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TMT
TMT
TMT - Trematon - Disposal and cautionary announcement
Trematon Capital Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1997/008691/06)
Share code: TMT & ISIN: ZAE000013991
("Trematon" or "the company" or "the group")
DISPOSAL OF A PORTION OF TREMATON`S SHAREHOLDING IN INTEC
CAUTIONARY ANNOUNCEMENT
1. Background
Trematon is an investment group that operates principally in South Africa, with
one material investment in the United Kingdom, namely Intec Telecom Systems plc
("Intec"). Intec is listed on the London Stock Exchange and develops,
implements and supports Business and Operations Support Systems (BSS/OSS) for
the majority of the world`s largest communications providers.
The company holds 7 736 979 shares in Intec valued at 31 August 2006, being the
last balance sheet date, at R38.6 million. This investment forms a material
part of the group`s net asset value (36.8% at 31 August 2006).
Shareholders are advised that Trematon is in the process of reviewing its
shareholding in Intec. In this regard, Trematon has disposed of, on the open
market, a portion of this shareholding, being 2 520 000 Intec shares, for a
total consideration of R16.2 million ("the disposal proceeds") over the period
16 February 2007 to 23 February 2007 ("the disposal"). The disposal proceeds
will be applied by the company towards other investments which are able to
generate superior returns.
2. Pro forma financial effects
Set out in the table below are the pro forma financial effects of the disposal
based on Trematon`s audited results for the year ended 31 August 2006. The pro
forma financial effects have been prepared for illustrative purposes only to
provide information of how the disposal may have impacted on the results and
financial position of Trematon. Because of their nature, the pro forma
financial effects may not give a fair reflection of Trematon`s financial
position after the disposal or the effect on future earnings. The pro forma
financial effects are the responsibility of the company`s directors.
Before the After the Percentage
disposal 1 disposal change
Earnings per share 9.0 10.8 2 20.0
Headline earnings per share 4.6 4.6 2 -
Net asset value per share 60.0 62.0 3 3.3
Net tangible asset value per share 60.0 62.0 3 3.3
Notes:
1. The figures in the "Before the disposal" column have been extracted from
the published audited results of Trematon for the year ended 31 August 2006.
2. Earnings and headline earnings per share in the "After the disposal"
column have been based on the following assumptions:
- the disposal was effected on 1 September 2005;
- the disposal proceeds did not earn interest income for the year ended 31
August 2006;
- no investment income was earned on Trematon`s investment in Intec
shares; and
- profit on disposal of investment of R3.7 million.
3. Net asset value and net tangible asset value per share in the "After the
disposal" column have been based on the following assumption:
- the disposal was effected on 31 August 2006.
3. Cautionary announcement
Until such time as the board has resolved to proceed with a specific course of
action with respect to its Intec investment, shareholders are advised to
exercise caution when dealing in their Trematon shares.
Cape Town
1 March 2007
Sponsor
BRIDGE CAPITAL
Date: 01/03/2007 07:00:06 Produced by the JSE SENS Department.
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