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New Corpcapital - Payment To Shareholders In Reduction Of Share Premium
New Corpcapital Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/006539/06)
Share code: NCA ISIN: ZAE000067765
(`New Corpcapital` or `the company`)
PAYMENT TO SHAREHOLDERS IN REDUCTION OF SHARE PREMIUM
In pursuance of a strategy of returning capital to shareholders and as
previously announced, the company proposes to pay shareholders an aggregate
amount of R40 million, equal to 10,5 cents per share, to be effected as a
reduction of share premium.
A general meeting of shareholders of New Corpcapital will be held at 1st Floor,
3 Melrose Square, Melrose Arch, at 10:00 on Thursday, 6 October 2005 at which
the necessary specific approval by ordinary resolution will be proposed.
If approved by shareholders, an amount of 10,5 cents per share will be paid to
shareholders on 31 October 2005.
The amount proposed to be paid to shareholders forms part of the estimated 36
cents per share to be returned to shareholders, pursuant to the realisation
strategy being completed by New Corpcapital, and will not affect the anticipated
timing of further payments to be made to shareholders pursuant to the strategy,
as indicated in previous announcements.
The pro forma financial effects of the payment to shareholders on net asset
value per New Corpcapital share are set out below. These financial effects are
prepared for illustrative purposes only, to show the effect of the payment to
shareholders had it been implemented as at 28 February 2005 and as such may not
fairly represent New Corpcapital`s financial position. The pro forma financial
effects are the responsibility of the board of directors of New Corpcapital.
Pro forma Pro forma after % change
before the the payment to
payment to shareholders
shareholders (cents)
(cents)
Net asset value 33.2 22.7 (31.63)
per share
- The `pro forma before the payment to shareholders` column reflects New
Corpcapital`s net asset value per share as derived from the closing balance
sheet of Corpcapital Limited, as set out in the 25 May 2005 Corpcapital Limited
circular to shareholders. New Corpcapital has yet to publish its maiden results
as a JSE Limited listed company.
- The pro forma financial effects have been calculated on the basis of 379 941
000 shares in issue.
The salient dates in respect of the payment to shareholders are as follows:
2005
Issue and posting of circular and Tuesday 20 September
announcement of proposed payment to
shareholders (subject to condition that
payment is approved by shareholders in
general meeting)
Last day to lodge forms of proxy for the Tuesday 4 October
general meeting by 10:00 on
General meeting to be held at 10:00 on Thursday 6 October
Announcement of results of general Thursday 6 October
meeting and declaration of payment to
shareholders on the Securities Exchange
News Service on
Publication of announcement of results Friday 7 October
of general meeting in the press and of
declaration of payment to shareholders
on
Last day to trade in order to qualify Friday 21 October
for the payment to shareholders
Shares trade `ex` the entitlement to the Monday 24 October
payment to shareholders from
The record date for the payment to Friday 28 October
shareholders
Date of payment to shareholders Monday 31 October
A circular containing details of the above and including notice of a general
meeting will be posted to shareholders as indicated in the timetable.
Melrose Arch (Johannesburg)
20 September 2005
CORPORATE ADVISOR, LEGAL ADVISOR AND SPONSOR
Java Capital (Proprietary) Limited
REPORTING ACCOUNTANTS
PKF (Jhb) Inc.
Accountants and business advisers
Date: 20/09/2005 11:14:47 AM
Produced by the JSE SENS Department
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