| Thu 22 Jul 2004, 16:57 | | Company Announcement + ProposedCapital Distributio |
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Alliance Pharmaceuticals Limited - Company Announcement Including A Proposed
Capital Distribution
ALLIANCE PHARMACEUTICALS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1981/006145/06)
Share code ALN ISIN ZAE000011110
Share code ACN ISIN ZAE000011847
(`Alliance` or `the company`)
COMPANY ANNOUNCEMENT INCLUDING A PROPOSED CAPITAL
DISTRIBUTION
Capital distribution
The board of directors of Alliance (`the board`) has resolved to declare a
capital distribution out of share premium of 32,0 cents (2003: 2,0 cents) per
share to ordinary and `N` ordinary shareholders, recorded in the register at
close of business on Friday, 10 September 2004, being the record date, in lieu
of a dividend (`the capital distribution`).
The capital distribution is subject to the passing by shareholders at the annual
general meeting of the company, scheduled for Thursday, 26 August 2004, of an
ordinary resolution approving the capital distribution. The 2004 annual report
incorporating a notice of the annual general meeting will be posted to
shareholders on or about 2 August 2004.
Should the working capital statement be completed and the capital distribution
approved by shareholders the following salient dates will be applicable thereto:
2004
Finalisation information of the Thursday, 26 August
capital distribution
announced on SENS
Finalisation information of the Friday, 27 August
capital distribution
announced in the press
Last date to trade `cum` the Friday, 3 September
capital distribution
Trading commences `ex` the capital Monday, 6 September
distribution
Record date Friday, 10 September
Date of payment Monday, 13 September
The above dates and times are subject to change. Any change will be announced on
SENS and in the press. Share certificates may not be dematerialised or
rematerialised between Monday, 6 September 2004 and Friday, 10 September 2004,
both dates inclusive.
The table below illustrates the effect of the capital distribution on the
earnings, headline earning, net asset value and tangible net asset value per
Alliance ordinary and Alliance N-ordinary shares and is based on the published
audited results for the period ended 29 February 2004. These financial effects
are the responsibility of the board, are prepared for illustrative purposes
only, and because of their nature, may not give a true picture of the company`s
financial position and results of operations.
Before (1) After (4) Change
(cents) (cents) ( % )
Net asset value per 79.3 47.3 -40.4
share (2)
Net tangible asset 62.6 30.6 -51.1
value per share (2)
Earnings per share (3) 10.6 8.8 -16.9
Headline earnings per 11.8 10.0 -15.2
share (3)
Number of shares in 95 676 555 97 936 555 N/A
issue
Notes:
Based on the published audited results for the period ended 29 February 2004;
- Assuming that the capital distribution of R 31 339 698 had been paid to
shareholders on 29 February 2004;
- Assuming that the capital distribution of R 31 339 698 had been paid to
shareholders on 1 March 2003 and an after tax interest rate earned on cash
resources of 5.6%; and
- Based on the number of shares in issue at 29 February 2004 plus additional
Alliance ordinary shares listed on 20 July 2004 in terms of Alliance share
options exercised by Alliance share incentive scheme participants.
Change in board of directors
After steering the Alliance group to a higher level of profitability and
overseeing the Alliance group`s turnaround, Mr M Gelbart has decided to retire
as chief executive officer of Alliance with effect from 20 August 2004 and as a
director of Alliance with effect from 31 August 2004. At the request of the
company Mr M Gelbart has agreed to continue to assist the Alliance group on a
consultancy basis for the period of twelve months commencing 1 September 2004.
22 July 2004
Johannesburg
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 22/07/2004 04:45:04 PM Produced by the JSE SENS Department
