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AGI - Results Of The Capitalisation Award
A G Industries Limited
(Incorporated in the Republic of South Africa)
Registration number: 1980/004051/06
Share Code: AGI ISIN: ZAE000039467
("AGI" or "the Company")
RESULTS OF THE CAPITALISATION AWARD
In the announcement regarding the company"s reviewed results for the year ended
30 June 2005, published on SENS on 12 September 2005 and in the press on 14
September 2005, shareholders were advised that the directors have resolved to
distribute to ordinary shareholders a portion of the share premium account in
lieu of a dividend to ordinary shareholders ("the distribution"). The
distribution amounted to 6,5 cents per ordinary share (the maximum possible
amount being R12 706 069) to ordinary shareholders recorded in the register on
Friday, 14 October 2005 ("the record date"). Shareholders were entitled and were
given the opportunity to decline the distribution and elect to receive an award
of new capitalisation shares in respect of all or part of their shareholding.
Shareholders were entitled to 2.28 new ordinary shares for every 100 ordinary
shares held. Fractions of shares were to be rounded and were not to be issued.
The last day to trade to participate in the capitalisation share award was
Friday, 7 October 2005.
AGI ordinary shareholders holding 68 728 152 AGI ordinary shares elected to
receive the capitalisation share award, resulting in the issue of 1 567 002 new
shares. Accordingly, R8 238 738.43 was paid in respect of a cash capital
distribution.
The table below summarises the pro forma financial effects of the capital
distribution and share award on the published reviewed financial results of the
Company for the year ended 30 June 2005. The pro forma information is the
responsibility of the directors. The pro forma net asset value figures
illustrate the possible financial effects if the capital distribution and share
award had been effected on 30 June 2005, whereas the pro forma earnings figures
illustrate the possible financial effects if the capital distribution and share
award had been undertaken on 1 July 2004. Due to their nature, the pro forma
financial effects are for illustrative purposes only and may not fairly present
the financial position, changes in equity and results of operations or cash
flows of the Company after the capitalisation award:
Before - After - % Change
Reviewed Pro forma
year ended year ended
30 June 2005 30 June 2005
Earnings per ordinary 6,8 6,4 -6
share (cents)
Headline earnings per 19,0 18,5 -3
ordinary share (cents)
Weighted average number of 194,312 195,879 1
ordinary shares in issue
(`000)
Net asset value per 152 146 -4
ordinary share (cents)
Net tangible asset value 104 99 -5
per ordinary share (cents)
Closing number of ordinary 195,478 197,045 1
shares in issue (`000)
Assumptions: An average interest rate received of 9.5% and an effective company
tax rate of 26% were used in calculating the pro forma effects.
Capital distribution cheques and share certificates in respect of the new shares
were posted to certificated shareholders at their risk and the Central
Securities Depository Participant or broker custody accounts of dematerialised
shareholders was credited on Monday, 17 October 2005.
18 October 2005
Johannesburg
Sponsor: Sasfin Corporate Finance
A division of Sasfin Bank Limited
Date: 18/10/2005 08:56:47 AM Produced by the JSE SENS Department
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