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ILLOVO SUGAR LIMITED - SALE OF GLEDHOW SUGAR MILL, REFINERY AND CANE GROWING
ESTATES TO A BEE COMPANY AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
ILLOVO SUGAR LIMITED
(Incorporated in the Republic of South Africa)
Company registration number 1906/000622/06
Share Code: ILV
ISIN: ZAE000003547
(`Illovo Sugar` or `the group`)
SALE OF GLEDHOW SUGAR MILL, REFINERY AND CANE GROWING ESTATES TO A BEE COMPANY
AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1.0 Introduction
Illovo Sugar announced the sale of its Gledhow sugar operations to a broad-based
BEE company on 17 May 2004 (`the transaction`).
As explained in the announcement, the financial effects of the transaction were
not provided due to the imminent release of the group`s results for the year
ended 31 March 2004.
2.0 Financial effects
The group`s final results having been published on 19 May 2004, the financial
effects of the transaction, based on the group`s audited results for the year
ended 31 March 2004, are set out below:
Before Adjusted After % change
(cents per (cents per (cents per
share) share) share)
Pro forma effect on the net
assets and net tangible
assets of the group 387,1 53,8 440,9 +14%
1. The net asset and net tangible asset value per share in the `After` column is
calculated as if the transaction had occurred on 31 March 2004.
The impact of the transaction on the historical earnings and headline earnings
per share of the group is not significant. The value of net assets subject to
the transaction is R 121,3 million.
3.0 Withdrawal of cautionary announcement
The financial effects of the transaction having now been provided, the
cautionary announcement included in the announcement of 17 May 2004 is hereby
withdrawn.
4.0 Condition precedent
As advised in the earlier announcement, the transaction is subject to the
approval of the Competition Authority, and shareholders will be advised once
this condition precedent is fulfilled.
Mount Edgecombe
19 May 2004
Sponsor
Cazenove
Date: 20/05/2004 04:39:04 PM Produced by the JSE SENS Department
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