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EXL - Excellerate Holdings Limited - Further announcement regarding the disposal by Excellerate of certain of its trading and distribution businesses and withdrawal of cautionary announcement EXCELLERATE HOLDINGS LIMITED (Registration number 1997/009884/06) JSE Code: EXL ISIN: ZAE000026092 (Incorporated in the Republic of South Africa) ("Excellerate" or "the Company" or "the Group") FURTHER ANNOUNCEMENT REGARDING THE DISPOSAL BY EXCELLERATE OF CERTAIN OF ITS TRADING AND DISTRIBUTION BUSINESSES AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT INTRODUCTION Excellerate shareholders ("Shareholders") are referred to the announcement published by the Company on 9 June 2011 and 10 June 2011 on SENS and in the press, respectively, ("the Announcement") which set out details of the proposed sale of the Group`s General Merchandise and Trading businesses being conducted under the names, "Goldenmarc", "Louis Smiedt" and "Hypertrade" ("the Businesses") to Cottonfield Trading 17 (Proprietary) Limited ("the Purchaser") ("the Transaction") and are advised that unaudited pro forma financial effects of the Transaction ("Financial Effects") on Excellerate`s basic earnings per share ("EPS"), headline earnings per share ("HEPS"), diluted EPS, diluted HEPS, net asset value per share ("NAVPS") and net tangible asset value per share ("NTAVPS") are set out below. FINANCIAL EFFECTS The Financial Effects as set out below have been prepared for illustrative purposes only to assist Shareholders in assessing the impact of the Transaction on EPS, HEPS, diluted EPS, diluted HEPS, NAVPS and NTAVPS. These Financial Effects have been disclosed in terms of the JSE Limited Listings Requirements and, because of their nature, may not fairly present Excellerate`s financial position, changes in equity, results of operations or cash flows. The Financial Effects are the responsibility of Excellerate`s directors. Before the After the Change % Transaction Transaction (2)
(1) EPS (cents) 9.8 8.7 (3), (4) & (11.2) (5) HEPS (cents) 10.3 10.0(3), (4) & (2.9) (5) Diluted EPS (cents) 9.6 8.6 (3), (4) & (10.4) (5) Diluted HEPS (cents) 10.1 9.8 (3), (4) & (3.0) (5) NAVPS (cents) 109.9 109.2 (4) (0.6) NTAVPS (cents) 8.0 9.9 (4) 23.8 Weighted average number of shares in issue during the Period (`000) 217 915 217 915 - Fully diluted weighted average number of shares in issue during 221 553 221 553 - the Period (`000) Shares in issue at 31 December 218 350 218 350 - 2010 (`000) Notes: 1 Based on Excellerate`s unaudited results for the six months ended 31 December 2010 ("the Period"). 2 Based on the assumption that the Transaction took place on 1 July 2010 for statement of comprehensive income purposes and 31 December 2010 for statement of financial position purposes. 3 After taking into account account the reversal of the Businesses` contribution to earnings and headline earnings for the Period. 4 After taking into account the loss on sale of the Transaction of R1.319 million and the estimated costs of the Transaction of R347 776. 5 Cash received from the Transaction will be used to reduce the Group`s current overdraft position and the after tax effect of the interest saving for the Period has been taken into account. Further to this, after tax interest at the prime interest rate on the R29.186 million vendor loan has been taken into account for the Period. WITHDRAWAL OF CAUTIONARY Further to the publication of the Financial Effects, the cautionary statement as set out in the Announcement is hereby withdrawn. Sandton 6 July 2011 Sponsor One Capital Date: 06/07/2011 17:00:02 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.
