| Thu 1 Aug 2002, 0:00 | | Dorbyl - Distribution of Share Capital and Declara |
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DORBYL LIMITED
(Registration No. 1911/0011510/06)
(Incorporated in the Republic of South Africa)
Share code: DLV ISIN code: ZAE 000002184
("Dorbyl" or "the company")
Distribution of Share Capital and Declaration of a Special Dividend
1. Distribution of Share Capital
At the Annual General Meeting of the company held on 29 July 2002, the directors
were authorised to distribute to shareholders a portion of the share capital (up
to a maximum of R4,73 per ordinary share) as and when considered opportune. As
a result of the disposal of several of the Dorbyl Group's ("the Group's")
businesses during the past year, a portion of the cash generated from these
disposals is considered to be surplus to the Group's requirements. Accordingly
the directors have approved a distribution of share capital of R4,72 per
ordinary share to shareholders ("the distribution"). The distribution will not
be in contravention of the group's existing borrowings covenants. The directors
confirm that for a period of 12 months after the date of this announcement that:
- the Company would after the distribution be able to pay its debts as they
become due in the ordinary course of business;
- the consolidated assets of the Company fairly valued would after the
payment be in excess of the consolidated liabilities of the Company;
- the issued share capital and reserves of the Company and its subsidiaries
will be adequate for the purposes of the business of the Company and its
subsidiaries; and
- the working capital available to the Company and its subsidiaries will be
sufficient for the Group's requirements.
2. Declaration of a Special Dividend - Dividend Number 105
In addition to the above, a special dividend of 28 cents per ordinary share
has been declared ("the dividend"), out of the company's revenue reserves.
3. Financial Effects
Set out below are the financial effects of the distribution and the
dividend on the earnings, headline earnings, net asset value and net tangible
asset value per Dorbyl share, based on the assumptions that:
- for purposes of the earnings and headline earnings per share calculations:
a) the distribution and dividend was effective during the financial year ended
31 March 2002; and
b) the distribution and the dividend was paid on 1 April 2001 and that such
distribution and dividend was financed by net borrowings on which the average
interest rate after tax was 6,88% per annum;
- for purposes of the net asset value and net tangible asset value per share
calculations, the distribution and dividend was effected on 31 March 2002.
Audited Pro forma Change
Before After (%)
(cents)(1) (cents)
Earnings per share 258,9 225,2(2) (3) (13,0)
Headline earnings per share 334,2 300,5(2) (4) (10,1)
Net asset value per share 2 520,0 2 020,0 (5) (19,8)
at 31 March 2002
Tangible net asset value 2 397,0 1 897,0 (5) (20,9)
per share at 31 March 2002
Notes:
1. Extracted from or compiled from the audited consolidated results of the
Dorbyl group for the financial year ended 31 March 2002.
2. On the assumption that the distribution and dividend was implemented with
effect from 1 April 2001.
3. Based on a weighted average number of 33,664 million shares in issue during
the financial year ended 31 March 2002 and on attributable earnings of
R75,8 million for the year then ended.
4. Based on a weighted average number of 33,664 million shares in issue during
the financial year ended 31 March 2002 and on headline earnings of
R101,1 million during the year then ended.
5. Based on the assumption that the distribution and dividend was effected on
31 March 2002 and on 32,998 million shares in issue at 31 March 2002
4. Salient Dates
The last date to trade "cum" the distribution and the dividend in order to
participate in the distribution and the dividend will be Friday, 16 August 2002.
The shares of Dorbyl will commence trading "ex" the distribution and dividend
from the commencement of business on Monday, 19 August 2002 and the record date
will be Friday, 23 August 2002. The distribution and dividend is payable on
Monday, 26 August 2002.
5. No dematerialisation or rematerialisation of share certificates may take
place between Monday, 19 August 2002 and Friday, 23 August 2002, both days
inclusive.
On behalf of the Board
BD BHIKHA
Company Secretary
Registered office:
Dorbyl Ridge
16 Jan Smuts Avenue
Parktown, 2193
2 August 2002
Investment Bank and Transfer Secretaries:
Sponsor:
PSG Investment bank Computershare Investor
Services Limited
Date: 01/08/2002 05:20:00 PM Produced by the JSE SENS Department
