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PCN
PCN
PCN - Paracon - Results of Annual General Meeting and Capital Distribution
Paracon Holdings Limited
Incorporated in the Republic of South Africa
(Registration Number 1997/008181/06)
Share code: PCN & ISIN: ZAE000029674
("Paracon")
RESULTS OF ANNUAL GENERAL MEETING AND CAPITAL DISTRIBUTION
Results of annual general meeting
Shareholders are advised that, at the annual general meeting of Paracon
held today, all the resolutions were passed by the requisite majority of
shareholders present and represented by proxy. The special resolution will
be submitted for registration at the Registrar of Companies in due course.
Capital distribution
Shareholders are further advised that, a capital distribution to
shareholders, to be paid out of share premium, of 8 (eight) cents per share
(2005: 6 (six) cents per share) will be made.
Pro forma financial effects
The table below sets out the pro forma financial effects of the
distribution out of share premium on Paracon`s financial results for the
year ended 30 September 2006. The pro forma financial effects have been
prepared for illustrative purposes only, and, because of their nature, they
may not give a true reflection of Paracon`s financial position or results.
The calculation of the pro forma financial effects is the responsibility of
the directors.
Per Paracon ordinary share Before the After the Percenta
distributio distributio ge
n out of n out of change
share share %
premium 1 premium
Net asset value (cents) 53,3 45,32 (15,0)
Net tangible asset value (cents) 34,0 26,0 2 (23,5)
Headline earnings (cents) 11,6 11,2 3 (3,6)
Basic earnings (cents) 11,6 11,2 3 (3,6)
Shares in issue net of treasury 370 356 268 370 356 268 -
shares
Weighted average shares in issue 379 828 220 379 828 220
upon which earnings per share and -
headline earnings per share are
based 4
Notes:
1. Based on the published consolidated audited results for the year ended
30 September 2006.
2. Based on the assumption that the distribution out of share premium was
effected on 30 September 2006.
3. Based on the assumption that the distribution out of share premium was
effected on 1 October 2005. Cash resources are assumed to earn an
after-tax return of 5,3%.
4. Weighted average shares in issue takes into account treasury shares
held by a subsidiary and do not include new shares issued after the
Balance Sheet date.
Salient dates
The salient dates applicable to the capital distribution to be paid out of
share premium are set out below:
Last day to trade Friday, 2 March 2007
Trading commences ex Monday, 5 March 2007
distribution
Record date Friday, 9 March 2007
Payment date Monday, 12 March 2007
Share certificates may not be dematerialised or rematerialised between
Monday, 5 March 2007 and Friday, 9 March 2007, both days inclusive.
16 February 2007
Sponsor
Merchant Sponsors (Proprietary) Limited
Date: 16/02/2007 12:59:00 Produced by the JSE SENS Department.
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