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Alacrity:
Alacrity Financial Services Limited
Registration number 1994/000078/06
Share code: ALY
ISIN code: ZAE000023966
("Alacrity" or "the Company")
Trading statement, cautionary announcement and increase of offer price
Trading statement
In terms of the Listings Requirements of the JSE Securities Exchange South
Africa ("JSE"), companies are required to publish a trading statement as soon as
they become aware that the financial results for the next period to be reported
upon will be substantially different from that of the previous corresponding
period.
Alacrity"s annual financial statements for the year ending 31 December 2003 are
expected to be released during March 2004.
Alacrity accordingly advises that it expects both earnings per share and
headline earnings per share (collectively, "earnings") for the year ending 31
December 2003 to be substantially higher than the corresponding earnings for the
year ended 31 December 2002. In terms of the JSE Listings Requirements,
"substantially" is defined as an increase or decrease of more than 30%.
Alacrity reported a net profit after tax of R5.353 million for the year ended 31
December 2002. Earnings for the year ending 31 December 2003 will be shown
after a non-recurring expense of approximately R10.4 million (before tax) in
respect of future operating lease commitments ("the lease commitments") that
will be provided for in full ("the provision"). The lease commitments arose in
respect of Alacrity"s previous head office situated in Johannesburg"s central
business district, which premises were vacated during December 2002. These
premises are currently not being fully utilised, hence the provision will be
raised in terms of South African Statements of generally accepted accounting
practice. Despite the provision, earnings are expected to improve
substantially.
Cautionary announcement
The above information has not been reviewed or reported on by Alacrity"s
auditors. Shareholders are therefore advised to exercise caution when dealing
in the Company"s securities until the publication of the Company"s results for
the year ending 31 December 2003.
Increase of offer price
Alacrity shareholders are referred to the announcement of 14 October 2003, in
terms of which they were advised that Pamodzi Ukuvikela Investments
(Proprietary) Limited ("Pamodzi") would make a mandatory offer ("the Offer"), in
terms of the provisions of the Securities Regulation Code on Takeovers and
Mergers, to Alacrity shareholders (other than Pamodzi and the holder of Alacrity
treasury shares) to acquire their holdings in Alacrity at a cash consideration
of 41 cents per Alacrity share ("the Offer Price").
Alacrity shareholders are hereby advised that Pamodzi has offered to increase
the Offer Price to a cash consideration of 52 cents per Alacrity share.
A circular containing full details of the Offer as well as the proposal
regarding the delisting of Alacrity is currently being prepared and will be
posted to Alacrity shareholders on or about 13 November 2003.
Johannesburg
11 November 2003
Corporate Advisor and Sponsor
Quaestor Capital (Pty) Ltd
Date: 11/11/2003 05:29:02 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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