| Mon 9 Dec 2002, 10:19 | | Corpcapital - Special Distribution |
|
Corpcapital - Special distribution
Corpcapital Limited
(Registration No. 1983/011384/06)
(a company incorporated in South Africa)
("Corpcapital" or the "company")
Share Code: CPA
ISIN: ZAE 000034260
Special distribution
1. Introduction
On 29 November 2002 the company announced a proposed payment of a special
distribution, subject to shareholder approval.
The special distribution arises out of the termination of banking activities
within the Corpcapital group, which has returned cash in excess of the company`s
working capital requirements and planned investment activity.
The special distribution will amount to 52,5 cents per share, of which 2 cents
per share shall be a dividend and 50,5 cents per share a return of share
capital. In aggregate, the special distribution will amount to R231 139 094.
Salient dates
2. The salient dates for the special distribution are as follows:
2003
General meeting Wednesday, 15 January
Last day to trade in order Friday, 24 January
to qualify for the special
distribution
Ordinary shares trade ex- Monday, 27 January
distribution
Record date for special Friday, 31 January
distribution
Special distribution paid Monday, 3 February
out to shareholders
Share certificates may not be dematerialised or rematerialised between Monday,
27 January 2003 and Friday, 31 January 2003, both days inclusive.
3. Pro forma financial effects of the distribution
Based on group results
The financial effects are based on the company`s audited results for the year
ended 31 August 2002.
Cents before Cents after Percentage
the the change
distribution distribution
Headline earnings per share 36,5 30,2 (17,2)
Earnings per share (18,1) (24,4) (34,8)
Net tangible asset value per 259,0 206,5 (20,3)
share
Net asset value per share 289,2 236,7 (18,2)
For purposes of calculating the pro forma headline earnings and earnings per
share, it is assumed that the distribution was made on 1 September 2001 and
therefore the company would not have received interest on the full distribution
amount for the 12 months thereafter at a call rate of 12,85 % per annum, with no
tax payable thereon as the company incurred a tax loss during the year. For
purposes of calculating the pro forma net tangible asset value and net asset
value per share, it is assumed that the distribution was made on 31 August 2002.
Based on the results of continuing operations
The financial effects illustrated below are based on the audited results of the
continuing operations of the company for the year ended 31 August 2002.
Cents before Cents after Percentage
the the change
distribution distribution
Headline earnings per share 56,9 50,6 (11,1)
Earnings per share 18,2 11,9 (34,6)
Net tangible asset value per 259,0 206,5 (20,3)
share
Net asset value per share 289,2 236,7 (18,2)
For purposes of calculating the pro forma headline earnings and earnings per
share, it is assumed that the distribution was made on 1 September 2001 and
therefore the company would not have received interest on the full distribution
amount for the 12 months thereafter at a call rate of 12,85 % per annum, with no
tax payable thereon as the company incurred a tax loss during the year. For
purposes of calculating the pro forma net tangible asset value and net asset
value per share, it is assumed that the distribution was made on 31 August 2002.
4. Options to subscribe for Corpcapital shares
Arising out of the Corpcapital group merger in 2001, the company has issued
32 979 472 unlisted options to subscribe for Corpcapital shares at a strike
price of 420 cents each. As a result of the special distribution, the company
will accept a reduced strike price payable on exercise of the options of 367
cents each.
5. Treasury shares and shares held by the Corpcapital Limited Employee Share
Incentive Trust
Pursuant to the special distribution an amount of R14 976 944 is payable in
respect of 28 527 511 shares held by a subsidiary of the company as treasury
shares and an amount of R33 335 744 is payable in respect of 63 496 655 shares
held by the Corpcapital Limited Employee Share Incentive Trust. These amounts
shall revert to the company.
6. Circular to shareholders
A circular setting out full details of the special distribution in terms of the
Listings Requirements of the JSE Securities Exchange South Africa will be
dispatched to shareholders within 21 days of this announcement.
Johannesburg
6 December 2002
Joint sponsor Joint sponsor
Corpcapital Corporate Finance PricewaterhouseCoopers
Corporate Finance (Pty) Limited
Date: 09/12/2002 07:48:54 AM Produced by the JSE SENS Department
