Intertrading - Acquisition of Skyservices
Intertrading Limited
(Registration number 1987/004777/06)
Share code: ITR ISIN: ZAE000015566
("Intertrading")
Acquisition of Skyservices (Pty) Limited ("Skyservices")
Agreement has been reached between Intertrading and Mr Herbert Stehmeier in
terms of which Intertrading has acquired from Mr Stehmeier the 82% shareholding
in Skyservices that it does not already own.
In terms of the agreement, the purchase consideration is R5 487 222 in cash,
of which half is payable on signature of the agreement if not previously paid
and the balance will be paid without interest on 15 November 2002. The purchase
consideration will be funded out of Intertrading`s existing cash resources and
bank facilities. No warranties were given in respect of the acquisition.
Mr Stehmeier, who is also the managing director of Skyservices, will remain
in employment with Skyservices until 28 February 2004.
Skyservices is a logistics company specialising in the provision of services
to the fresh produce export industry. The acquisition will provide strong
synergies with the airfreight division of Intertrading whose business is the
export by airfreight of fresh Southern African fruits and vegetables.
Based on the audited financial statements of Intertrading and Skyservices for
the financial year ended 28 February 2002, assuming the purchase consideration
was paid out of cash resources and assuming further that the acquisition was
effective on 1 March 2001, the pro forma effect on Intertrading`s earnings and
net asset value per share would be as follows:
Before After the Increase/
the acquisition acquisition (decrease) Percent
Earnings per share (cents) 22,1 25,5 3,4 15%
Headline earnings
per share (cents) 26,2 29,9 3,7 14%
Net asset value per share (cents) 148,7 148,7 0 0
Tangible net asset value
per share (cents) 79,1 73,7 (5,4) (7%)
Rosebank
29 August 2002
Sponsor
Sasfin Bank Limited
(Registration number 1951/002280/06)
Corporate adviser
Ansdale Management Services (Pty) Ltd
Trading as Ansdale Corporate Finance
(Registration number 1995/003429/07)
Date: 29/08/2002 05:30:20 PM Produced by the JSE SENS Department
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