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Forim Holdings Ltd - PROPERTY DISPOSALS AND WITHDRAWAL OF CAUTIONARY
ANNOUNCEMENT
FORIM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
Share Code: FOM ISIN Number: ZAE000002689
PROPERTY DISPOSALS AND
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Introduction
Shareholders are referred to the further cautionary announcement published on
SENS on 12 March 2003 and in the press on 13 March 2003. Shareholders were
advised that the board of directors of the company had decided that it was no
longer the strategy of the company and its subsidiaries ("the Forim group") to
be invested in certain fixed property, and that the resources that were invested
in these assets may be better utilised.
The Forim group has concluded agreements with Maxshell 42 Investments (Pty)
Limited ("the purchaser"), in terms of which the Forim Group has disposed of
ERVEN 86, 87 and 165, Village Main, Johannesburg, Gauteng. In addition, the
Forim group has concluded an agreement with Mooi and Anderson Street Properties
(Pty) Limited for the disposal of ERVEN 360 to 373 City and Suburban,
Registration Division IR, Gauteng (collectively "the property disposals"). The
property disposals constitute a Category 4 transaction in terms of the JSE
Securities Exchange South Africa Listings Requirements. This announcement is
solely for the purpose of providing information to Forim shareholders.
Details of the property disposals
The net cash consideration for the property disposals is R 1,64 million after
taking into account the purchaser"s obligations to settle certain outstanding
debts.
Pro forma financial effects
The pro forma financial effects of the property disposal have been calculated
based on the published un audited interim financial results of the Forim group
for the six months ended 31 August 2002, and are presented for illustrative
purposes only.
Before After Percentage
(cents) (cents) change (%)
Headline earnings per share 2.43 2.33 -4.21%
Earnings per share 1.51 2.84 87.84%
Net asset value 110.00 111.33 1.21%
Tangible net asset value 51.61 52.94 2.58%
Notes:
1. It has been assumed that the property transaction was effective from 1 March
2002 and the net cash consideration was held on deposit at an after tax interest
rate received of 6.65% per annum.
2. An interest rate paid on the liabilities relating to the properties has been
assumed at an average after tax rate of 10.73% per annum.
3. The above financial effects have been based on the number of shares in issue
at
31 August 2002 of 50 000 000.
Withdrawal of cautionary announcement
As Forim has concluded the negotiations that were the subject of the previous
cautionary announcements, shareholders need no longer exercise caution in this
regard when dealing in their Forim shares.
8 May 2003
Johannesburg
Sponsor
Sasfin Bank Limited
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