VenFin Limited - Announcement regarding exercise o
VenFin Limited - Announcement regarding exercise of the put option acquired from
Merrill Lynch International ("MLI")
VenFin Limited
(Registration number 1948/031037/06)
ISIN: ZAE000026498
Share code: VNF
("VenFin")
Announcement regarding exercise of the put option acquired from Merrill Lynch
International ("MLI")
In a cautionary announcement dated 19 September 2002, it was announced that
VenFin had entered into an agreement in which it, inter alia, acquired a put
option from MLI in respect of 51 858 000 Richemont depositary receipts held by
VenFin ("the put option"). Rand Merchant Bank Corporate Finance is authorised to
announce that on 31 December 2002, VenFin exercised the put option at a strike
price of R18.2271. The total cash proceeds realised by VenFin as a result of
exercising the put option are R945.2 million.
The proceeds from the exercise of the put option were used in part to settle the
purchase price of the 1.5% interest in Vodacom Group (Proprietary) Limited
("Vodacom") acquired from Hosken Consolidated Investments Limited. This interest
in Vodacom was acquired by VenFin with effect from 31 December 2002 ("the
Vodacom acquisition").
The effects of exercising the put option and the Vodacom acquisition ("the
transactions")on headline earnings and net asset value per VenFin share are as
follows:
Before the After the % change
transactions transactions
(cents)[note 1] (cents)
Headline earnings per 135.7 149.8 10.4
share [note 2]
Net asset value per 1814 1882 3.7
share [note 3]
Note 1: Based on the latest financial information of VenFin for the fifteen
months ended 30 June 2002.
Note 2: Based on the assumption that the transactions were implemented on 1
April 2001.
Note 3: Based on the assumption that the transactions were implemented on 30
June 2002.
Stellenbosch
16 January 2003
Sponsor
Rand Merchant Bank
A division of FirstRand Bank Limited
Corporate Finance
Date: 16/01/2003 05:16:00 PM Produced by the JSE SENS Department
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