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Kolosus Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1978/000181/06)
Share code: KOS ISIN: ZAE000008504
("Kolosus" or "the Company")
Disposal of 50% shareholding in De Aar Abattoir (Pty) Ltd
Introduction
Shareholders are advised that subject to the conditions precedent referred to in
paragraph 5 below, an agreement has been concluded between Kolosus Investments
(Pty) Limited ("Kolosus Investments") a wholly owned subsidiary of Kolosus, and
Kalahari Kid Corporation Limited, in terms of which Kolosus Investments disposed
of its 50% shareholding and loan in De Aar Abattoir (Pty) Ltd ("De Aar
Abattoir") for a cash consideration of R 4 500 000 ("the disposal").
The Disposal
De Aar Abattoir is a joint venture between Kolosus Investments and independent
third parties, which was concluded in 1997, with Kolosus currently holding 100
050 ordinary shares with a par value of R1 and a loan of R 2 723 683.
Kalahari Kid Corporation Limited will acquire the ordinary shares and the loan
for a total cash consideration of R 4 500 000. The effective date of the
disposal is 1 February 2003 with the closing date being the first business day
following the day on which the agreement becomes unconditional ("closing date").
Terms of the Disposal
The consideration of R4 500 000 for the disposal will be payable to Kolosus
Investments on the closing date by means of a cash payment.
Conditions Precedent
The proposed sale is subject to the approval of the disposal by the Competition
Commission, in terms of the Competition Act No 89 of 1998 (as amended) if
required, with the notification being filed no later than 28 February 2003.
Financial Effects
The table below sets out the financial effects of the disposal, based on the
published unaudited interim financial results of Kolosus for the six months
ended 31 October 2002.
Before After %
(cents) (cents) Change
Headline earnings 0.55 0.57 3.64
per share
Earnings per share 0.55 0.72 31.44
Net asset value per 32.34 32.51 0.52
share
Notes:
Extracted from the published unaudited interim financial results of Kolosus for
the six months ended 31 October 2002.
The earnings figures in the after column assume the disposal was effected on the
1 May 2002 when calculating the effect on earnings and headline earnings per
share. An interest saving of 17 % per annum was assumed for the six month
period.
The net asset value figure in the after column assumes the disposal was effected
on 31 October 2002.
26 February 2003
Pretoria
Sponsor
PricewaterhouseCoopers Corporate Finance
Date: 27/02/2003 08:00:00 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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