| Tue 17 Sep 2002, 17:27 | | Hl&h - Disposal Of Robertsons Homecare By Robertso |
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HL&H - Disposal of Robertsons Homecare by Robertsons Holdings (Pty) Limited
Hunt Leuchars & Hepburn Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1924/001164/06)
Ordinary share code: HLH ISIN: ZAE 000003299
Preference share code: HLHP ISIN: ZAE 000011441
("HL&H")
Disposal of Robertsons Homecare by Robertsons Holdings (Pty) Limited
("Robertsons")
1. Introduction
Rand Merchant Bank is authorised to announce that Robertsons, a wholly-owned
subsidiary of HL&H, has, subject to fulfilment of the condition precedent set
out in paragraph 5, disposed of its shares in Robertsons Homecare (Pty) Limited
and Robertsons (Pty) Limited (collectively "Homecare") to Adcock Ingram Holdings
(Pty) Limited and Adcock Ingram Intellectual Property Limited, both wholly-owned
subsidiaries of Tiger Brands Limited.
2. Rationale for the disposal
Following the restructure of Robertsons` joint venture with Unilever`s
subsidiary Bestfoods Europe (Group) Ltd to form Unilever Bestfoods Robertsons
(Holdings) Limited LLC, a strategic decision was taken by Robertsons and HL&H to
realise the value inherent in Homecare, rather than to continue to manage it as
a stand-alone business.
3. Nature of the business conducted by Homecare
Homecare is a home hygiene company which manufactures, markets and sells a
range of consumer products in the insecticide, air freshener, toilet sanitiser
and surface cleaner markets under the brand names Doom, Fastkill, the Dy-range,
Rattex, Peaceful Sleep, Airoma, Flushclean and ICU.
4. The disposal consideration
The disposal consideration is R325 million, payable immediately in cash upon
the disposal being declared unconditional.
5. Condition precedent
The disposal is subject to approval by the competition authorities.
6. Financial effects
The table below sets out the financial effects of the disposal on the net
asset value and net tangible asset value per HL&H ordinary share at 31 March
2002, had the disposal become effective on 31 March 2002:
Actual before Pro forma after
the disposal the disposal Increase
(cents) (cents) (%)
Net asset value per
HL&H ordinary share 804,0 933,2 16,1
Net tangible asset value per
HL&H ordinary share 787,1 918,8 16,7
The effect on earnings and headline earnings per HL&H share for the 12 months
ended 31 March 2002 would have been negligible.
The pro forma financial effects were calculated on the following bases:
* as regards the earnings and headline earnings per HL&H share, an after-tax
profit of approximately R30 million being attributable to Homecare and the net
cash being invested at an after-tax rate of 8,1%;
* as regards the net asset value per HL&H ordinary share, an amount of R37,7
million being attributable to the net asset value of Homecare;
* as regards the net tangible asset value per HL&H ordinary share, an amount
of R32,2 million being attributable to the net tangible asset value of Homecare;
and
* the actual earnings, headline earnings and net asset value per HL&H share,
as extracted from HL&H`s annual results published in the press on 17 May 2002.
Johannesburg
17 September 2002
Enquiries regarding this announcement may be directed to Mr M Dally at Tel:
(031) 571-9640
Merchant bank and transactional sponsor
Rand Merchant Bank
Corporate Finance
A Division of FirstRand Bank Limited
Registration number 05/01225/06
Sponsor
ENF Sponsors (Pty) Ltd
(Registration number 2000/027636/07)
Date: 17/09/2002 04:59:11 PM Produced by the JSE SENS Department
