS Department
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