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MPC
MPC
Mr Price - Cash distribution in lieu of a final dividend
Mr Price Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1933/004418/06)
ISIN: ZAE000026951
Share Code: MPC
("Mr Price" or "the company")
CASH DISTRIBUTION OF 56,7 CENTS PER SHARE, IN LIEU OF A FINAL DIVIDEND, BY
WAY OF A REDUCTION OF THE SHARE PREMIUM ACCOUNT
1. Introduction
Shareholders are referred to the Mr Price results announcement for the
year ended 31 March 2006, dated 25 May 2006, wherein shareholders were
advised that the directors of Mr Price had proposed a cash
distribution of 56,7 cents per ordinary and unlisted B ordinary share
("share"), in lieu of a final dividend, by way of a reduction of the
share premium account ("the distribution").
2. Condition precedent
The distribution is subject to shareholder approval which approval
will be sought at a general meeting of shareholders to be held in the
company"s boardroom at Upper Level, North Concourse, 65 NMR Avenue,
Durban on Thursday 15 June 2006 at 10h00.
3. Financial effects of the distribution
The table below sets out the unaudited pro forma effects of the
distribution on the specific line items of the balance sheet, based on
the assumptions below. The unadited pro forma effects of the
distributon is the responsibility of the directors.
Actual(i) Proposed Pro
Before the distribution Forma(ii)
distribution After the
R"000 R"000 distribution
R"000
Assets
Cash and cash 624 523 (141 872) 482 651
equivalents
Equity and liabilities
Equity attributable to 1 025 647 (141 872) 883 775
shareholders
Assumptions:
(i) As per the published audited results of Mr Price for the
year ended 31 March 2006.
(ii) Adjustments to cash and cash equivalents and equity attributable
to shareholders were made on the assumption that the distribution to
shareholders was paid on 31 March 2006.
Salient dates of the distribution
The salient dates of the distribution are as follows:
Last day to lodge proxy forms for the
general meeting by 10h00 on Wednesday 14 June 2006
General meeting of shareholders to be
held at 10h00 on Thursday 15 June 2006
Results of general meeting published on
SENS on Thursday 15 June 2006
Last day to trade `cum" the distribution
Friday 23 June 2006
Shares trade `ex" distribution Monday 26 June 2006
Record date Friday 30 June 2006
Payment to shareholders on Monday 3 July 2006
These dates and times are subject to change. Any such changes will be
released on SENS and published in the press.
Shareholders may not dematerialise or rematerialise their share
certificates between Monday 26 June 2006 and Friday 30 June 2006, both days
inclusive.
5. Circular to shareholders
A circular setting out the full details of the distribution has been
posted to shareholders today, 31 May 2006.
Durban
31 May 2006
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Legal advisers
Bernadt Vukic Potash & Getz
Date: 31/05/2006 10:57:24 AM Produced by the JSE SENS Department
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