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DNA Supply Chain Investments Limited - Proposed Investment In DNA Micor By A
Black Empowerment Company
DNA Supply Chain Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/004875/06)
Share code: DNA
ISIN: ZAE000022794
("DNA")
PROPOSED INVESTMENT IN DNA MICOR BY A BLACK EMPOWERMENT COMPANY
1. Introduction
Further to DNA`s preliminary results for the year ended 30 June 2002
announced on 11 September 2002 and the detailed terms announcement dated 15 July
2002, shareholders are reminded of the proposed transaction, pursuant to which a
Black Empowerment Company ("BEC") may ultimately become the controlling
shareholder of Cadre Management Services (Proprietary) Limited ("Cadre") ("the
proposed transaction"). Cadre is a wholly owned subsidiary of DNA and houses DNA
Micor (which previously traded as the Micor Group), the freight logistics and
bulk materials handling specialist of DNA. The financial effects of the proposed
transaction, based on DNA`s preliminary results for the year ended 30 June 2002,
are illustrated below.
2. Financial effects of the proposed transaction
The table below sets out the pro forma effects of the proposed transaction on
the headline earnings per share ("HEPS") and earnings per share ("EPS") of DNA.
The effect on net asset value ("NAV") per share and tangible NAV per share,
excluding the effect of any potential tax consequences, will not be material.
Before the After the After the
proposed proposed Increase proposed Increase
Description transaction transaction(2) (%) transaction(3) (%)
HEPS (cents) 5.3 6.2 17.0 5.3 -
EPS (cents) 1.8 2.7 50.0 1.8 -
Notes:
1. The HEPS and EPS "Before the proposed transaction" have been extracted from
the financial results for the year ended 30 June 2002.
2. HEPS and EPS "After the proposed transaction" were calculated as if the
proposed transaction had been in effect for the year ended 30 June 2002, on the
assumption that 51% of the ordinary shares in Cadre were issued to the BEC and
the earnings required to effect such issue were achieved. The earnings exclude
the estimated costs of the proposed transaction and assume that any dividend
flows will be neutral with regard to Secondary Tax on Companies.
3. HEPS and EPS "After the proposed transaction" were calculated as if the
proposed transaction had been in effect for the year ended 30 June 2002, on the
assumption that no ordinary shares in Cadre were issued to the BEC as no
earnings were achieved by the BEC. The earnings exclude the estimated costs of
the proposed transaction.
3. Documentation
A circular containing full details of the proposed transaction and the
general meeting will be posted to shareholders shortly.
Sandton
13 September 2002
Merchant bank and sponsor
Standard Corporate and Merchant Bank
(A division of The Standard Bank of South Africa Limited)
(Registration number 1962/000738/06)
Attorneys
Fluxmans Inc.
(Registration number 2000/024775/21)
Reporting accountants
Deloitte & Touche
Chartered Accountants
Registered accountants and auditors
Date: 13/09/2002 05:36:50 PM Produced by the JSE SENS Department
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