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ALACRITY FINANCIAL SERVICES LIMITED
Registration number 1994/000078/06
("Alacrity" or "the company")
ANNOUNCEMENT OF DISPOSALS
1. Introduction
Shareholders are referred to the announcement and cautionary announcement
published on 14 August 2002 regarding certain disposals by Alacrity ("the
disposals") and are advised that the board of directors of Alacrity ("the
Board") has disposed of 100% of its interest in two more of its wholly owned
subsidiaries, namely Alacrity Financial Solutions (Proprietary) Limited
("Finsol") and SFS Holdings (Proprietary) Limited ("SFS"), (collectively, "the
current disposals").
2. Salient details of the current disposals
2.1 Finsol
- the effective date is 1 August 2002;
- the purchasers are Messrs SJ Kruger, JF Roode, HP Roesch, PA Strydom and Ms
B Potgieter;
- the purchase consideration is an amount of R2 860 000;
the purchase consideration will be settled by way of payment to Alacrity of
R1 000 000 in cash on 1 October 2002 and the balance to be paid on or
before 31 December 2005, which amount shall attract interest from 1 August
2002; and
- the share certificates in regard to the entire issued share capital of
Finsol is pledged as security for the discharge of the purchase
consideration.
2.2 SFS
- the effective date is 1 July 2002;
the purchasers are Messrs BD James, SD Levitt and the trustees of the AHW
James Testamentary Trust;
- the purchase consideration is R2 246 840;
- the purchase consideration will be settled by means of the repurchase by
Alacrity of 11 234 200 ordinary shares in the issued share capital of the
company ("the shares") at 20 cents per share;
- the immediate cancellation of 4 416 022 of the shares; and
- the acquisition of the remainder of the shares by a designated wholly owned
subsidiary of the company to be held as treasury shares in terms of the
Companies Act.
The current disposals are subject to the relevant statutory and regulatory
requirements, including approval by Alacrity shareholders in general meeting,
excluding the purchasers, who are excluded from voting in terms of the Listings
Requirements of the JSE Securities Exchange South Africa ("JSE").
3. Financial effects of the current disposals
The pro forma financial effects (for illustrative purposes only) of the current
disposals on an Alacrity shareholder based on the financial year ended 31
December 2001, are as follows:
3.1 Finsol
Audited Unaudited % change
(Before)1 (After)
(cents) (cents)
Loss per share2 (12.98) (12.59) 3.00%
Headline earnings per share2 1.24 1.64 32.26%
Net asset value per share3 0.60 0.89 48.33%
Net tangible deficit per (6.27) (5.99) 4.47%
share3
Notes:
1. Extracted from the audited annual financial statements of Alacrity for the
financial year ended 31 December 2001;
2. Based on:
* a weighted average number of 135 631 000 ordinary shares in issue
throughout the financial year ended 31 December 2001;
* the disposal having been effected on 1 January 2001;
* the purchase consideration having been invested at an interest rate of 5%
per annum after tax;
3. Based on:
* 137 617 727 ordinary shares in issue at 31 December 2001;
* the disposal having been effected on 31 December 2001; and
SFS
Audited Unaudited % change
(Before)1 (After)
(cents) (cents)
Loss per share2 (12.98) (13.59) (4.70)%
Headline earnings per share2 1.24 1.28 3.23%
Net asset value per share3 0.60 0.51 (15.00)%
Net tangible deficit per (6.27) (6.98) (11.32)%
share3
Notes:
1. Extracted from the audited annual financial statements of Alacrity for the
financial year ended 31 December 2001;
2. Based on:
* a weighted average number of 124 396 800 ordinary shares in issue
throughout the financial year ended 31 December 2001; and
* the disposal having been effected on 1 January 2001.
3. Based on:
* 126 382 527 ordinary shares in issue at 31 December 2001; and
* the disposal having been effected on 31 December 2001.
4. Circular to shareholders
A circular, subject to the approval of the JSE, incorporating details of the
disposals and the current disposals, including a notice of general meeting of
shareholders, will be posted to shareholders within 28 days of this
announcement.
Johannesburg
11 September 2002
Corporate advisor and Sponsor
Quaestor Capital (Proprietary) Limited
Date: 11/09/2002 02:06:11 PM Produced by the JSE SENS Department
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