| Mon 19 May 2003, 10:22 | | Conafex Holdings Societe Anonyme - Sale Of Subsidi |
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CONAFEX HOLDINGS SOCIETE ANONYME
(Incorporated in Luxembourg - RC Luxembourg No. B 17789)
("the company")
JSE CODE: CNX ISIN: LU0167907293
SALE OF SUBSIDIARY
The Company is pleased to announce that on 15 May 2003 it completed the sale of
its subsidiary, Barato Holdings Limited ("BHL"), to Blantyre Assets Limited, a
company incorporated in the British Virgin Islands, for a consideration of
US$2,972,927 payable in cash.
BHL"s sole asset was a holding of 41,721,208 shares in Ariston Holdings Limited
("Ariston") representing 17.93% of Ariston"s issued share capital. Ariston,
which is listed on the Zimbabwe Stock Exchange, is a horticultural company and
its principal products include coffee, flowers, fruit, macadamia nuts and tea.
In accordance with the JSE Listing Requirements, the company will post a
circular to shareholders to explain the transaction and to obtain the approval
of shareholders in general meeting. Shareholders are advised that prior to
entering into the transaction the Company obtained the oral approval of
shareholders holding between them 85.92% of the issued share capital of Conafex.
As stated in the Chairman"s Review in the report and accounts for the year ended
30th September 2002, "The Group continues to seek opportunities within the
southern African Region" and it is anticipated that the funds raised by this
transaction will be used for that purpose.
The profit for the Company on this transaction is US$1,176,597. The earnings
attributable to the shares disposed were historically included as dividends
received.
The estimated financial effects per Conafex share in US Cents are based on the
following assumptions:
- 5,420,152 consolidated shares in issue;
- the transaction having been concluded with effect from 01 October 2001 in
respect of the earnings and headline earnings per share calculations and on 30
September 2002 in respect of net tangible and net asset value per share
calculations; and
- no reinvestment return for the proceeds during the period to 30 September
2002.
Item Before the After the Change % Change
Disposal Disposal
Net Tangible and 203,30 225,01 21,71 10,68%
Net Asset Values
Earnings (106,16) (84,45) 21,71 20,45%
Headline Earnings 2,19 0,38 1,81 (82,65%)
19 May 2003
By order of the Board
Group Secretaries
CITY GROUP PLC
Sponsor
The Janus Corporation (Pty) Limited
Date: 19/05/2003 07:30:03 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
