| Mon 4 Oct 2004, 8:44 | | CAPITAL DISTRIBUTION TO SHAREHOLDERS |
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ADCORP HOLDINGS LIMITED - CAPITAL DISTRIBUTION TO SHAREHOLDERS
Adcorp Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1974/001804/06)
(`Adcorp` or `the company`)
(Share code: ADR ISIN: ZAE000000139)
Capital distribution to shareholders
Shareholders are referred to the announcement released on SENS on 25 August 2004
and published in the press on 26 August 2004 and are advised that a circular and
notice of the general meeting of shareholders regarding the capital distribution
of 25 cents per share to shareholders of Adcorp will be posted to shareholders
on Monday, 4 October 2004.
Financial effects of the capital distribution
The pro forma financial effects of the capital distribution on the earnings,
headline earnings, net asset value and tangible net asset value, based on the
unaudited financial results of Adcorp for the six months ended 30 June 2004, are
set out below.
Percentage
Before (1) After (2) change
Per Adcorp share Notes (cents) (cents) (%)
Earnings 3 65,2 64,3 (1,38)
Headline earnings 3 70,1 69,3 (1,14)
Net asset value 4 491,0 466,0 (5,09)
Tangible net 4 280,8 255,7 (8,94)
asset value
Notes:
1. Based on 40 369 000 shares in issue as at 30 June 2004.
2. Pro forma financial effects after the capital distribution.
3. Pro forma financial effects after the capital distribution. The income
statement effect was determined based on actual interest rates over the period,
adjusted for the statutory tax rate of 30%.
4. The net asset value per share and the tangible net asset value per share were
calculated assuming that the capital distribution had been effective 30 June
2004.
SALIENT DATES AND TIMES
Subject to the approval by the shareholders of the company being obtained, the
following dates for the capital distribution will apply:
2004
Forms of proxy for general meeting of shareholders to Tuesday, 19 October
be received by 09h00
General meeting of shareholders held at 09h00 Wednesday, 20 October
Results announcement published on SENS Wednesday, 20 October
Results announcement published in the press Thursday, 21 October
Last day to trade cum distribution Friday, 12 November
Adcorp shares traded ex-distribution Monday, 15 November
Record date to be recorded in the register to Friday, 19 November
participate in the capital distribution
Distribution to shareholders in respect of the capital
distribution. Posting of cheques or electronic bank
transfers in respect of certificated shareholders.
Accounts credited at CSDP or broker in respect of Monday, 22 November
shareholders who have dematerialised their shares.
Notes:
1. The above dates and times are subject to change. Any changes will be
published in the press and on SENS.
2. Shares may not be rematerialised or dematerialised between Monday, 15
November 2004 and Friday, 19 November 2004, both days inclusive.
Melville
4 October 2004
Sponsor
Deloitte
Deloitte & Touche Sponsor Services (Pty) Ltd
(Incorporated in the Republic of South Africa)
(Registration number 1996/000034/07)
Reporting accountants and auditors
Deloitte
Deloitte & Touche Chartered Accountants (SA)
Registered Accountants and Auditors
