CULLINAN HOLDINGS LIMITED - Proposed acquisition of the tourism interests of the Imperial Group and withdrawal of cautionary announcement.

Proposed acquisition of the tourism interests of the Imperial Group and withdrawal of cautionary announcement.

Cullinan Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1902/001808/06)
Share code: CUL       ISIN: ZAE000013710
("Cullinan" or "the company")

Proposed acquisition of the tourism interests of the Imperial Group
("the acquisition") and withdrawal of cautionary announcement
 
1.  Introduction
    Shareholders are referred to the announcement dated 17 July 2013 in this regard and are advised
    that the Competition Commission of South Africa has approved the acquisition of the South African
    interests of Imperial Tourism. This portion of the acquisition is therefore unconditional and the
    effective date of the acquisition is 1 September 2013.
 
    As the Namibian portion of the acquisition has not yet been approved by the Namibian
    Competitions Commission, this agreement is still conditional on this approval.

2.  Financial effects of the acquisition
    The table below sets out the financial effects of the acquisition on the headline earnings, tangible
    net asset value and net asset value per share in Cullinan based on the published unaudited financial
    statements of the company for the six months ended on 31 March 2013, as if the acquisition had
    been effective on that date. The financial effects are the responsibility of the directors of Cullinan
    and are prepared for illustrative purposes only and, because of their nature, may not fairly present
    the financial position of the company, changes in its equity, and results of its operations or cash
    flows after the acquisition.

                                                                        After the
                                                                            South
                                            After the                     African
                                                South              %          and             %
                             Before the       African         change     Namibian        change
                            acquisition   acquisition      increase/  acquisition      increase/
                     Note       (cents)        (cents)    (decrease)       (cents)    (decrease)
Headline earnings
per share               1         3.79          3.48         (8.09)          3.25        (14.28)
Earnings per share      1         3.79          3.48         (8.09)          3.25        (14.28)
Tangible net asset
value per share         2        38.08         41.64          9.35          42.29         11.05
Net asset value
per share               2        29.26         33.83         15.61          34.55         18.09
Number of shares
in issue                    718 355 204  792 701 410         10.35    800 173 386         11.39

Notes:
1. On the assumption that the acquisition was effective throughout the six months ended on 31 March 2013.
   In calculating these effects, goodwill has not been amortised and will be subject to an annual impairment test.

2. The earnings information for the Imperial tourism interests was based upon the same six-month period to
   March 2013, as the Directors believe this is the most representative method of disclosing this information,
   considering the seasonality of the Tourism industry.

3.  Withdrawal of cautionary announcement
    The further cautionary announcement dated 30 August 2013 is hereby withdrawn.

By order of the board

Johannesburg
20 September 2013

Sponsor
Arcay Moela Sponsors


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