| Tue 29 Apr 2003, 17:56 | | ConFed - Amendment Announcement |
|
CONGELLA FEDERATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1947/025767/06)
Ordinary shares
Share code: CNF ISIN: ZAE000001624
Preference shares
Share code: CNFP ISIN: ZAE000001632
("ConFed" or "the Company")
ANNOUNCEMENT REGARDING THE PROPOSED:
* disposal by ConFed of its property portfolio to Pangbourne
Properties Limited ("Pangbourne");
* cash distribution by ConFed in anticipation of a members" voluntary
winding-up;
* suspension and termination of the listing of ConFed; and
* members" voluntary winding-up of ConFed in terms of sections 349
and 350 of the Companies Act, 1973 (Act 61 of 1973), as amended
(the "Companies Act").
(the "Transaction")
Please refer to the announcement released on SENS at 17:05 on 29 April 2003 and
kindly note the change to the Financial effects table under the heading
"Earnings" and note 5 to the table.
After disposal of
property portfolio and
related costs,
realisation of
listed investments,
After disposal of expenses and
property portfolio taxes relating
and related to the
winding-up
Before costs Change (Rand per- Change
Notes (Rand per share) (Rand per share) (%) share) (%)
Earnings 2 13,26 17,78 34,09 18,15 36,88
Headline
earnings 2 6,92 6,14 (11,27) 6,20 (10,41)
Net asset
value - book
earnings 2 6,92 6,14 (11,27) 6,20 (10,41)
value 92,05 101,24 9,98 101,07 9,80
Net asset
value - market
value 3 103,35 112,54 8,89 101,07 (2,21)
Market value 4 83,00 110,00 32,53 98,52 18,70
Notes:
1. The "Before" column represents the actual reported financial information for
the 12 months ended 31 December 2002. The "After disposal of property portfolio
and related costs" column reflects the effect on income going forward and the
financial position for the same period had the disposal been effected on 1
January 2002 and 31 December 2002, respectively. The "After disposal of property
portfolio and related costs, realisation of listed investments, expenses and
taxes relating to the winding-up" column reflects the effect on income going
forward and the financial position for the same period assuming costs and
expenses relating to the winding-up of the Company are provided for had the
Transaction been effected on 1 January 2002 and 31 December 2002, respectively.
2. The "After disposal of property portfolio and related costs" column and the
"After disposal of property portfolio and related costs, realisation of listed
investments, expenses and taxes relating to the winding-up" column assumes that
the funds received had been invested at 8,27% p.a. before tax, being the average
deposit rate received by ConFed for the period.
3. The net asset value - market value is based on the market value of listed
investments at 31 December 2002.
4. The market value is based on the closing market prices on 24 April 2003, the
last practicable date prior to the finalisation of this announcement.
5. The net asset value - book value of the Company before the Transaction
is R77 965 922.
6. The Company has no intangible assets.
