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Kingco - Consolidation announcement
KING CONSOLIDATED HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1992/006472/06)
("Kingco" or "the company")
Share code: KNG & ISIN code: ZAE 000012902
INTRODUCTION
Shareholders are advised that the directors of Kingco have proposed,
subject to the shareholder approval at the general meeting, that-
* the company"s share capital be consolidated in the ratio of
1 share for every 15 shares held; and
* the company"s authorised share capital be increased.
THE CONSOLIDATION
The directors of Kingco have proposed the consolidation of every
15 shares of 1 cent each into one share of 15 cents each with
effect from Monday, 14 November 2005. The consolidation is
conditional upon shareholder approval at the general meeting to
be held on Thursday, 3 November 2005.
THE RATIONALE FOR THE CONSOLIDATION
Kingco"s share price is and has been at a low level relative to
other shares in Leisure and Hotels sector. The purpose of the
consolidation is therefore to bring Kingco"s share price into
range with other listed leisure companies to facilitate
comparison between the companies in the sector.
The group"s long-term strategy is to achieve greater market share
while consolidating costs and cutting back on unnecessary
overheads. The main objectives of the company at present are
threefold:-
* To change the focus of its Hermanus processing plant toward
higher margin value-added products;
* To restructure its non profitable distribution routes in
Lusitania; and
* To increase service delivery to its franchisees.
The company has succeeded in the last financial year to increase
its turnover by 13 % and it is expected that this trend will
continue in 2006.
IMPORTANT DATES AND TIMES 2005
Circular and notice of general meeting posted to
shareholders on Wednesday, 12 October
Last day for receipt of proxies in respect of
general meeting by 11h00 on Tuesday, 1 November
Annual general meeting of shareholders at 10h00 Thursday, 3 November
on
General meeting of shareholders at 11h00 (or so
soon thereafter as the annual general meeting
convened for 09h00 on the same day is concluded)
on Thursday, 3 November
Results of general meeting and finalisation Thursday, 3 November
announcement published on SENS on
Results of general meeting and finalisation Friday, 4 November
announcement published in the press on
Special resolutions lodged with the Registrar of
Companies on or about Friday, 4 November
Last day to trade in Kingco ordinary shares with
a par value of 1 cent each Friday, 11November
Trading commences in Kingco ordinary shares with
a par value of 15 cents each under the new ISIN
of ZAE000073458 on Monday, 14 November
Record date for the consolidation on Friday, 18 November
Kingco ordinary shares with a par value of 15
cents each issued on Monday, 21 November
Replacement certificates reflecting consolidation
posted to certificated shareholders whose forms
of surrender have been received by Friday, 11
November 2005 on or about Monday, 21 November
Dematerialised shareholders will have their
accounts at their CSDP or broker updated on Monday, 21 November
Notes:
1.Any changes to the above dates and times will be released on
SENS and published in the press.
2.Share certificates in pre consolidation form under ISIN
ZAE000012902 may not be dematerialised or rematerialised after
Friday, 11 November 2005.
3.If the share certificates of certificated shareholders have not
been received by Friday, 18 November 2005, replacement
certificates will be posted within five business days of
receipt of such share certificates.
12 October 2005
Johannesburg
Sponsor
SASFIN CORPORATE FINANCE
A division of Sasfin Bank Limited
Date: 13/10/2005 07:50:17 AM Produced by the JSE SENS Department
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