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CAE - Cape Empowerment Trust - Disposal of investment in Rapiprop 159 (Proprietary) Limited) change to the board of directors and company secretary Cape Empowerment Trust Limited (Incorporated in the Republic of South Africa) (Registration number 1998/014606/06) ("CET" or "the company") Share Code: CAE ISIN: ZAE000016952 - DISPOSAL OF INVESTMENT IN RAPIPROP 159 (PROPRIETARY) LIMITED ("RAPIPROP")
- CHANGE TO THE BOARD OF DIRECTORS AND COMPANY SECRETARY 1. DISPOSAL OF INVESTMENT IN RAPIPROP 1.1 Shareholders are advised that CET has unconditionally disposed of its investment in Rapiprop 159 (Proprietary) Limited ("Rapiprop"),with effect from 1 February 2010, for R9 million in cash to Capespan (Proprietary) Limited ("Capespan")("the disposal"). 1.2 Rapiprop is an agricultural property-based fruit farming venture with Capespan and Total Produce Plc. 1.3 Following a rights offer CET`s interest in Rapiprop was diluted to 10%. Further capital may be required from Rapiprop shareholders in the future and meaningful dividend flow is not a focus in the short to medium term. The disposal is therefore in line with the group`s stated strategy of focusing on its core portfolio of investments. 1.4 The proceeds of the disposal will be applied to redeem interest bearing debt. 1.5 The transaction is categorised as a category 2 transaction in terms of the JSE Listings Requirements. 1.6 Pro forma financial effects The unaudited pro forma financial effects of the transaction, based on the published unaudited interim results of CET for the six months to 30 June 2009, are set out below. The preparation of these effects is the responsibility of the directors of the company and it has been prepared for illustrative purposes only to provide information on how the transaction may have impacted on CET`s results and financial position. Before After %Change Loss per share (cents) 2.4 2.7 +12% Headline loss per share (cents) 2.8 3.1 +10% Net asset value per share (cents) 71.7 71.2 -1% Tangible NAV per share (cents) 69.7 69.2 -1% Weighted number of shares In issue (`000) 338 276 338 276 Number of shares in issue (`000) 290 241 290 241 Notes 1. The numbers in the Before column is based on the published unaudited interim results for the six months ended 30 June 2009. 2. The numbers in the After column is based on the following assumptions: a. The transaction was implemented and cash received with effect from 1 January 2009 for income statement purposes and from 30 June 2009 for balance sheet purposes. b. The proceeds of the disposal was utilised to redeem interest bearing debt at an after-tax interest rate of 11%. 2. CHANGE TO THE BOARD OF DIRECTORS AND COMPANY SECRETARY 2.1 Shareholders are advised that Mr RJ McGregor has resigned as financial director and company secretary with immediate effect. 2.2 Mr HB Dednam has been appointed as company secretary of CET. 2.3 The board will consider the appointment of a suitable group financial director upon the completion of the proposed merger between CET and Dynamic Cables RSA Ltd as announced on 15 December 2009. As an interim measure the current managing director, Mr J de Villiers, will assume the role of acting financial director. Cape Town 27 January 2010 Sponsor Sasfin Capital (A division of Sasfin Bank Limited) Legal advisors Cliffe Dekker Hofmeyr Inc Date: 27/01/2010 11:13:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
