INSIMBI INDUSTRIAL HOLDINGS LIMITED - Pro Forma Information on the Settlement with Group Wreck Vendors and Specific Share Repurchase

Pro Forma Information on the Settlement with Group Wreck Vendors and Specific Share Repurchase

Insimbi Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration    number:     2002/029821/06)
Share code: ISB ISIN: ZAE000116828
(“Insimbi” or “the Company”)

PRO FORMA INFORMATION ON THE SETTLEMENT WITH GROUP WRECK VENDORS
AND SPECIFIC SHARE REPURCHASE

Shareholders are referred to the SENS announcement released on SENS on 9 February
2021 setting out the terms of the settlement agreement entered into by Insimbi
(“Settlement”).

Set out below are the unaudited pro forma financial effects of the Settlement, which are the
responsibility of the directors of Insimbi. The unaudited pro forma financial effects are
presented in a manner consistent with the basis on which the historical financial information
has been prepared and in terms of Insimbi’s accounting policies. The unaudited pro forma
financial effects have been presented for illustrative purposes only and, because of their
nature, may not give a fair reflection of Insimbi’s financial position, nor of the effect on future
earnings after the Settlement.

The table below sets out the unaudited pro forma financial effects of the Settlement, based on
the unaudited consolidated interim financial results for the six months ended 31 August 2020
and on the assumption that:

-       For calculating the earnings per share (“EPS”), headline earnings per share (“HEPS”)
        and weighted number of shares in issue, the Settlement was effected on 1 March 2020;
        and
-       For calculating the net asset value per share (“NAV”) and net tangible asset value per
        share (“NTAV”), the Settlement was effected on 31 August 2020.

                     Unaudited                                 Unaudited

                     Before          the Settlement            After           the Change
                     Settlement                                Settlement          (%)

    EPS (cents)             1.02                 2.91                  3.93             285%

    Diluted    EPS
                            0.99                 2.79                  3.78             282%
    (cents)

    HEPS (cents)            1.03                 2.91                  3.94             282%

    Diluted   HEPS
                            0.99                 2.80                  3.79             283%
    (cents)

    NAV per share
                           108.17                14.21               122.38              13%
    (cents)

    NTAV per share
                            66.92                9.83                 76.75              15%
    (cents)
 
Weighted
 average number
 of      ordinary
 shares in issue
 throughout the
 period
 (excluding
 treasury shares)
 (‘000)                 411 001            (18 462)            392 539            (4%)

 Notes and assumptions:
     1.       The “Before the Settlement” EPS and HEPS have been extracted without
  adjustment from the unaudited consolidated statement of comprehensive income for the
  six months ended 31 August 2020.
     2.       The “Before the Settlement” NAV per share and NTAV per share have been
  extracted without adjustment from the consolidated statement of financial position for the
  six months ended 31 August 2020.
     3.       The “After the Settlement” EPS, HEPS, NAV per share and NTAV per share
  have been adjusted to include the effect of the Settlement.

Johannesburg
17 February 2021

Sponsor
PSG Capital

Date: 17-02-2021 10:16:00
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.