| Fri 23 Jun 2006, 15:57 | | New Corpcapital - Payment to shareholders by way o |
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NCA
NCA
New Corpcapital - Payment to shareholders by way of a 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 BY WAY OF A REDUCTION OF SHARE PREMIUM
Following upon the October 2005 payment to shareholders and as indicated in the
interim results, an aggregate payment to shareholders of R45,6 million, or 12
cents per share, is proposed, which payment shall be effected by means of a
reduction of share premium (the "September payment to shareholders").
A general meeting of shareholders of New Corpcapital will be held at the
registered office of New Corpcapital, 1st Floor, 3 Melrose Square, Melrose Arch,
Johannesburg, 2196 at 10:00 on Friday, 1 September 2006 at which the necessary
specific approval by ordinary resolution will be proposed.
The amount proposed to be paid to shareholders in terms of the September payment
to shareholders forms part of the total amount to be returned to shareholders
pursuant to the realisation strategy being completed by New Corpcapital.
The pro forma financial effects of the September payment to shareholders on the
published, unaudited financial results of the company for the six month period
ended 28 February 2006 ("the interim results") are set out below. These
financial effects are prepared for illustrative purposes only and may not give a
fair reflection of the financial position of New Corpcapital after the September
payment to shareholders is made. The pro forma financial effects are the
responsibility of the board of directors of New Corpcapital.
before after % change
(cents) (cents)
Profit per ordinary share 1.2 0.8 (32.5)
Headline loss per share (0.7) (1.1) 58.7
Net asset value per share 24.0 12.0 (49.9)
Net tangible asset value per 24.0 12.0 (49.9)
share
The before column reflects New Corpcapital"s profit per share, headline loss per
share, net asset value per share and net tangible asset value per share as per
the interim results.
The after column reflects New Corpcapital"s profit per share, headline loss per
share, net asset value per share and net tangible asset value per share after
the September payment to shareholders, based on the following assumptions:
- for the purposes of calculating profit and headline loss per share, that
the distribution was made on 1 September 2005 and that the company
therefore would not have received interest on the cash distribution for the
six months thereafter;
- for the purposes of calculating net asset value and net tangible asset
value per share, that the distribution was made on 28 February 2006.
The pro forma financial information has been prepared in accordance with the
accounting policies adopted in presenting the interim results.
The salient dates in respect of the payment to shareholders are as follows:
2006
Issue and posting of circular and by no later than
announcement of proposed payment to Wednesday, 16 August
shareholders (subject to condition that
payment is approved by shareholders in
general meeting)
Last day to lodge forms of proxy for the Wednesday, 30 August
general meeting by 10:00 on
General meeting to be held at 10:00 on Friday, 1 September
Announcement of results of general meeting Friday, 1 September
and declaration of payment to shareholders
on the Securities Exchange News Service on
Publication of announcement of results of Monday, 4 September
general meeting in the press and of
declaration of payment to shareholders on
Last day to trade in order to qualify for Friday, 15 September
the payment to shareholders
Shares trade "ex" the entitlement to the Monday, 18 September
payment to shareholders from
The record date for the payment to Friday, 22 September
shareholders
Date of payment to shareholders Tuesday, 26 September
A circular, subject to approval by the JSE Limited, containing details of the
above and including notice of a general meeting will be posted to shareholders
as indicated in the above timetable.
Melrose Arch
23 June 2006
Corporate advisor, legal advisor and sponsor
Java Capital (Proprietary) Limited
Reporting accountants
PKF (Jhb) Inc.
Accountants and business advisers
Date: 23/06/2006 03:57:03 PM Produced by the JSE SENS Department
