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FORIM HOLDINGS LIMITED - PROPOSED CAPITAL DISTRIBUTION
FORIM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1986/004111/06)
Share Code: FOM
ISIN Number: ZAE000002689
(`Forim` or `the company`)
The board of directors of Forim (`the board`) has resolved to declare a capital
distribution out of share premium of 34,0 cents (2003: 5,0 cents) per share to
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
Forim ordinary and share 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 After Change
(1) (cents) ( % )
(cents)
Net asset value -29.3%
per share (2) 116.2 82.2
Net tangible -54.8%
asset value per 62.0 28.0
share (2)
Earnings per share -20.0%
(3) 9.5 7.6
Headline earnings -14.4%
per share (3) 13.2 11.3
Number of shares 50 000 50 000
in issue 000 000
Notes:
Based on the published audited results for the period ended 29 February 2004;
Assuming that the capital distribution of R 17 000 000 had been paid to
shareholders on 29 February 2004; and
Assuming that the capital distribution of R 17 000 000 had been paid to
shareholders on 1 March 2003 and an after tax interest rate earned on cash
resources of 5.6%.
22 July 2004
Johannesburg
SPONSOR
SASFIN CORPORATE FINANCE
A DIVISION OF SASFIN BANK LIMITED
Date: 22/07/2004 04:45:11 PM Produced by the JSE SENS Department
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