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DYM
DYM
Dynamic Cables - Acquisition Of Capensis (Proprietary) Limited
DYNAMIC CABLES RSA LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/01807/06)
Share Code DYM
ISIN number ZAE000028270
("Dynamic Cables" or "the company")
ACQUISITION OF CAPENSIS (PROPRIETARY) LIMITED ("CAPENSIS")
1. Introduction
Shareholders are advised that Dynamic Cables entered into an agreement for
the acquisition of Capensis, an asset holding company on 1 January
2005("the acquisition"). The acquisition was effected prior to the lifting
of the suspension of trade in Dynamic Cables shares by the JSE Limited
("JSE"). The acquisition represents a category 3 acquisition in terms of
the Listings Requirements of the JSE.
2. The acquisition
Dynamic Cables purchased 100 % of the shares in Capensis from Wayne
Arendse. The effective date of the acquisition was 1 January 2005.
2.1 Rationale and background to the acquisition
Capensis owns machinery that is suitable for the engineering manufacturing
plant of Dynamic Cables. Capensis was purchased for an amount of R1 587
836. The fair value of the machinery purchased as determined by an
independent valuer amounts to R3 995 000.
2.2 Consideration and payment
The purchase consideration for the shares in Capensis of R1 587 836 was
settled in cash.
3. Financial effects
The financial effects, having regard to the acquisition agreement and based
on the published unaudited interim results of Dynamic Cables for the six
months to 30 June 2005, are set out below. These financial effects are the
responsibility of the board of directors, have been prepared for
illustrative purposes only to provide information on how the acquisition
might have effected the financial information presented and, because of
their nature, may not fairly present the company"s financial position,
changes in equity, results of operations or cash flows.
Before After %Change
Earnings per share (cents) 1.4 5.01 257%
Headline earnings per share (cents) 1.4 1.4 0%
Net asset value per share 26.53 30.12 14%
Tangible net asset value per share 2.16 8.0 270%
Number of shares in issue (`000) 66800 66800*
Weighted number of shares in issue (`000) 66800 66800*
Notes:
1. The figures in the before column are extracted from the unaudited interim
results of Dynamic Cables for the six months to 30 June 2005;
2. The figures in the after column assume that the acquisition was made on 1
January 2005 for earnings purposes and was made on 30 June 2005 for asset
value purposes.
3. Capensis is an asset holding private company. Its figures have not been
audited and the values attributed to its assets have therefore been
determined on a provisional basis.
Cape Town
14 March 2006
Corporate advisor and sponsor
Sasfin Capital
(A Division of Sasfin Bank Limited)
Date: 14/03/2006 11:55:28 AM Produced by the JSE SENS Department
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