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AST GROUP LIMITED - DISPOSAL OF ASSETS
AST GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/021790/06)
(Share code: AAA)
(ISIN : ZAE000049441)
("AST" or "the company")
DISPOSAL OF ASSETS
As part of its ongoing Business Improvement Programme, AST committed to improved
focus on its core businesses and to the disposal or realignment of those
businesses that were not regarded as core. The following disposals have recently
been concluded.
AST disposed of its 50% shareholding in Safeguard iT (Pty) Limited ("Safeguard")
to Guardian IT Limited for R11.5 million in cash, with effect from 1 December
2003. Guardian IT Limited is also the holder of the other 50% of Safeguard"s
shares. Safeguard is a provider of dedicated disaster recovery and businesses
continuity services in Southern Africa.
AST has disposed of its 53.89% shareholding in Managed Enterprise Resources in
IT Limited ("Merit"), to management for GBP700 000 in cash, with effect from 1
December 2003. Merit is a consultancy business based in the United Kingdom,
which specialises in providing integration and transformation services and
resources to large enterprises operating in complex IT environments.
Payments for both of these disposals have been received and have been applied to
working capital and reducing AST"s debt. The financial effects of these
disposals have been calculated for illustrative purposes only, based on the
financial statements for the year ended 30 June 2003. The effects on earnings
and headline earnings per share have been calculated as if the disposals were
effected on 1 July 2002, based on the assumptions in note number 1. The effects
on net and net tangible asset value per share have been calculated as if the
disposals were effected on 30 June 2003. It must be noted that AST effected a
rights issue in September 2003 and consequently the financial effects provided
below should only be considered as illustrative and as such they have not been
reviewed by an auditor.
Measure per Before After % change
share disposals disposals
Loss 37.10 cents 36.32 cents 2%
Headline loss 10.15 cents 9.37 cents 7.7%
Net Asset Value 18.46 cents 16.83 cents (8.8%)
Net Tangible 133.17 128.73 cents (3.3%)
Asset Value cents
Notes:
The earnings for the year for Safeguard and Merit were reversed. The proceeds
from the sales were deemed to have been applied to debt, thereby reducing
interest paid at an average rate of 14% and the loss and headline loss
recalculated, after tax.
Midrand
16 January 2004
Sponsor
Cazenove
Attorneys
Moss Morris
Date: 16/01/2004 12:45:04 PM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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