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Falcon Investment Holdings Societe Anonyme
(Incorporated in Luxembourg - R.C. Number B39773)
("the Company")
Share code: FLC ISIN number: LU0042254812
Registered Office
6 rue Adolphe Fischer,
L-1520, Luxembourg
SALE OF ASSETS OF CHILEAN SUBSIDIARY
Your directors are pleased to announce that the above 52.29% subsidiary has sold
its Metallic Iodine Project for US$13 million. Payment in cash has been
received in Santiago. After costs, local taxation and dividend taxation, the
net proceeds will be distributed to shareholders of Minera Falcon de Chile. The
parent company Falcon Investment Holdings S.A. is expected to receive
approximately US$4 million in Luxembourg generating an after tax profit on the
investment of approximately US$2.6 million.
It is your Director"s intention that the cash realised will be re-invested in an
operating subsidiary in Europe in due course. There are a number of interesting
prospects being considered and it is anticipated that the funds raised by this
transaction will be used for that purpose. When there are any developments to
report an announcement to shareholders will be made.
The Group"s interim report to 31st March 2003 will be posted to shareholders
shortly, giving details of the Group"s remaining gold mining interests in
Zimbabwe.
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 formal approval of a
shareholder holding 49.95% of the issued share capital of Falcon.
The profit for the Company on this transaction is approximately US2,600,000.
The estimated financial effects per Falcon share in US cents are based on the
following assumption:
1,864,026 shares in issue:
the transaction having been concluded with effect from 1 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 net asset 62 190 128 206
values (US cents)
(Loss)/Earnings (US cents) (43) 85 128 297
Headline (Loss)/Earnings (US (13) (8) 5 35
cents)
By order of the Board
D.C. Marshall
Chairman
26th June 2003
Sponsor
The Janus Corporation (Pty) Ltd
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