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Hosken Consolidated Investments Limited - Acquisition of a 20.72% interest in
Johnnic Holdings Limited
Hosken Consolidated Investments Limited
(Registration number 1973/007111/06)
(Incorporated in the Republic of South Africa)
Share Code: HCI ISIN : ZAE000003257
(`HCI`)
ACQUISITION OF A 20,72% INTEREST IN JOHNNIC HOLDINGS LIMITED
1. Introduction
HCI shareholders are advised that HCI has acquired, via a wholly owned
subsidiary, a 20,72% interest in Johnnic Holdings Limited (`Johnnic`), on the
open market in various tranches commencing on 24 March 2005, with the last
purchase taking place on 30 March 2005.
34 500 623 Johnnic ordinary shares were acquired at an average price of R9,00
per share from 24 March 2005 to 30 March 2005, amounting to a total cash
consideration of R311,21m (`the acquisition`). The cash consideration was funded
out of existing cash resources.
2. Nature of business of Johnnic
Johnnic, listed on the JSE Securities Exchange South Africa (`JSE`), is an
investment holding company with interests in the entertainment, media, casino,
exhibition and property businesses.
3. Rationale for the acquisition
HCI considers the acquisition to be opportune as it furthers HCI`s ongoing
gaming strategies at this point in time.
4. Financial effects
Based on the published consolidated reviewed results of HCI for the six months
ended 30 September 2004, the pro forma financial effects of the disposal on
HCI`s earnings, headline earnings and net asset value (`NAV`) per share are set
out below. The pro forma financial information has been prepared for
illustrative purposes only and because of its nature may not give a true picture
of HCI`s financial position and results of operations.
Per HCI Before the After the Percentage
ordinary acquisition acquisition Change
share (1) (2)
Earnings 346,03 339,18 (3) 1,98%
(cents)
Headline 94,28 87,42 (3) (7,27%)
earnings
(cents)
NAV (cents) 980 980 (4) Nil
Notes:
1. Based on the published consolidated results of HCI for the six months ended
30 September 2004.
2. Based on the assumption that the acquisition was effected on 1 April 2004 for
income statement purposes and on 30 September 2004 for balance sheet purposes.
3. An adjustment was made to take into account the after tax interest that would
have been received on the purchase consideration at average call rates
applicable during the period 1 April 2004 to 30 September 2004.
4. The effect of the acquisition on net tangible asset value has not been
included as the effect thereon is not materially different to the effect on NAV.
5. Categorisation of the acquisition
The disposal has been categorised as a Category 3 transaction in terms of
section 9.5(a) of the JSE Listings Requirements.
Durban
4 April 2005
Sponsor
Nedbank Capital
Corporate advisors to HCI
HJS Advisory Services (Proprietary) Limited
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