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CAE
CAE
Cape Empowerment Trust Limited - Withdrawal of cautionary announcement
Cape Empowerment Trust Limited
(Incorporated in the Republic of South Africa)
Registration number 1998/014606/06
JSE share code: CAE ISIN: ZAE000016952
("Cape Empowerment Trust" or `the company `)
SETTLEMENT OF DISPUTE RELATING TO ACQUISITION OF INTEREST IN AND INCREASE IN
STAKE IN BLRT INVESTMENTS LIMITED ("BLRT")
FINANCIAL EFFECTS OF ACQUISITION OF INTERESTS IN BLRT AND WESTERN CAPE WOMEN"S
INVESTMENT FORUM ("WECWIF")
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
1. INTRODUCTION
Shareholders are referred to the announcements dated 21 April and 16 May
2006 wherein they were, inter alia, advised that the company had acquired
approximately 47% of BLRT for R7 million ("the BLRT acquisition")and
approximately 40% of the WECWIF for R6,492 million ("the WECWIF
acquisition"). Shareholders were also advised that Talfu Investmens
(Proprietary) Limited ("Talfu") and two others ("the applicants") had
brought an application against inter alia BLRT, its directors and Cape
Empowerment Trust ("the respondents") for the registration by BLRT of a
transfer of BLRT shares into Talfu"s name and for the setting aside of
the issue and allotment of certain shares in BLRT, inter alia, in terms
of the BLRT acquisition.
2. SETTLEMENT AND ACQUISITION OF FURTHER INTEREST IN BLRT
2.1 Settlement
Cape Empowerment Trust is pleased to announce that the dispute between
the applicants and the respondents has been settled and that the
litigation between all the parties will be withdrawn and each party will
pay its own costs.
2.2 Acquisition of further interest in BLRT ("the settlement acquisition")
2.2.1 Rationale and background to the settlement acquisition
The litigation referred to above was the result of a dispute between the
principal shareholders of BLRT which substantially hindered the
operational ability of BLRT. Cape Empowerment Trust was able to
facilitate a settlement which will allow the company to go forward.
2.2.2 Terms of the settlement acquisition
In terms of the settlement agreement Cape Empowerment Trust will acquire
a further 8.91% interest in BLRT from Talfu for a purchase consideration
of R3.6 million, which will be settled by means of the issue of 5 million
Cape Empowerment Trust ordinary shares at an issue price of 72 cents per
share. The JSE Limited has granted a listing of these shares with effect
from Tuesday, 17 October 2006.
2.2.3 Effective date
The effective date of the settlement acquisition is 23 August 2006.
4.UNAUDITED PRO FORMA FINANCIAL EFFECTS
The table below illustrates the unaudited pro forma financial effects of
the BLRT and WECWIF acquisitions and the settlement acquisition based on
the published reviewed interim financial results of Cape Empowerment
Trust for the six months to 30 June 2006. The preparation of the
unaudited pro forma financial effects is the responsibility of the
directors of the company. The unaudited pro forma financial effects have
been prepared for illustrative purposes only to provide information on
how the acquisitions may have impacted on the company"s results,
financial position and changes in equity. Due to the nature of the
unaudited pro forma financial effects, they may not give a fair
reflection of the company"s financial position and changes in equity.
Before After %Change
Fully diluted earnings 11.52 11.22 (2.60)
per share (cents)
Fully diluted headline 11.52 11.22 (2.60)
earnings per share (cents)
Net asset value 65.68 63.99 (2.57)
per share (cents)
Tangible net asset value 50.46 48.76 (3.37)
per share (cents)
Number of shares in issue 189 967 194 968 2.63
(`000)
Notes:
1. The figures in the before column are extracted from the reviewed interim
financial results of Cape Empowerment Trust Limited for the six months to 3
June 2006.
2. The purchase prices in the BLRT acquisition and WECWIF acquisition were
paid in cash.
3. The figures in the after column take into account the dilutive effect of
the additional shares issued in terms of the settlement acquisition.
WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT
Having regard to the contents of this announcement shareholders are advised
that caution in dealing in their Cape Empowerment Trust shares is no longer
required.
Cape Town
17 October 2006
Corporate advisor and sponsor
Sasfin Capital
(A Division of Sasfin Bank Limited)
Legal Advisor
Hofmeyr Herbstein & Gihwala Inc
Date: 16/10/2006 03:59:44 PM Produced by the JSE SENS Department
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