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Discovery - Issue of shares for cash following the redemption of preference
shares
DISCOVERY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1999/007789/06)
ISIN: ZAE000022331
Share Code: DSY
(`Discovery`)
ISSUE OF SHARES FOR CASH FOLLOWING THE REDEMPTION OF PREFERENCE SHARES
Introduction
Shareholders are referred to the announcement released on SENS on 31 August 2004
relating to the issue of a total of 12 811 590 Discovery ordinary shares to
certain employees effective 30 June 2004, over a three-year period, in terms of
an authority obtained from shareholders at the annual general meeting held on 15
November 2001.
Details of the issue of shares for cash
Shareholders are advised that the second tranche of 4 270 530 ordinary shares in
Discovery have been issued on 30 June 2005 at an issue price of R12.57 per
Discovery ordinary share (`the Issue`), being the price determined as at 30 June
2004. The Issue is pursuant to the redemption of the second tranche of
495 000 Discovery Life Preference Shares (`Preference Shares`) at a premium of
R108.44 per Preference share.
Financial effects
The financial effects presented below have been prepared for illustrative
purposes only and because of their nature, may not give a fair reflection of
Discovery`s financial position nor the effect on earnings going forward.
________________ ____________ ____________ ____________ ____________
Actual Pro forma Increase/ Increase/
before the after the (Decrease) (Decrease)
Issue(2) Issue(1) (cents) (%)
(cents) (cents)
________________ ____________ ____________ ____________ ____________
Earnings per 39.7 39.0(3) (0.7) (1.8%)
share
________________ ____________ ____________ ____________ ____________
Headline 36.7 36.1(3) (0.6) (1.6%)
earnings per
share
________________ ____________ ____________ ____________ ____________
Net asset value 542.4 533.6(4) (8.8) (1.6%)
per share
________________ ____________ ____________ ____________ ____________
Tangible net 534.3 525.6(4) (8.7) (1.6%)
asset value per
share
________________ ____________ ____________ ____________ ____________
Notes:
- The pro forma effects are based on the issue of 4 270 530 Discovery
ordinary shares;
- The `Actual before the Issue` column has been extracted from Discovery`s
interim report for the six months ended 31 December 2004;
- The pro forma earnings per share and headline earnings per share after the
Issue represents the financial information of Discovery for the six months
ended 31 December 2004, adjusted for the redemption of the Preference
Shares and the Issue based on the assumption that the redemption of the
Preference Shares and the Issue was implemented on 30 June 2004; and
- The pro forma net asset value per share and tangible net asset value per
share after the Issue represents the financial position of Discovery as at
31 December 2004, adjusted for the redemption of the Preference Shares and
the Issue based on the assumption that the redemption of the Preference
Shares and the Issue was implemented on 31 December 2004.
Sandton
30 June 2005
Merchant bank and sponsor
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