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Coronation Fund Managers Limited - Distribution To Shareholders
Coronation Fund Managers Limited
(Incorporated in the Republic of South Africa)
(Registration number 1973/009318/06)
ISIN: ZAE000047353
Share code: CML
(`Coronation` or `the Company`)
DISTRIBUTION TO SHAREHOLDERS
Introduction
Shareholders are referred to the announcement dated 26 January 2005 regarding
Coronation`s broad based BEE transaction (`the Transaction`) wherein
shareholders were advised that the Company proposed distributing an amount of 25
cents per Coronation share to shareholders, comprising a return of share premium
of 24 cents per share and a dividend of 1 cent per share (`the distribution`).
Shareholders are advised that the Board has resolved to proceed with the
distribution to shareholders recorded in the register at the close of business
on Friday, 22 April 2005.
The distribution is subject to shareholder approval of an ordinary resolution
authorising the return of share premium. A circular and notice of general
meeting regarding the distribution was posted to shareholders on 24 March 2005.
Financial effects
The following table has been prepared for illustrative purposes only and sets
out the pro forma financial effects of the distribution on a Coronation
shareholder, based on the assumptions set out below:
Audited Pro forma Pro forma
before the after the after the Percentage
distribution Transaction Transaction change
and the and before and the
Transaction the distribution
(Note 1) distribution Percentage (Note 2 and
(Note 2) change 3)
Basic earnings 32.8 30.6 (7) 29.7 (9)
per share
(cents)
Fully diluted 32.5 27.3 (16) 26.5 (18)
earnings per
share (cents)
Headline 33.9 31.7 (7) 30.8 (9)
earnings per
share (cents)
Fully diluted 33.5 28.2 (16) 27.4 (18)
headline
earnings per
share (cents)
Net asset value 59.0 59.0 (0) 33.9 (43)
per share
(cents)
Weighted 382 275 382 275
average number 382 275
of shares in
issue (`000)
Actual number 382 275 382 275
of shares in 382 275
issue (`000)
Fully diluted 389 875 433 194
weighted 433 194
average number
of shares in
issue (`000)
Notes:
1. The `before the distribution and the Transaction` financial information has
been extracted, without adjustment, from the audited consolidated financial
results of the Company and its subsidiaries for the year ended 30 September
2004.
2. The pro forma `after the Transaction and before the distribution`
information comprises the `before the distribution and the Transaction`
information adjusted for the following:
- The receipt by the Company of R147 million, comprising the proceeds of
the Transaction, as though the amount had been received on 1 October
2003;
- The group paying interest at 71% of prime on the receipt of R147
million funding received in terms of the Transaction; and
- The investment by the Company of R147 million in an interest-bearing
account, at an after-tax rate of 4%, as though the investment had been
made on 1 October 2003.
3. The pro forma `after the Transaction and the distribution` information
comprises the pro forma `after the Transaction before the distribution`
information adjusted for the following:
- The payment by the Company of R95.6 million to shareholders, by way of
a reduction of the share premium account of 24 cents per share and a
dividend of 1 cent per share, as though the payment had been made on
1October 2003.
4. The net asset value per share is based on the balance sheet at 30 September
2004 adjusted for the proceeds from the Transaction less any capital
distribution.
Salient dates
The salient dates for the implementation of the distribution are as follows:
2005
Last day to lodge forms of proxy
for the general meeting by 10:00 Wednesday, 6 April
General meeting to be held at 10:00 Friday, 8 April
Results of general meeting released on the
Securities Exchange News Service Friday, 8 April
Results of general meeting published in the South
African press Monday, 11 April
Last day to trade `cum` the distribution Friday, 15 April
Trading commences `ex` the distribution Monday, 18 April
Record date Friday, 22 April
Distribution date Monday, 25 April
Notes:
1. These dates and times are subject to amendment. Any amendments to the dates
and times will be announced on the Securities Exchange News Service and
published in the South African press.
2. Shares may not be dematerialised or rematerialised between Monday, 18 April
2005 and Friday, 22 April 2005, both days inclusive.
3. If the general meeting is adjourned or postponed, proxy forms must be
received by no later than 48 hours prior to the time of the adjourned or
postponed general meeting.
Cape Town
24 March 2005
Sponsor to Coronation
Deutsche Securities (SA) (Pty) Ltd
Date: 24/03/2005 11:06:11 AM
Produced by the JSE SENS Department
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